You wouldn't expect it, but strategic buyers paid record premiums in 2009, BVR research shows

Strategic buyers paid record premiums of 40.9% in 2009, as reported by BVR financial analysts working with Mergerstat®/BVR Control Premium Study™ data. After acquisitions practically grinded to a halt during the deep U.S. economic drop, deal activity began picking up. Capable strategic buyers capitalized on opportunities—and were willing to pay a premium for them. Financial buyers, potentially a better indicator of a “pure” control premium, also paid substantial premiums in 2008 and 2009—their highest since 2003.  Our free summary of median control premiums is available here as an exclusive download for BVWire readers.  And, if you're looking for all you can find on the subject of control premiums, you'll want to check BVR's recently published special report, Control Premiums: Application and Analysis.