Public reporting company status is traditionally prestigious, increases access to capital, improves liquidity and enables more favorable financing terms and opportunities. Yet public reporting company status exposes companies to the glare of public scrutiny and burdensome compliance obligations, often before they are ready to shoulder those responsibilities and sometimes without raising much capital or increasing liquidity and financing opportunities appreciably. In the meantime, the private equity markets increasingly dwarf the public markets and provide the overwhelming amount of capital markets investment. This article addresses the question of when should companies go public, and when should they stay private.
This article focuses on the third of the three principal types of transaction structures used in mergers and acquisitions (M&A), Mergers, which means not a generic kind of business combination, but “statutory Mergers” executed pursuant to one or more states’ merger statutes, in which one company merges into another. Following the discussion are “Deal Points” on important considerations in the purchase or sale of a business: what to do, and what at all costs not to do.
This article focuses on the antitrust (competition) issues that can arise in US mergers and acquisitions (M&A) transactions, for which certain U.S. government agencies exercise oversight, what must be done to obtain their approval for those transactions to close, and the direction of government policy on antitrust M&A review, which has shifted under the Biden administration from a decades-long relatively “hands-off,” tolerant, laissez-faire policy to a markedly more interventionist, activist policy, which all dealmakers must be aware of and account for in planning and structuring their transactions. Following the discussion are “Deal Points” on important considerations in the purchase or sale of a business: what to do, and what at all costs not to do.
This article focuses on the second of the three principal types of transaction structures used in mergers and acquisitions (M&A), an Asset Purchase, and discusses specific issues and attributes of Asset Purchase deals, and in section III, reviews the common elements of Asset Purchase Agreements, the main transaction document used to put an Asset Purchase deal together. Following the discussion are “Deal Points” on important considerations in the purchase or sale of a business: what to do, and what at all costs not to do.
This article focuses on how to pay the “Acquisition Consideration,” the purchase price for the business being acquired, with cash, stock, assumption of debt, a combination, or some other form of payment. Following the discussion are “Deal Points” on important considerations in the purchase or sale of a business: what to do, and what at all costs not to do.
This article on mergers and acquisitions (M&A) focuses on the preliminary documentation used to frame an M&A transaction, usually Memorandums of Understanding (“MOUs”), Letters of Intent (“LOIs”) and Term Sheets (each or collectively, a “Preliminary Document”). Following the discussion are “Deal Points” on important considerations in the purchase or sale of a business: what to do, and what at all costs not to do.
This article on mergers and acquisitions (M&A) reviews the principal U.S. tax considerations influencing M&A transaction structuring. Following the discussion are “Deal Points” on important considerations in the purchase or sale of a business: what to do, and what at all costs not to do.
This article focuses on one of the three principal types of transactions used in merges and acquisitions (M&A), a Stock Purchase, and discusses specific issues and attributes of Stock Purchase deals, and in section III, reviews the common elements of Stock Purchase Agreements, the main transaction document used to put a Stock Purchase deal together. Following the discussion are “Deal Points” on important considerations in the purchase or sale of a business: what to do, and what at all costs not to do.
The Australian Securities & Investments Commission (ASIC) published Information Sheet 272 (INFO 272) and Report 728 (REP 728) on the eve of the corporate collective investment vehicle’s (CCIV) commencement. With the commencement of the CCIVs on 1 July 2022, ASIC released 7 regulatory guides on 23 June 2022, relating to the registration and licensing requirements for CCIVs. INFO 272 provides much needed clarity on how both the CCIV itself and its initial sub-funds are to be registered.
On May 4, 2022, California Governor Gavin Newsom issued an executive order on digital assets largely echoing the positive sentiments of President Biden’s February executive order. The order looks to create transparent regulation around digital assets and drive innovation into the state. By directing state agencies to engage in a cooperative discussion with stakeholders and developers in web3, California sought to create an informed supplement to the federal report on digital assets, that were due in September 2022.