Mon.Aug 07, 2023

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Mega Grants: Why Would a Board Approve Nine-Figure CEO Pay?

Harvard Corporate Governance

Posted by Brian Tayan and David F. Larcker (Stanford University) , on Monday, August 7, 2023 Editor's Note: Brian Tayan is a researcher with the Corporate Governance Research Initiative and David F. Larcker is the James Irvin Miller Professor of Accounting, Emeritus, at Stanford Graduate School of Business. This post is based on their recent paper.

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IVSC AGM, Paris (9-11 October)

IVSC

The IVSC Annual General Meeting (AGM) offers a unique opportunity for valuation professionals to interact with global leaders and stakeholders. This year, we’re heading to Paris, following our successful 2022 assembly in Florida. We extend our thanks to the Conseil National de l’Ordre des Experts-Comptables (CNOEC) and Compagnie Nationale des Commissaires aux Comptes (CNCC) for hosting this year’s AGM, as well as Taqeem and HypZert for their sponsorship of the AGM.

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Trending Sources

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How Governance Professionals Are Guiding Corporate Disclosure on E&S Topics

Harvard Corporate Governance

Posted by Sarah Crowe and Charles Neidenbach, Nasdaq, Inc., on Monday, August 7, 2023 Editor's Note: Sarah Crowe is ESG and Sustainability Channel Lead and Charles Neidenbach is a Lead ESG Advisor at Nasdaq. This post is based on a publication by Nasdaq ESG Solutions. Related research from the Program on Corporate Governance includes The Illusory Promise of Stakeholder Governance (discussed on the Forum here ) by Lucian A.

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IVSC AGM, Paris (9-11 October)

IVSC

The IVSC Annual General Meeting (AGM) offers a unique opportunity for valuation professionals to interact with global leaders and stakeholders. This year, we’re heading to Paris, following our successful 2022 assembly in Florida. We extend our thanks to the Conseil National de l’Ordre des Experts-Comptables (CNOEC) and Compagnie Nationale des Commissaires aux Comptes (CNCC) for hosting this year’s AGM, as well as Taqeem and HypZert for their sponsorship of the AGM.

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How to Leverage Intent Data for Better Outcomes

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

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Testimony at the Subcommittee on Capital Markets Hearing: “Reforming the Proxy Process to Safeguard Investor Interests”

Harvard Corporate Governance

Posted by Nell Minow, ValueEdge Advisors, on Monday, August 7, 2023 Editor's Note: Nell Minow is Vice Chair of ValueEdge Advisors. This post is based on her testimony. I am very grateful for the opportunity to share my thoughts on the proxy process and shareholder resolutions. I welcome your questions and will submit supplemental materials as necessary following this session and the related hearings on ESG and proxy advisors.

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Tilray Acquires 8 Beer Brands From Struggling Bud Light Parent Anheuser-Busch: Here's What It Means For Both Companies

Benzinga

Tilray Brands , Inc. (NASDAQ: TLRY ), a cannabis and consumer packaged goods company, announced it has entered into a definitive agreement to acquire eight beer and beverage brands from Anheuser-Busch (NYSE: BUD ). The acquisition places Tilray Brands as the 5 th largest craft beer business in the U.S., up from 9 th. In view of Bud Light’s recent controversy , parent company Anheuser-Busch seems to be delighted with the new situation.

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Top 6 Reasons to Attend Ngage 2023 | Ncontracts

N Contracts

Wow your institution with your risk and compliance knowledge. Learn from industry experts and test drive our solutions at Ngage in Nashville this October.

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What is financial inclusion?

Mckinsey and Company

Financial inclusion is when everyone can access financial services that can help them build wealth, including savings, credit, loans, equity, and insurance.

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AMA: James Higgins, founder of Ethical Bedding

Vested

We caught up with James Higgins, the founder of Ethical Bedding , an eco-friendly bedding brand raved about in Good Housekeeping, The Times and beyond.

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ISA 2024 Board of Directors Elections

ISA

8/6/2023 12:00:00 AM The voting period for filling the two annual vacancies on the ISA Board of Directors is now officially open. Eligible Members received an email on August 1st, 2023 with a link to the official ballot. Instructions on how to cast your ballot are in that email. If you can't find the link to your ballot, please contact us at isa@isa-appraisers.org.

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Statement of Cash Flows vs. Cash Flow Statement

Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker

The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l

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Paramount Agrees to Sell Simon & Schuster to KKR, a Private Equity Firm

NYT M&A

The deal, for $1.62 billion, will put control of a cultural touchstone in the hands of a financial buyer.

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Maryland Manufacturers Can Apply for Grants Up to $500,000

Gross Mendelsohn

Eligible Maryland manufacturing businesses can receive up to $500,000 in state funding as part of the Maryland Manufacturing 4.0 Grant Program. The program supports manufacturing businesses that invest in cutting-edge technologies to remain competitive and contribute to the growth of Maryland’s manufacturing sector. The application window opened July 2023 and will close October 18, 2023.

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Paramount Sells Simon & Schuster In $1.62B Go-Private Deal

Law 360 M&A

Global investment firm KKR & Co. LP, guided by Simpson Thacher & Bartlett LLP, will purchase publishing juggernaut Simon & Schuster for $1.62 billion from Paramount Global, which is being steered by Shearman & Sterling LLP, according to a Monday announcement.

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Telecoms face mounting pressure to consolidate

Financial Times M&A

Vodafone’s plan to merge its UK arm with Three will test whether regulatory mood has softened

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Mastering Intent Data: Understanding its Importance & Best Practices

Speaker: Joe Apfelbaum, CEO of Ajax Union

In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.

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Electric Vehicle Tech Co. Proterra Files For Ch. 11 Bankruptcy

Law 360 M&A

Commercial electric vehicle technology company Proterra Inc. filed for Chapter 11 bankruptcy protection in Delaware on Monday, listing both its assets and liabilities in the range of $500 million to $1 billion.

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Toshiba: memory lapse leaves investors eager to forget

Financial Times M&A

Buyout will end the succession of turnaround plans with their empty promises to shift away from conglomerate’s legacy businesses

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Fiesta Restaurant To Be Acquired By Authentic Restaurant Brands For $225M: Report

Benzinga

Fiesta Restaurant Group Inc (NASDAQ: FRGI ), the owner of the Pollo Tropical restaurant chain, is reportedly expected to reach a deal to be bought by an investment firm for $225 million. The New York-based investment firm, Garnett Station Partners’ business unit, Authentic Restaurant Brands, is planning to add Fiesta Restaurant to its portfolio of casual dining brands, reported the Full story available on Benzinga.

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How to Communicate Financial Results to Family Shareholders

Auto Dealer Valuation Insights

Everyone agrees that communication promotes positive shareholder engagement, but what does it look like to communicate financial results effectively? In this week’s blog we introduce a whitepaper that offers practical suggestions for presenting key financial data in ways that family shareholders find useful. About Mercer Capital Mercer Capital provides valuation, financial education.

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Why Italian Sauce Maker Sovos Brands' Stock Is Soaring Today

Benzinga

Campbell Soup Company (NYSE: CPB ) has agreed to acquire Sovos Brands Inc (NASDAQ: SOVO ) for $23 per share in cash, representing a total enterprise value of approximately $2.7 billion. The deal price represents a premium of over 27% to SOVO's last closing price of $18.02 on August 4, 2023. The deal aids Campbell's $1 billion sauces strategic objective by filling in critical white space in the growing Italian sauce category, a segment where Campbell's does not currently compete.

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Is Your FI’s Contingency Funding Plan Exam Ready?

N Contracts

If we’ve learned anything this year, it’s that when it comes to assessing risk, we need to be open to the idea that risk is greater than we think. Contingency funding plans (CFPs) are no exception.

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MarketAxess Buys Algorithmic Trading Provider Pragma, Boosting Client Offerings

Benzinga

MarketAxess Holdings Inc (NASDAQ: MKTX ) inked a deal to acquire Pragma for an undisclosed amount. Pragma provides quantitative trading technology specializing in algorithmic and analytical services in equities, FX, and fixed-income. The transaction is expected to close in Q4, subject to the. Full story available on Benzinga.

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Investing in Performance Habits For A Higher Return on Payroll

Rhythm Systems

At Rhythm, our secret to successful implementation is helping companies implement performance habits. With good performance habits, people provide more value to themselves, their teammates, and their company.

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Consumer Staples Company Campbell Soup Announces Acquisition of Sovos Brands

Benzinga

Campbell Soup (NYSE: CPB ) has announced an acquisition of Sovos Brands (NASDAQ: SOVO ) that is expected to be completed 2023-12. Under the terms of the agreement, Campbell Soup has agreed to give Sovos Brands $2.70 billion in cash in exchange for SOVO stock. About The Companies Involved With a history that dates back around 150 years, Campbell Soup is now a leading manufacturer and marketer of branded convenience food products, most notably soup.

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Can a Shareholder Suing Derivatively Face Countersuit Individually?

Farrel Fritz

That was the interesting, infrequently-litigated question addressed in a recent decision by Manhattan Commercial Division Justice Melissa A. Crane. Simon v FrancInvest, S.A. (2023 NY Slip Op 32422[U] [Sup Ct, NY County July 7, 2023]) , was a summary judgment decision in a litigation still going strong after nearly ten years over a family-owned medical practice called the French-American Surgery Center (the “Surgery Center”) operating out of a valuable, family-owned condominium adjacent to Centra

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Why Veritiv Shares Are Jumping Today

Benzinga

Veritiv Corporation (NYSE: VRTV ) shares are up 20% as it has entered into a definitive agreement to be acquired by an affiliate of Clayton, Dubilier & Rice, LLC (CD&R). Under the terms of the agreement, each share of Veritiv will receive $170 per share in cash, representing a premium of over 20%. Full story available on Benzinga.

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Your Insight, Our Expertise: Help Us Craft a Great Information Memorandum

Benchmark Report

Have you ever wished you could read minds? At Benchmark International, our copywriters have pondered this possibility countless times. The idea of effortlessly extracting essential information from our clients' thoughts would make crafting the Information Memorandum (IM) a breeze. While we haven't quite mastered telepathy, the power of collaboration remains our greatest ally.

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Why Are Tabula Rasa HealthCare Shares Moving Higher Today?

Benzinga

Nautic Partners agreed to acquire Tabula Rasa HealthCare Inc (NASDAQ: TRHC ) for $10.50 in cash per share and combine with ExactCare Pharmacy , a portfolio company of Nautic. The all-cash transaction values Tabula Rasa at approximately $570 million including net debt of approximately $262 million on an enterprise value basis. Following the closing of the transaction, John Figueroa, ExactCare's current Executive Chairman, will assume the role of Chairman and CEO of the combined company.

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Transforming pain points into productivity power, one app at a time

Avanade

Microsoft Productivity Studio creates the Rhythm of Business calendar app, which gives employees an easy way to coordinate events and better manage their time.

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Ikena Oncology Acquires Pionyr Immunotherapeutics: Analysts See The Deal As Positive Move

Benzinga

Ikena Oncology Inc (NASDAQ: IKNA ) acquired Pionyr Immunotherapeutics Inc , a privately-held biotechnology company, in an all-stock transaction. Ikena acquired all of Pionyr's assets, including approximately $43 million in net cash, in exchange for shares of IKNA stock, in a combination of common stock and non-voting convertible preferred stock priced at $7.15 per share.

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CD&R eclipses $20bn target for latest flagship fund

Financial Times M&A

US buyout firm raises ‘hard cap’ to $23.

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Valuing an Apparel Wholesaler

Peak Business Valuation

According to IBIS World , there are over 25,000 apparel wholesalers in the United States. However, that number is steadily declining as many are forced out of the industry. This is due to various factors such as merger activity, low-profit margins, and intense competition. With these conditions, now may be an ideal time to sell an apparel wholesaler.

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Arnold & Porter Discusses Yet Another Warning From Banking Regulators About AI Bias

Reynolds Holding

On July 18, 2023, Federal Reserve Vice Chair for Supervision Michael Barr cautioned banks against fair lending violations arising from their use of artificial intelligence (AI). Training on data reflecting societal biases; data sets that are incomplete, inaccurate, or nonrepresentative; algorithms specifying variables unintentionally correlated with protected characteristics; and other problems can produce discriminatory results.

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Ikena Oncology Acquires Pionyr Immunotherapeutics in All-Stock Transaction

Benzinga

Ikena receives approximately $43 million in net cash at closing New capital will further accelerate and expand development of Ikena's targeted oncology pipeline BOSTON and SOUTH SAN FRANCISCO, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- Ikena Oncology, Inc. (NASDAQ: IKNA , "Ikena")), a targeted oncology company forging new territory in patient-directed cancer treatment, and Pionyr Immunotherapeutics, Inc.

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The “China Conundrum” and Other Challenges in the Brave New World of Sovereign Debt Restructuring

Reynolds Holding

In the past few years, the economies of developing countries and emerging markets have been upended by the once-in-a-century COVID-19 pandemic and the fallout from the war in Ukraine. As a result, these economies have suffered from a array of major economic problems, including skyrocketing inflation, sharply reduced growth levels (apart from a strong rebound in 2021), dwindling foreign exchange reserves, significantly depreciated currencies in relation to the U.S. dollar, and shortages of key i