A paper by Professor Dr. oec. HSG Korbinian Eichner, M.A. HSG, examines 589 takeover premiums of closed European transactions that occurred between 2005 and 2016. Both the acquirers’ strategic considerations and target firms’ financial characteristics can have a substantial impact on the level of takeover premiums, according to the paper. “Although every deal is unique in its own way, there are factors which correlate strongly with historically observable premiums paid,” it says.