One of the more distinctive business trends in recent months has been the surge of so-called corporate inversion transactions, in which a domestic U.S. company merges with a non-U.S. company, with the the successor company to be based in the foreign country...
It's no surprise that the proposed Comcast-TWC merger raises questions about consolidation in the cable business. But it's hard to say that there are any simple answers. The issues that are raising some of the loudest concerns stem from the fact...
According to news
reports , on June 1, 2011, Alpha Natural Resources completed its $7.1
billion acquisition of Massey Energy Company. The deal went forward despite
last minute efforts by groups of Massey shareholders proceeding in West
Sure as Fall has followed Summer, now Treasury is seeking to end the Summer of the Inversion by adopting rules to reduce incentives to pursue such deals. If there is going to be any policy action to shut down inversions, it can only happen through Treasury...
Steven Davidoff has just posted a nice case study of the Airgas decision forthcoming in the Columbia Business Law Review. Steven had a front-row view of the Airgas hostile offer and subsequent litigation. (Google Deal Prof and Airgas if you don't...
Lately it’s been reported that mega-mergers are coming back in a variety of industries. We have waited quite awhile for this to happen. We hope that will also begin to trickle down to the middle and lower middle market of deals.
There are pluses...
Walgreens had been working on and considering an inversion for some time, but today it dropped plans to relocate to the UK and announced that it would purchase all of the shares of Alliance Boots (UK) that it did not already own. Does Walgreens' decision...
See Summer of the Inversion, Part 1 , which includes a video explainer on inversion deals
So, inversions are continuing in rapid fashion. Even Mylan - whose CEO is the daughter of West Virginia Senator and former Governor Joe Manchin (see: " what...
Professor Samuel C.
Thompson, Jr., Professor of Law and Director of the Center for the
Study of Mergers & Acquisitions at the Pennsylvania State University School
of Law, has written an article that proposes a new single standard to
InformationWeek took a look at NVIDIA's recent 10-Q and
noticed something interesting. Microsoft has held a matching right in NVIDIA
since 2000, and NVIDIA apparently has the ultimate takeover defense in place.
Here's the description of the...
A new M&A
Corporate Development Report from Merrill DataSite and mergermarket was released this past
week. It addresses the M&A outlook for the coming year. They
report finding a largely positive view toward M&A deal volume and deal
Planning a significant due diligence process can be
daunting, even for experienced deal makers. Some foresight and a little
preparation can make the process go smoothly. Spending a few hours at the
outset thinking through the process carefully...
Activision Blizzard Inc. v. Hayes et al. , No. 497-2013, order issued (Del. Oct. 10, 2013). In a rare ruling from the bench, after oral argument, the Delaware Supreme Court reversed an injunction granted by the Court of Chancery in Hayes v. Activision...
by Robert J. Pile, David A. Zimmerman, Jennifer D.
Lambert and Brian M. Murphy
The last several years have seen the investment
banker-led auction become a common method of selling businesses. Many
interested buyers participate in auctions, and follow...