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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

      • 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…
        - 27 days ago, 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…
        - 34 days ago, 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…
        - 53 days ago, 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...
        - 55 days ago, 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 -
      • 251(h) mergers, what are they called anyway?
        Ever since Delaware adopted §251(h) to deal with the percolating top-up option issue ('you're going to issue how many shares?!'), there has been a small, but nagging issue. What do we call this new kind of merger. Well, lawyers aren't...
        - 19 Nov 18, 12:56pm -
      • Mandatory shareholder arbitration being considered by SEC ... again?
        Apparently the whole issue of mandatory arbitration of shareholder disputes has begun to percolate again. The issue is whether the SEC should permit registration statements to go effective with mandatory shareholder arbitration provisions in their co…
        - 16 Nov 18, 7:28pm -
      • Moar MACs Pleez
        Ok, so Akorn has attracted a lot of attention - as it should. It's the first ever MAC seen in the wild. Of course, the Chancery opinion is going to get appealed, so it's not the last word on the...
        - 22 Oct 18, 10:46am -
      • A MAC, a MAC!!
        Sorry, catching up. It's a 247 page opinion for Chrissakes! It takes a guy some time to read that and the footnotes! What?! 800 plus footnotes? What are we doing here? Anyway, as this case is no doubt going up...
        - 10 Oct 18, 6:33pm -

      Morningstar: Leveraged Buyout

      Dosha Pops
      In The Lights PR
      Janine Just, Inc.
      Lux Smiles Dentistry

      Reuters: Deals

      The Guardian: Mergers & Acquisitions

      • British Steel: provisional deal with Turkish bidder could save 4,000 jobs
        Full transfer of ownership to pension fund Oyak expected to take place before end of yearThe Turkish military pension fund Oyak has entered exclusive talks over a rescue deal for British Steel that could save more than 4,000 jobs, after months of tal…
        - 3 days ago, 16 Aug 19, 11:31am -
      • UK government agrees £300m rescue package for British Steel
        New funds thought to be enough to secure a sale to widening list of interested private biddersThe government has moved to rescue British Steel with a financial support package worth as much as £300m that ministers believe will be enough to secure ba…
        - 10 days ago, 9 Aug 19, 12:14pm -
      • London Stock Exchange agrees £22bn deal to buy Eikon-owner Refinitiv
        Deal will increase LSEG’s presence in US and allow expansion into AsiaThe London Stock Exchange Group has agreed a $27bn (£22bn) deal to buy Refinitiv in a move that will transform it into a UK-headquartered, global rival to Michael Bloomberg’s…
        - 18 days ago, 1 Aug 19, 4:17am -
      • Just Eat £9bn merger plan sends shares soaring
        UK firm sparks possible bidding war after agreeing terms with Dutch rival Takeaway.comThe prospect of a multibillion-pound bidding war for Just Eat sent shares in the FTSE 100-listed business surging by more than a fifth on Monday.Just Eat agreed ter…
        - 21 days ago, 29 Jul 19, 9:52am -
      • Cobham's demise could herald a flood of private equity takeovers | Nils Pratley
        US private equity firms are awash with cash and Brexit-bruised Britain looks like a tempting targetEven Cobham’s shareholders probably wouldn’t describe their company, founded 85 years ago by aviation pioneer Sir Alan Cobham, as the jewel in the…
        - 25 days ago, 25 Jul 19, 2:21pm -
      • US private equity group snaps up Cobham in £4bn deal
        UK defence and aerospace supplier to be bought by Advent in latest foreign takeoverCobham, the UK aerospace and defence supplier founded by a British aviation pioneer, has agreed to be bought by a US private equity firm in a £4bn deal that could tes…
        - 25 days ago, 25 Jul 19, 4:09am -
      • Botox maker Allergan bought by US drug giant for $63bn
        Irish firm snapped up by Chicago-based AbbVie in one of biggest ever pharmaceutical dealsThe US drug company AbbVie is to buy Allergan, the Irish-based maker of Botox, for $63bn (£49bn), in one of the biggest deals in the global pharmaceutical indus…
        - 55 days ago, 25 Jun 19, 8:51am -
      • High street landlords hold a weak hand at the CVA poker game
        Owners could pay more into their ailing businesses instead of calling landlords for rent cutsSir Philip Green, a near-billionaire with a superyacht, couldn’t afford to pay his rent. Nor, it seems, can Peter Simon, a half-billionaire whose preferred…
        - 60 days ago, 20 Jun 19, 3:07pm -
      • Cash-starved Patisserie Valerie 'stopped using butter in puff pastry'
        New owners say firm back on track after takeover unearthed butter ban, broken ovens and unpaid suppliersPatisserie Valerie’s new owner has laid bare the desperate state of the business it bought in January, including a cost-cutting approach so seve…
        - 64 days ago, 16 Jun 19, 11:40am -
      • Raytheon and United Technologies announce $121bn merger
        Trump says he is a ‘little concerned’ about the deal and wants ‘to see that we don’t hurt our competition’United Technologies and defense contractor Raytheon have agreed a $121bn merger that will create the world’s second-largest defense…
        - 70 days ago, 10 Jun 19, 11:17am -

      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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