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Exits Blog

  • NACO Awards 2018 Exit of the Year

    NACO Awards 2018 Exit of the Year

    Toronto, ON, Canada, September 27, 2018 – The National Angel Capital Organization (NACO) is proud to announce Genesis Robotics, Michael Gibney and Dr. Basil Peters as the recipients of the 2018 Exit of the Year. NACO’s Exit of the Year Award, whi…
    - 41 days ago, 25 May 20, 2:47pm -
  • Virtual Companies are More Valuable
    Virtual Companies are More Valuable Presentation to the UBC Sauder School of Business January 20, 2020.   Virtual companies attract higher valuation in an exit transaction than comparable bricks and mortar companies.  It may seem counter-intuitive.…
    - 82 days ago, 15 Apr 20, 4:04am -
  • 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 -

Financier Worldwide: M&A

    FNO: Deals

    Fortune: Term Sheet

      M & A Law Prof

      • CFP: AALS Transactional Law Section
        Here's the annual call for papers from the AALS Transactional Law Section: The AALS Section on Transactional Law and Skills is pleased to announce a program titled The New Public Interest in Private Markets: Transactional Innovation for Promoting Inc…
        - 18 days ago, 17 Jun 20, 6:10pm -
      • 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...
        - 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...
        - 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…
        - 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...
        - 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 -

      Morningstar: Leveraged Buyout

      Emergency Comeback
      Shorts Fix
      Dosha Pops
      In The Lights PR

      Reuters: Deals

      The Guardian: Mergers & Acquisitions

      • UK buys £400m stake in bankrupt satellite rival to EU Galileo system
        Investment with India made in US firm OneWeb after Brexit locks UK out of Europe’s satellite navigation systemThe UK government has pledged to invest $500m (£400m) in bankrupt satellite company OneWeb, giving it a stake in a business that provides…
        - 2 days ago, 3 Jul 20, 12:09pm -
      • UK firms critical to public health protected from foreign takeovers
        Legislation protects those needed in future pandemics who may be struggling nowCoronavirus – latest updatesSee all our coronavirus coverageThe UK government has introduced legislation to protect businesses that are key to public health from foreign…
        - 14 days ago, 22 Jun 20, 3:28am -
      • Boohoo sales surge as it pays £5.25m for Oasis and Warehouse brands
        Consumers turn to online retailer’s loungewear and athleisure during lockdownCoronavirus – latest updatesSee all our coronavirus coverageBoohoo’s sales surged by 45% in the quarter to the end of May as consumers turned to online shopping during…
        - 19 days ago, 17 Jun 20, 4:30am -
      • Just Eat beats Uber to snap up Grubhub for £5.8bn
        Planned takeover will create world’s largest food delivery service outside ChinaEuropean food delivery service Just Eat Takeaway has agreed to buy the US-based app Grubhub for $7.3bn (£5.8bn) in a deal that would create the world’s largest food…
        - 25 days ago, 11 Jun 20, 3:34am -
      • Anti-buyout law would hit UK recovery, say business groups
        Plan for tough rules on foreign takeovers comes as UK clashes with China on Hong Kong Coronavirus – latest updatesSee all our coronavirus coverageBusiness groups have warned that introducing a law to prevent foreign takeovers that threaten national…
        - 27 days ago, 8 Jun 20, 1:35pm -
      • Spanish Puig snaps up Charlotte Tilbury makeup empire
        Barcelona-based firm is thought to have fought off bids from Unilever, L’Oréal and ShiseidoThe celebrity makeup artist Charlotte Tilbury has handed a control of her namesake makeup and skincare empire to a Spanish fashion and fragrances business i…
        - 31 days ago, 4 Jun 20, 2:15pm -
      • Brewers Carlsberg UK and Marston's announce merger
        Smaller breweries warn deal could harm independent beer firmsDanish brewer Carlsberg and British pubs and cask ale firm Marston’s have announced a joint venture, prompting concern among small brewers who fear being squeezed out of the market.Shares…
        - 44 days ago, 22 May 20, 1:25pm -
      • Chinese threat prompts calls for UK to toughen company takeover laws
        Minsters want national security measure after failed boardroom coup at technology firmAn aborted Chinese-led boardroom coup at a British technology firm is set to force the UK government to adopt stronger intervention powers to prevent hostile countr…
        - 52 days ago, 14 May 20, 9:30am -
      • JD Sports says blocking Footasylum merger is 'absurd' amid Covid-19 crisis
        Competition and Markets Authority’s decision fails to take account of fallout from pandemic, sports retail chain saysJD Sports Fashion has criticised the competition watchdog for paving the way for potential job losses after the retailer was blocke…
        - 60 days ago, 7 May 20, 6:47am -
      • Virgin Media and O2 owners confirm £31bn mega-merger in UK
        Tie-up between parent groups Liberty Global and Telefonica aims to take on BT and Sky The owners of Virgin Media and O2 have confirmed a £31bn merger deal to create a new “national champion” to challenge BT and Sky in the UK.Liberty Global, whic…
        - 60 days ago, 7 May 20, 4:19am -

      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 -
      In The Lights

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