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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…
        - 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 -
      • 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

      Emergency Comeback
      Shorts Fix
      Dosha Pops
      In The Lights PR

      Reuters: Deals

      The Guardian: Mergers & Acquisitions

      • A buyer for British Steel is welcome but what’s Jingye’s strategy? | Nils Pratley
        It’s hard to see why the Chinese firm wants to take over a loss-making business in a tough marketHalf the woes for steelmakers in Britain derive from dumping into world markets by Chinese producers, or so we have been told for a couple of decades.…
        - 2 days ago, 11 Nov 19, 2:15pm -
      • Google snaps up Fitbit for $2.1bn
        Takeover allows web giant to take on Apple in fast-growing smartwatch and wearables businessGoogle has snapped up the Fitbit activity tracker business in a $2.1bn (£1.6bn) deal that will enable the search giant to go toe-to-toe with Apple in the fas…
        - 12 days ago, 1 Nov 19, 10:26am -
      • Fiat Chrysler and Peugeot owner PSA agree £35bn merger
        Tie-up of Italian and French firms would create world’s fourth biggest carmakerThe boards of Fiat Chrysler Automobiles and the Peugeot owner, Groupe PSA, have approved a €40bn (£35bn) merger that would create the world’s fourth-biggest carmake…
        - 13 days ago, 31 Oct 19, 2:57pm -
      • Peugeot owner in merger talks with Fiat Chrysler
        Deal between carmakers PSA Group and FCA could threaten 1,100 jobs at Ellesmere PortThe French owner of the Peugeot and Vauxhall brands is in talks with Fiat Chrysler Automobiles (FCA) over a €40bn (£35bn) merger that would create one of the world…
        - 14 days ago, 30 Oct 19, 11:36am -
      • Virgin Galactic wins space tourism race to float on stock market
        Sir Richard Branson beat Elon Musk and Jeff Bezos by listing his venture in New York Publicity-hungry billionaires must have a space venture, and here’s Sir Richard Branson’s: Virgin Galactic is now a stock market-listed company with a $2.4bn val…
        - 16 days ago, 28 Oct 19, 3:56pm -
      • Tiffany takeover approach is all about chasing Chinese money
        LVMH bid for jeweller is latest attempt to target China’s new wealthy generationLuxury goods group LVMH makes $14.5bn Tiffany & Co approachTwo of Europe’s wealthiest families, and one from South Africa, are fighting it out for control of the worl…
        - 16 days ago, 28 Oct 19, 1:07pm -
      • Luxury goods giant LVMH makes $14.5bn Tiffany & Co approach
        French conglomerate has held preliminary takeover discussions with US jewellerTiffany takeover bid is all about chasing Chinese moneyEurope’s richest man Bernard Arnault on Monday made a $14.5bn (£11.3bn) bid to buy Tiffany & Co, the jeweller fame…
        - 17 days ago, 28 Oct 19, 4:18am -
      • Adviser in British Steel sale once fined over inside information breach
        City dealmaker Ian Hannam, fined £450,000 in 2012 over oil deal, advised would-be Turkish buyersThe Turkish army pension fund in talks to buy British Steel has been advised by a prolific City dealmaker who was sanctioned for market abuse, it has eme…
        - 20 days ago, 24 Oct 19, 1:20pm -
      • The Just Eat takeover battle is promising a delicious showdown
        With two big rival offers on the plate the food delivery giant can afford to sit back and await another helpingIt’s still feels slightly odd that Just Eat, which only recently seemed to be a smartphone app plus a few blokes on mopeds, is a FTSE 100…
        - 22 days ago, 22 Oct 19, 2:31pm -
      • Just Eat in £4.9bn takeover battle as Prosus makes hostile bid
        Bid rejected as online food delivery group presses ahead with merger with Takeaway.com A £4.9bn takeover battle has broken out for Just Eat as the investment group Prosus launched an all-cash offer in an attempt to scupper the food delivery group’…
        - 22 days ago, 22 Oct 19, 12:39pm -

      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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