Wed.Jul 12, 2023

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The Developing Litigation Risks from the ESG Backlash in the United States

Harvard Corporate Governance

Posted by Rick S. Horvath, Julien Bourgeois and Mark D. Perlow, Dechert LLP, on Wednesday, July 12, 2023 Editor's Note: Rick S. Horvath , Julien Bourgeois , and Mark D. Perlow are Partners at Dechert LLP. This post is based on a Dechert memorandum by Mr. Horvath, Mr. Bourgeois, Mr. Perlow, David A. Kotler , James A. Fishkin and Stephen M. Leitzell.

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How To Create a Startup Pitch Deck – [Template included]

Equidam

Pitch decks are a set of slides that clearly describe your value proposition, your business case, and your value to prospective investors. After years of developing our own pitch decks, and working with founders to support their fundraising efforts, we can share our experience on the fundamental elements of a good pitch deck and what will help move the needle for investors.

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Utilizing Compensation Actually Paid to Evaluate Pay and Performance

Harvard Corporate Governance

Posted by Ira T. Kay, Mike Kesner, and Ed Sim, Pay Governance LLC, on Wednesday, July 12, 2023 Editor's Note: Ira T. Kay is a Managing Partner, Mike Kesner is a Partner, and Ed Sim is a Consultant at Pay Governance LLC. This post is based on their Pay Governance memorandum. Related research from the Program on Corporate Governance includes Pay without Performance: The Unfulfilled Promise of Executive Compensation (discussed on the Forum here ) by Lucian Bebchuk and Jesse M.

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Broadcom's $61B VMware Deal Conditionally Cleared By EU

Law 360 M&A

The European Union's antitrust authority said Wednesday that it has cleared the planned $61 billion purchase by chipmaker Broadcom of VMware, a cloud services provider, although it will require fixes intended to help rivals.

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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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Comment on Biased Appraisers? I Don’t Think So by Harriette Ms. Mccollough

Appraisers Blog

I am a woman, have been an Appraiser for 27 years. In Oklahoma. I don’t believe racial bias is a part of the Appraisal Business. It is not easy to get all the education requirements and pass the state test. Then the AMC takes more & more of the appraiser fees. The AMC are forcing the appraiser to submit lower & lower fees in order to get the appraisal assignment.

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Service-Level Agreements (SLAs) for Bank Vendor Management | Ncontracts

N Contracts

Service-level agreements (SLAs) between banks and third-party providers specify performance standards and establish benchmarks for service. Many standard contracts that vendors offer fail to spell out performance expectations, such as uptime for technology service providers (TSPs) or business continuity plans in the case of an unforeseen event.

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Comment on Missing HUD Tag # on Manufactured Homes by Rose

Appraisers Blog

In reply to Earl Worthington. We have been told by multiple sources that refinancing is out of the question. VA confirmed it would NEVER had guaranteed the initial had it known the true history of the ‘for salvage’ structure. We are now in litigation. We are told this may be the first case of this type of mortgage fraud brought to the courts in the entire United States.

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Gerald C. Meyers, C.E.O. Who Paved Way for the S.U.V., Dies at 94

NYT M&A

He led a struggling but innovative (if not quirky) American Motors to record profits and helped fuel an appetite for off-road vehicles with the Jeep Cherokee.

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What's Driving Margin Erosion in Healthcare?

Machen McChesney

Healthcare Has a Margin Erosion Problem The past few years have significantly destabilized the healthcare industry’s financial footing. According to our 2023 Healthcare CFO Outlook Survey , 60% of healthcare CFOs could not meet the terms of their bond or loan covenants in 2022 — up from 41% in 2021.

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FTC Will Appeal Lost Bid To Block Microsoft's Activision Deal

Law 360 M&A

The Federal Trade Commission on Wednesday filed a notice that it plans to appeal a California federal judge's decision not to impose a preliminary block on Microsoft Corp.'s $68.7 billion merger with Activision Blizzard Inc.

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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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Forward Thinking on avoiding another false dawn for Africa and finally seizing the continent’s potential with Carlos Lopes

Mckinsey and Company

From growing up in a small village in turbulent post colonialist Guinea-Bissau to a career at the United Nations, a leading African development economist talks about his belief in pan-Africanism and multilateralism.

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Broker-Dealer Ladenburg Sues Client Over Unpaid M&A Fee

Law 360 M&A

Broker-dealer Ladenburg Thalmann is suing one of its clients, digital media holding company Bright Mountain, in Florida federal court for failing to pay $1.5 million in merger and acquisition fees Ladenburg says it incurred for helping Bright Mountain purchase another company out of bankruptcy this year.

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Empty spaces and hybrid places: The pandemic’s lasting impact on real estate

Mckinsey and Company

Real estate in the world’s superstar cities has not kept up with shifts in behavior caused by the pandemic. The cities’ vibrancy is at risk, and they will have to adapt.

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5 Ways Firms Can Rethink Office Design In A Hybrid World

Law 360 M&A

As workplaces across the country adapt to flexible work, law firms must prioritize individuality, amenities and technology in office design, says Kristin Cerutti at Nelson Worldwide.

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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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A new approach to impact investing from entrepreneur and venture capitalist Fabian Heilemann

Mckinsey and Company

The CEO and cofounder of AENU discusses his transition to impact investing and how new structures for impact funds can prioritize high financial returns and social impact.

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Gamers Press Bid To Pause Activision Deal After FTC Loss

Law 360 M&A

Hours after a California federal judge rejected the Federal Trade Commission's bid to pause Microsoft's $68.7 billion merger with Activision Blizzard Inc., gamers with a private merger challenge pressed the Ninth Circuit for a decision on their bid for an injunction.

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What the Microsoft-Activision Ruling Means for Deal-Making

NYT M&A

Corporate leaders are feeling emboldened by another legal defeat for the Federal Trade Commission, though the agency may still fight to block the takeover.

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Egypt announces $1.9bn sale of state assets

Financial Times M&A

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

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Comment on Missing HUD Tag # on Manufactured Homes by Rose

Appraisers Blog

In reply to Eric Boggs on Facebook. Do you stop your appraisal and condition it can’t be finished until the Lender does their job? Appraiser is to recommend Lender reject the property for loan until HUD certification is verified.

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Microsoft and Activision exploring changes to $75bn deal, says CMA

Financial Times M&A

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

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Innovation drives the internal audit function of the future: Insights from BPER Banca’s chief audit officer

Mckinsey and Company

Roberto Rovere, chief audit officer of Italy’s BPER Banca, shares insights about the changing role of the auditor, innovation in the space, and the biggest hurdles he finds in the role.

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Microsoft 'Disappointed' At FTC For Continuing To Pursue 'Weak Case' Against Activision Acquisition

Benzinga

Brad Smith , vice chair and president of Microsoft (NASDAQ: MSFT ), expressed his disappointment with the Federal Trade Commission’s (FTC) decision to appeal the court ruling that allowed Microsoft’s acquisition of Activision Blizzard (NASDAQ: ATVI ) in a tweet on Wednesday. What Happened: Smith stated that the court’s ruling was clear that the acquisition was beneficial for competition and consumers.

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Permian Production Growth Holds

Auto Dealer Valuation Insights

The economics of Oil & Gas production vary by region. Mercer Capital focuses on trends in the Eagle Ford, Permian, Bakken, and Marcellus and Utica plays. The cost of producing oil and gas depends on the geological makeup of the reserve, the depth of the reserve, and the cost of transporting the raw crude to market. We can observe different costs in different regions depending on these factors.

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What You Need to Know about Acqui-Hires

Shephard Mullin M&A

The term “Acqui-hire” is commonly used to describe an M&A transaction where the buyer is predominantly interested in acquiring key employees of the target and not specifically the underlying business and/or assets. This type of transaction is particularly common in the technology and software industries, where key talent can often be more valuable than the underlying product or service, although it has become more prevalent in other industries as well.

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3 Analysts Weigh In On Court Ruling Favoring Microsoft's Activision Blizzard Deal: 'A Major Black Eye For The FTC'

Benzinga

Shares of Activision Blizzard Inc (NASDAQ: ATVI ) rallied by 10% on Tuesday (before dropping 1% on Wednesday), after Federal Judge Jacqueline Scott Corley ruled in favor of Microsoft Corporation 's (NASDAQ: MSFT ) acquisition of the video game publisher behind the mega-popular "Call of Duty" franchise. Wedbush Securities On Microsoft Corporation Wedbush Securities analyst Daniel Ives maintained an Outperform rating and a $375 price target.

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Does Cutting Expenses Help Increase the Value of a Company?

Gergory Caruso

Cutting expenses can potentially increase the value of a company, but it depends on the specific circumstances and the approach taken to reduce expenses. Here are some factors to consider: Overall, cutting expenses can potentially increase the value of a company if it is done in a strategic and thoughtful manner that considers the impact […] The post Does Cutting Expenses Help Increase the Value of a Company?

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The Venture Capital Case Study: What to Expect and How to Survive

Brian DeChesare

There’s plenty of information online about case studies in finance interviews (IB, PE, etc.), but the venture capital case study remains a bit mysterious. Depending on your source, a VC case study might consist of a “cap table” exercise where you calculate the company’s ownership over many investment rounds and the proceeds to each group upon exit… …but it could also be a qualitative discussion of a market, an evaluation of a specific startup, or even a simple 3-statement model.

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French Electrical Giant Thales Eyes $1B Aviation Buyout

Law 360 M&A

French aerospace firm Thales Group has said it is negotiating to buy cockpit radio and satcom specialist Cobham Aerospace Communications for approximately $1.1 billion (£847,000), to boost its aircraft-related electronics portfolio.

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ApolloMed Buys Assets Of TIP, Expanding Care Partners Business Into Texas Geography

Benzinga

Apollo Medical Holdings Inc (NASDAQ: AMEH ) inked a deal to acquire assets relating to Texas Independent Providers, LLC (TIP) for an undisclosed amount. The buyout aims to expand its Care Partners business in Texas and help local providers manage cost and risk. With the acquisition, AMEH plans to deploy its value-based care management and operational platform to boost TIP's provider network and improve the healthcare experience.

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Valuation Multiples for a Tax Preparation Business

Peak Business Valuation

The tax preparation industry includes businesses that provide tax return preparation services to individuals and businesses. This typically involves helping clients maximize savings on taxes and refunds. According to IBIS World’s data , there are over 129,000 tax preparation businesses in the United States. Due to complex tax regulations and growing disposable income, demand for this industry remains high.

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Liminal BioSciences Stock Gains0% Today - Here's Why?

Benzinga

Liminal BioSciences Inc (NASDAQ: LMNL ) shares are trading higher after Structured Alpha , a fund managed by Thomvest Asset Management , agreed to acquire the company. Under the terms of the Arrangement Agreement, Liminal BioSciences shareholders will receive $8.50 in cash per common share, which represents a premium of approximately 135% over. Full story available on Benzinga.

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UK Professional Services M&A on Track for 10-Year High

Benchmark Report

The professional services sector is expected to reach a 10-year high in 2023, based on the latest figures in a report by Experian. According to its MarketIQ Micro Insight report, there have been a total of 92 acquisitions in the advisory sector to date in 2023 with a total value of £899m. If this trajectory is to continue, this will exceed analysis for the last decade.

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What's Going On With Vmware Stock Wednesday?

Benzinga

Vmware, Inc (NYSE: VMW ) stock is trading higher Wednesday after Broadcom Inc (NASDAQ: AVGO ) won conditional approval Wednesday from the European Commission to complete its acquisition of VMware. With this decision, the Commission recognizes the importance of this combination in enabling enterprises to accelerate growth and momentum in the multi-cloud ecosystem, expanding customer choice, and creating more potential for increased innovation and competition.

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Illumina hit with record €432mn fine for ignoring EU concerns over Grail deal

Financial Times M&A

US gene sequencing company proceeded with acquisition of cancer test developer even as regulators were probing deal

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