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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

      • Call for Papers: Access to the Courts in the Transactional Setting
        CALL FOR PAPERS AALS Section on Transactional Law and Skills Access to the Courts in the Transactional Setting 2018 AALS Annual Meeting San Diego, CA This call for papers solicits unpublished papers that analyze the question of access to the...
        - 93 days ago, 21 Apr 17, 3:36pm -
      • Call for Papers: Workshop for Corporate & Securities Litigation
        Fifth Annual Workshop for Corporate & Securities Litigation: Call for Papers UCLA School of Law, in conjunction with the University of Richmond School of Law, Boston University School of Law, and University of Illinois College of Law, invites submiss…
        - 4 Apr 17, 10:02am -
      • Appraisal and Merger Price
        Over the past couple of years something has been happening in appraisal litigation. For a long time, appraisal litigation was something of a backwater: experts battling over which variables a judge must insert into a discounted cash flow model and...
        - 7 Feb 17, 1:22pm -
      • Antitrust review revolution?
        Ok, so revolution is perhaps a bit overblown. But, we are about to undergo a significant change in antitrust enforcement in the context of merger and acquisitions - probably more significant than the change we saw after the transition from...
        - 17 Jan 17, 12:47pm -
      • Ross Johnson, RJR Nabisco, and Barbarians
        I'd be remiss if I didn't note that F. Ross Johnson recently passed away. Johnson was the real life protagonist of Bryan Burrough and John Helyar's Barbarians at the Gate - the story of the auction of RJR Nabisco and...
        - 5 Jan 17, 2:02pm -
      • Richmond is Hiring
        From the law school at the University of Richmond: The University of Richmond School of Law seeks to fill two entry-level tenure-track positions for the 2017-2018 academic year, including one in corporate/transactional law. Candidates should have out…
        - 29 Jul 16, 6:21pm -
      • No-brainers and conflicts
        So, Elon Musk of both SolarCity and Tesla fame has announced a "no-brainer": the merger of SolarCity and Tesla. you can find a copy of SolarCity's offer to acquire Tesla here. Obviously, with Musk on both sides of this deal,...
        - 23 Jun 16, 11:54am -
      • Evolution of Merger Agreements
        Anderson and Manns have posted a draft of a paper they presented at this year's AALS Transactional Law panel in NYC, The Inefficient Evolution of Merger Agreements. This paper is one of a couple of recent papers conducting empirical analyses...
        - 15 Jun 16, 5:12am -
      • Will they ever learn?
        That was the question a friend asked. Apparently, someone decided Microsoft's proposed acquisition of LinkedIn was just too good to miss and purchased a boatload of call options just before the deal was announced. How much is a "boatload"? This...
        - 14 Jun 16, 8:37am -
      • Get it while you can
        Drafting guru Ken Adams now has a print edition available of his ebook, "The Structure of M&A Contracts". I recommend this book to anyone dipping their toe into an M&A practice. Seriously. For many law students now becoming law firm...
        - 13 Jun 16, 9:31am -

      Morningstar: Leveraged Buyout

      In The Lights PR
      In The Lights PR
      In The Lights PR
      In The Lights PR

      Reuters: Deals

      The Guardian: Mergers & Acquisitions

      • The promise of a new era at Sports Direct must also mean new personnel
        Mike Ashley has finally hired a CFO and has forecast other investor-pleasing changes. But nothing would please investors more than a new chairSkip over a few details in Sports Direct’s full-year results statement and you can almost think the founde…
        - 3 days ago, 20 Jul 17, 2:48pm -
      • Channel Tunnel rail link sold on to consortium for £3bn
        Canadian pension funds Borealis and Ontario Teachers sell HS1 in deal thought to value track, stations and lease at £3bnThe Canadian pension funds that own Britain’s HS1 high-speed railway between London and the Channel tunnel have sold to a conso…
        - 9 days ago, 14 Jul 17, 1:38pm -
      • Post-Brexit London is open for business (no matter how grubby)
        The City watchdog’s rewriting of the premium listing rules to accommodate a potential mega-listing in London of Aramco is deplorableNow we know how the City will be kept open for business after Brexit. If a foreign government, in this case Saudi Ar…
        - 10 days ago, 13 Jul 17, 6:57pm -
      • Havaianas flip-flop brand sold for £850m as scandal-hit owners sell stake
        Disgraced billionaire brothers at centre of Brazil corruption scandal offload 86% stake in footwear maker to pay £2.5bn fineBrazilian flip-flop brand Havaianas is being sold for nearly £850m as its billionaire owners flog the family silver to pay a…
        - 10 days ago, 13 Jul 17, 8:56am -
      • Pearson sells slice of Penguin for $1bn
        The beleaguered FTSE 100 firm strengthens balance sheet by selling a 22% stake to Bertelsmann in deal valuing the publishing giant at $3.55bn Pearson has sold a 22% stake in Penguin Random House, the world’s biggest publisher, with titles ranging f…
        - 12 days ago, 11 Jul 17, 4:07am -
      • Worldpay shareholders should decline its meek merger deal | Nils Pratley
        Card processing firm’s proposed merger with US rival Vantiv is not the knock-out offer this healthy business deservesSir Mike Rake, the chairman of Worldpay, should go back to the drawing board. His first attempt to sell the FTSE 100 card processin…
        - 17 days ago, 6 Jul 17, 2:13am -
      • Worldpay buyout by Vantiv reignites debate over foreign takeovers
        Sir Vince Cable calls deal between British electronic payment company and US rival ‘cheap pickings’ after Brexit-vote devaluation of pound Worldpay, which handles 40% of all card payments at tills in Britain, has agreed to a £7.7bn potential tak…
        - 18 days ago, 5 Jul 17, 2:35pm -
      • Sir Owen Green obituary
        Respected and feared industrialist who abhorred waste and grandiosityOne morning early in 1985, on the stroke of nine o’clock, Sir Owen Green, chairman of the industrial behemoth BTR, strode into the elegant central London offices of Dunlop, the ty…
        - 18 days ago, 5 Jul 17, 10:14am -
      • £8bn battle looms for credit card processor Worldpay as rivals circle
        Share price surges after approaches from JP Morgan and VantivWorldpay, the UK’s largest electronic payment processing group, is the subject of a takeover tussle less than two years after floating on the stock market.Shares in the group closed up ne…
        - 18 days ago, 5 Jul 17, 1:37am -
      • Carlsberg buys London Fields Brewery
        East London firm, which makes Easy IPA and Shoreditch Triangle IPA, is latest craft brewer to be bought up by a multinationalCarlsberg has snapped up London Fields Brewery, which has been up for sale since its founder was charged with tax fraud.The b…
        - 20 days ago, 3 Jul 17, 1:39pm -

      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 -
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