Why do private acquirers pay so little compared to public acquirers

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Deal Size, Acquisition Premia and Shareholder Gains (2013, neutral): “directors and executives excluding the holdings of directors representing outside institutions, corporations and/or individual blockholders, following Bauguess et al. (2009). 11 Insiders of large targets own significantly smaller stakes in their firms relative to directors and executives of small ta”
Target’s earnings quality and bidders’ takeover decisions (2013, neutral): “…the relation between earnings quality and bid premium by regressing the bid premium on earnings quality and other control variables (Schwert 2000; Bargeron et al. 2008; see the Appendix): PREMi;tþ1 ¼ d0 þ dneg1 ð1 NON NEGOi;tþ1Þ EQi;t þ dnon neg1 ðNON NEGOi;tþ1Þ EQi;t þ d2ROEi;t þ d3SGROWi;t þ…”
A Signaling Theory of Acquisition Premiums: Evidence from IPO Targets (2012, background): “Prior studies have examined the influence of these corporate governance variables on acquisition premiums for more established targets (e.g., Bange & Mazzeo, 2004; Bargeron et al., 2008; Bates & Lemmon, 2003).”