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Exits Blog

  • The Exit Coach
    “Exit Coaching” is a relatively new concept that I wish was more available in the market. An exit coach typically works with the CEO, or Chairman, on exit strategy, planning and exit team selection. The engagement may end when the M&A Advisor is…
    - 3 Sep 16, 4:18pm -
  • Preparing to Sell a Company – First Steps in the Exit Process
    This is a checklist for the first phase of the exit process. These tasks should all be complete before engaging with the first prospective buyer. Exit Strategy Fully signed Exit Strategy document If necessary, discuss mechanisms to increase alignment…
    - 14 May 16, 12:58pm -
  • Exit Execution Workshop – Philadelphia
    This was the first presentation of the new Exits Execution workshop I developed for the Angel Resource Institute. I’ve been a fellow at this institute for many years and contribute new educational content as often as I can. The Exit Execution works…
    - 9 May 16, 8:25pm -
  • M&A Advisor Fees for Selling a Business

    M&A Advisor Fees for Selling a Business

    Information about M&A advisor (investment banking) fees for selling a business is surprisingly difficult to find.  I’m not sure why other M&A professionals are so reluctant to discuss fees and even less sure it makes sense in today’s online worl…
    - 1 May 16, 8:00pm -
  • How to Select the Best M&A Advisor to Sell Your Company
    From “How to Finish Big – Tactics to Maximize Your Selling Price.” This was a short workshop at the Business Transitions Forum in Vancouver, BC November 26, 2015. Key points: There is almost nothing written about selecting M&A advisors How muc…
    - 26 Nov 15, 10:45am -
  • How Much Will Your Company Sell For? – Understanding the Valuation Process
    Keynote from the Business Transitions Forum in Vancouver, BC. Learn how to determine the price you’ll receive when you sell your company and what you can do to ensure the price is fair. This talk describes the market factors which affect the price…
    - 25 Nov 15, 4:58pm -
  • Early Exits Update

    - 12 Oct 15, 9:28am -
  • Taking a Deal From 3x to 7x
    This was a talk to several hundred M&A professionals at the Association of Mergers & Acquisitions Advisors annual conference. The organizers asked me to discuss ways to increase the final selling price and gave me this title to work with. Key Points:…
    - 9 Jul 15, 8:35am -
  • Accidental Exits – Lessons from Recent Exits
    This keynote from an Angel Capital Association regional meeting describes three successful exits that were also what I call “Accidental Exits.” By that I mean exits that were the result of an unplanned approach from a buyer. In this very active M…
    - 3 Jun 15, 9:09am -
  • Exit Strategies Workshop – Waterloo
    This was the first presentation of the new Exit Strategies workshop that I developed for the National Angel Capital Association’s NACO Academy. This is the Canadian national organization that provides education for angel investors and entrepreneurs…
    - 8 May 15, 11:07am -

Financier Worldwide: M&A

    FNO: Deals

    Fortune: Term Sheet

      M & A Law Prof

      • Walk Rights Tutorial
        What do to when you contract to buy a "Tesla" but end up with a "Chevy Volt"? Rick Climan and Keith Flaum offer up another in their mock negotiations. This one deals with walk rights in the accuracy of representations...
        - 29 days ago, 22 Jan 20, 11:32am -
      • The Shadow Pill is a Powerful Thing
        You've likely seen that Xerox is has been making sounds about acquiring HP. Last week HP rejected Xerox's unsolicited $33 billion to acquire it in a letter that characterized the offer as significantly undervaluing the company. While it left the...
        - 86 days ago, 26 Nov 19, 2:39pm -
      • More on corporate purpose
        Prof. Tsuk-Mitchell posted her new paper on corporate purpose, From Dodge to eBay: The Elusive Corporate Purpose. Here's the abstract: This article examines the history of the law of corporate purpose. I argue that the seemingly conflicting visions o…
        - 92 days ago, 20 Nov 19, 9:05am -
      • Boeing faces good faith claim
        Following on the heels of Marchand and Clovis Oncology, there now looks like a viable path for good faith claims - at least through a 23.1 motion to dismiss. Successful claims had been as rare as "Nessie", but in the...
        - 93 days ago, 19 Nov 19, 8:24am -
      • Consequential Damages and Buyer Power
        Here's another in a line of useful cartoons on merger agreement provisions - this time on carveouts for Consequential Damages. The cartoon also takes the opportunity to describe the "buyer power ratio" recently developed by the ABA Business Law Secti…
        - 23 Jul 19, 11:58am -
      • Does Revlon Matter?
        A star-studded line-up of law profs got together to try to answer this question. Does Revlon Matter? An Empirical and Theoretical Study (Cain, Davidoff-Solomon, Griffith, and Jackson) recently posted to SSRN. Since it came down in 1986, many have tri…
        - 16 Jul 19, 11:29am -
      • Griffith on Reps/Warranties Insurance
        Here's a new paper by Sean Griffith, Deal Insurance: Representation & Warranty Insurance in M&A Contracting: Abstract: Efficient contracting depends upon imposing risk on the party with superior access to information. Yet the parties in mergers and a…
        - 27 Jun 19, 10:50am -
      • Residuals Clauses in NDAs
        Another in a series of very helpful cartoons from our friends at the Hogan Lovells M&A team on the use of 'residuals' clauses in nondisclosure agreements. The explanation of how they work here is very clear. Residuals clauses are just...
        - 25 Jun 19, 7:11am -
      • Call for papers: Corporate & Securities Litigation Workshop
        Call for papers from the Corp & Securities Litigation Workshop. This has grown into quite an annual scholarly event: Corporate & Securities Litigation Workshop: Call for Papers Boston University School of Law, in conjunction with the University of Il…
        - 27 Feb 19, 11:53am -
      • Corwin, not a 'get out of jail free' card
        I've seen some hand-wringing among my fellow corporate law scholars that Corwin represents some sort of free pass for bad directors in the context of a sale - a 'get out of jail free' card as it were. Last week...
        - 26 Nov 18, 12:06pm -

      Morningstar: Leveraged Buyout

      Emergency Comeback
      Shorts Fix
      Dosha Pops
      In The Lights PR

      Reuters: Deals

      The Guardian: Mergers & Acquisitions

      • Hedge fund criticises 'unjust' takeover bid for Sirius Minerals
        Odey Asset Management says Anglo-American’s £405m offer is not a fair price for shareholdersCrispin Odey’shedge fund has attacked Anglo-American’s “unjust” takeover bid for Sirius Minerals, saying the £405m offer does not represent a fair…
        - 1 day ago, 19 Feb 20, 8:26am -
      • Jupiter agrees £370m deal to buy Merian Global Investors
        Deal will create second-biggest retail asset management group in Britain, managing £65bnThe investment manager Jupiter is to pay £370m to buy Merian Global Investors in a deal that will create the second-largest retail asset management group in the…
        - 3 days ago, 17 Feb 20, 7:50am -
      • JD Sports may have to sell Footasylum, says competition watchdog
        CMA inquiry provisionally finds shoppers could lose out in merger but sportswear retailer brands findings flawedBritain’s competition watchdog has said it could force JD Sports to sell the Footasylum sportswear business it bought last year because…
        - 9 days ago, 11 Feb 20, 7:31am -
      • Anglo American agrees £405m takeover deal for Sirius Minerals
        Agreement rescues plans to dig the UK’s first deep mine in 40 years in the North York MoorsThe mining company Anglo American has agreed to buy Sirius Minerals for £405m in a deal that rescues plans to dig the UK’s first deep mine in 40 years und…
        - 31 days ago, 20 Jan 20, 8:17am -
      • Just Eat and Takeaway.com cleared to form £6.2bn food courier giant
        Further growth on the menu as Dutch firm’s boss hails merger as ‘dream combination’ Shareholders in Just Eat have given the green light to a £6.2bn merger with Dutch food delivery firm Takeaway.com, which will create one of the largest food de…
        - 41 days ago, 10 Jan 20, 12:34pm -
      • Amid the fury and bombast, Ghosn’s case deserves proper examination
        The former Renault-Nissan boss’s account of why he fled Japan will – and should – provoke sympathyCarlos Ghosn, live from Lebanon, put on an entertaining show. There was bombast, arm-waving and undisguised fury. “My unimaginable ordeal is the…
        - 43 days ago, 8 Jan 20, 2:01pm -
      • Anglo American mulls £386m rescue bid for Sirius Minerals
        Fertiliser miner struggling to fund plans to extract polyhalite from under North York MoorsThe mining company Anglo American could rescue plans to dig the UK’s first deep mine in 40 years under the North York Moors through a £386m takeover bid for…
        - 43 days ago, 8 Jan 20, 6:44am -
      • US election, Brexit and China to sway the markets in 2020
        Investors expect a strong year but the presidential race and trade wars could spring nasty surprisesAfter profiting from strong markets in 2019, investors are expecting 2020 to bring further rising asset prices and lively merger activity. But Brexit,…
        - 50 days ago, 1 Jan 20, 7:16am -
      • Universal Music sells €3bn stake to Chinese company Tencent
        Parent company Vivendi to offload 10% stake with more deals likely amid music revival Universal Music Group, the home of stars including Taylor Swift, Lady Gaga and the Beatles, has sold a 10% stake to a consortium led by the Chinese tech company Ten…
        - 51 days ago, 31 Dec 19, 9:29am -
      • Cobham’s US buyer vows to keep UK jobs and investment
        Advent International also commits to British HQ, which employs about 1,700 staffThe new US owner of the UK defence company Cobham has pledged to keep jobs and investment in Britain as the government faces increasing criticism for allowing the £4bn t…
        - 59 days ago, 23 Dec 19, 12:51pm -

      WSJ: Deal Journal

      • What to Watch From the Fed Wednesday
        In her first press conference as Fed chairwoman, Yellen will likely face questions on the continued reduction in bond purchases and the recent deterioration in economic conditions.
        - 18 Mar 14, 3:29pm -
      • Kyle Bass Keen on Yellow Pages Co. — Sohn Conference
        By Emily GlazerThe yellow pages business isn't dead yet.That's according to Kyle Bass, principal of Dallas-based hedge fund Hayman Capital Management L.P., who focused his presentation at the Ira Sohn conference Wednesday on directories busin…
        - 8 May 13, 1:27pm -
      • Record Number of Banks in One Deal as HK’s IPO Market Heats Up
        Hong Kong's IPO market is shifting into high gear this week with two billion-dollar offerings but one deal is crowded with a record number of banks who are being asked to do more to earn business.
        - 6 May 13, 2:48am -
      • Aerosoles Shoe Chain Seeking Buyer or Partner
        The private-equity owner of the Aerosoles shoe chain is seeking a buyer or strategic partner for the company it created about 25 years ago from a cast-off unit of Kenneth Cole Productions Inc.
        - 2 May 13, 12:53pm -
      • Dish Deal For Sprint May Leave T-Mobile On Hold
        Dish Network Corp.'s surprise $25.5 billion bid for Sprint Nextel Corp. may leave the No. 4 carrier T-Mobile with a tougher hand to play in a consolidating wireless market.
        - 15 Apr 13, 3:49pm -
      • JPM Veteran Corio Joins Miller Buckfire
        Restructuring adviser Miller Buckfire & Co. is growing its bankruptcy and restructuring practice once again after prominent bankers departed about two years ago.
        - 15 Apr 13, 1:32pm -
      • Dish vs Softbank: A Comparison of Sprint Offers
        Dish Network is now engaged in what is something of a tug-of-war with Japan’s Softbank over the future of Sprint. How their deals stack up.
        - 15 Apr 13, 11:29am -
      • Ergen: Dish Is a Seinfeld Episode and Sprint Ties it Together
        If you were confused by all the moves Dish Network has been making in recent years, its vision should be coming clear now that it has bid for Sprint.
        - 15 Apr 13, 9:39am -
      • Dealpolitik: Dish’s Audacious Topping Bid for Sprint Is No Slam Dunk
        Dish has made a stunning bid to buy Sprint for a cash-and -stock deal valuing Dish at $25.5 billion. Last year Softbank agreed to buy Sprint, also for a package of cash and stock. Dish claims its offer is worth 13% more.
        - 15 Apr 13, 9:25am -
      • Citigroup Finally Releases Some Reserves
        To release or not to release, that has been the question for Citigroup when it comes to reserves held against roughly $92 billion of North American mortgages that it is trying to sell or wind down.
        - 15 Apr 13, 9:11am -
      Dosha Pops

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