Wed.Jan 04, 2023

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Activating Sustainability in the Boardroom

Harvard Corporate Governance

Posted by Laura Sanderson, Sarah Galloway, Russell Reynolds Associates, on Wednesday, January 4, 2023 Editor's Note: Laura Sanderson co-leads the Board and CEO Advisory Partners in Europe and Sarah Galloway is co-head of the Global Sustainability Practice at Russell Reynolds Associates. This post is based on a Russell Reynolds Associates memorandum by Ms.

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The metaverse: Driving value in the mobility sector

Mckinsey and Company

Although a fully immersive, interconnected metaverse remains years away, mobility stakeholders can already capture real business value from the technologies designed to enable it.

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Industry Asset Revaluations around Public and Private Acquisitions

Harvard Corporate Governance

Posted by Philip Valta (University of Bern), on Wednesday, January 4, 2023 Editor's Note: Philip Valta is a Professor of Finance at University of Bern. This post is based on an article forthcoming in the Journal of Financial Economics by Professor Valta, Professor François Derrien , Professor Laurent Frésard , and Professor Victoria Slabik. Summary of the findings: We study whether M&A activity improves the informational efficiency of financial markets – i.e., the ability of asset prices to

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Dignity funeral services firm targeted in first UK takeover bid of the year

The Guardian M&A

Consortium spearheaded by Direct Line founder, Sir Peter Wood, have swooped for company A consortium spearheaded by Direct Line founder Sir Peter Wood has swooped for the funeral services company Dignity in the first UK takeover attempt of the year. A subsidiary of Valderrama – a joint venture between Wood’s investment firm SPWOne and investment house Castelnau Group – has made a possible offer for the London-listed company, whose board recommended the deal to shareholders.

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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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ESMA Consultation Paper on Fund Names to Tackles Greenwashing

Harvard Corporate Governance

Posted by Paul Davies, Nicola Higgs, Latham & Watkins LLP, on Wednesday, January 4, 2023 Editor's Note: Paul A. Davies and Nicola Higgs are partners at Latham & Watkins LLP. This post is based on a Latham memorandum by Mr. Davies, Ms. Higgs, Anne Mainwaring and Dianne Bell. The European Securities and Markets Authority proposes to restrict ESG- and sustainability-related terms in the naming of funds, with an eye on the US and UK fund naming regimes.

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United Talent Agency Grows Its Literary Business

NYT M&A

With the acquisition of the literary agency Fletcher & Company, UTA added hundreds of authors to its client roster. The deal comes amid consolidation in the entertainment industry.

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Treat Your IT Risk Assessment as More Than a Checkbox Exercise

Audit Board

With cybercrime on the rise, the average cost of a data breach in the United States is $9.44M according to the 2022 IBM Cost of a Data Breach report , and it’s predicted that the global annual cost of cybercrime will reach $8 trillion in 2023. As attacks grow in frequency and severity, organizations cannot take a “business as usual” approach to IT risk.

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Goldman Sachs Bullish On M&A Deals Activity Picking Up In Late 2023

Benzinga

Goldman Sachs Group Inc (NYSE: GS ) seems to be bullish on the recovery of global mergers & acquisition deals in the second half of 2023 despite slow economic growth and a weak credit market. The projections come after global M&A activity fell almost one-third to $3.78 trillion in 2022 from a record $5.91 trillion in 2021, according to Dealogic data.

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2023 Investment and Market Updates: A Review of the Worst Year Since 1871

Brian DeChesare

Any discussion of the financial markets in 2022 needs to acknowledge one important fact upfront: it was the worst year for stocks and bonds since at least 1871. Just look at the handy chart the Financial Times put together to see the horrifically bad numbers: In January 2022, everything seemed quite frothy, with mega-deals happening left and right and crypto and equity prices still at high levels.

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Tokyo Gas Poised To Acquire US Natural Gas Producer From Private Equity In Almost $5B Deal

Benzinga

Tokyo Gas Co Ltd's (OTC: TKGSY ) (OTC: TKGSF ) unit is reportedly in advanced talks to buy Rockcliff Energy from Quantum Energy Partners for about $4.6 billion. The unit, TG Natural Resources , which is 70% owned by Tokyo Gas, is expected to announce the deal sometime this month, the sources told Reuters. Castleton. Full story available on Benzinga.com.

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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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Funeral provider Dignity in talks with consortium over £262mn takeover

Financial Times M&A

Cash offer represents a 23% premium to Tuesday’s closing share price

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Binance US's Proposed $1B Deal For Voyager Digital Hits SEC Roadblock

Benzinga

Binance.US' proposed $1-billion purchase of beleaguered cryptocurrency platform Voyager Digital Ltd (OTC: VYGVF ) is facing a limited objection from the U.S. Securities and Exchange Commission. What Happened: The SEC said that the Changpeng Zhao -led company’s purchase agreement doesn’t contain details on its ability to close the deal and the regulator sought more information on the company’s business operations, reported Reuters, citing a bankruptcy court filing on Wednesd

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Leading with purpose: An interview with Everest’s Juan C. Andrade

Mckinsey and Company

Everest CEO Juan C. Andrade discusses how to be a proactive insurer and the mindset required to succeed despite and amid the challenges of today.

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New Federal Laws Will Yield Big Increases in HSR Filing Fees for Large M&A Transactions, While Adding Foreign Subsidy Disclosure Obligations

National Law Review M&A

Herbert F. Allen Arindam Kar Matthew C. Hans Mitchell D.

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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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Preparing For Congress' Oversight Of Chinese Trade In 2023

Law 360 M&A

Attorneys at WilmerHale discuss China-related priorities for the new Congress, including likely areas of focus for the new select committee on strategic competition between the U.S. and China, and suggest steps potentially affected businesses can take to prepare for heightened scrutiny.

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2023 Corporate Compliance & Litigation Outlook for Manufacturers

National Law Review M&A

Jeffrey J.

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UK Energy Biz Rejects Alternative To $340M Merger Deal

Law 360 M&A

Capricorn Energy said on Thursday that a shareholder's alternative plan to the U.K. company's proposed $338 million merger with Israeli natural gas exploration business NewMed Energy would cause "value destruction," because it is based on "incorrect facts and assumptions.

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SOX Trends for 2023: Budget Pressure, Economic Instability and More

Audit Board

The Sarbanes-Oxley Act reaches drinking age in 2023, having passed on July 30, 2002. It’s been an interesting few decades, starting with companies struggling to get up to speed and into 2008, with the subprime mortgage and housing crash and added scrutiny applied to auditors and SOX. In 2010, after the advent of the iPad and evolved smartphone technologies, more pressure was put on SOX in the form of new templates, terminology, and requirements.

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Haynes Boone Adds Ex-Winstead Atty To Tax Team

Law 360 M&A

A former shareholder in Winstead PC's tax practice has returned to Haynes and Boone LLP, where he started his legal career, joining its Fort Worth, Texas, office and strengthening the firm's business planning and tax practice.

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2023 Updates to U.S. State Data Privacy Laws: What You Need to Know

Audit Board

The United States is trying to catch up with the global data privacy laws passed in recent years. While the European Union passed the General Data Protection Regulation (GDPR) which went into effect in 2018, the U.S. has struggled to pass its version called the American Data Privacy and Protection Act (ADPPA). In the meantime, California, Colorado, Connecticut, Utah, and Virginia have passed their own comprehensive consumer privacy laws that go into effect in 2023.

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Weil's Paris Office Adds Tax Partner From EY

Law 360 M&A

Weil Gotshal & Manges LLP added a former EY partner responsible for tax and legal private equity work to its Paris office, the firm announced.

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6 Steps to Becoming Sales and Use Tax Compliant

Trout CPA

Most U.S. states require businesses to collect and remit sales and use taxes even if the business has no in-state physical presence, only an economic presence within their state. Remote sellers, licensors of software, and other businesses that provide services or deliver their products to customers from a remote location must comply with state and local taxes.

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Beacon Roofing Acquires Building Products Distributor First Coastal

Benzinga

Beacon Roofing Supply Inc (NASDAQ: BECN ) has acquired First Coastal Exteriors LLC , with locations in Mobile, Alabama and Pearl, Mississippi. The financial terms of the transaction were not disclosed. First. Full story available on Benzinga.com.

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Rev. Proc. 2023-8 Provides Favorable Automatic Consent for Section 174 Accounting Method Changes

Trout CPA

On December 12, 2022, the IRS released Rev. Proc. 2023-8 containing long-awaited procedural guidance concerning the 2017 amendment to Section 174, which requires the capitalization and amortization of specified research or experimental (R&E) expenditures paid or incurred in taxable years beginning after December 31, 2021.

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How to Afford Rent when Wages Remain the Same but Costs of Living Rise

Financial Analyst Insider

With inflation at an all-time high, many people feel the pressure as living costs continue to rise. While basic living expenses like rent, fuel, and. The post How to Afford Rent when Wages Remain the Same but Costs of Living Rise appeared first on Financial Analyst Insider.

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Guidance Issued on Clean Vehicle Credits

Trout CPA

The U.S. Department of the Treasury and the Internal Revenue Service on December 12 released a revenue procedure that sets out the process for manufacturers of clean vehicles to enter into written agreements with the Secretary of the Treasury whereby they agree to submit periodic written reports providing specified information regarding vehicles that are eligible for clean vehicle credits.

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AuditBoard Named Security Compliance Software Market Leader in G2 Winter 2023 Grid Report

Audit Board

The modern connected risk platform also extends streak of leading the Audit Management and GRC categories to three consecutive years. . LOS ANGELES, CA — January 4, 2023 — AuditBoard , the leading cloud-based platform transforming audit, risk, and compliance management, today announced that it once again received Leader distinction in both the Audit Management and GRC Winter 2023 Grid Reports from G2.com , Inc.

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5 Steps for Easing into ERM

N Contracts

Building out an enterprise risk management (ERM) program can be overwhelming for financial institutions and others in the financial services industry. Risk management is a broad umbrella covering a wide range of risks, including operational, cybersecurity, compliance, reputation, and financial risk, among others. With so many areas to cover, it’s hard to know where to begin or how to get it all done.

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Debevoise Discusses Treasury Guidance on Corporate Minimum Tax and Tax on Stock Buybacks

Reynolds Holding

On December 27, 2022, Treasury released Notices 2023-7 and 2023-2 (the “Notices”). The Notices provide initial guidance on the 15% corporate minimum tax on the book income of large corporations (the “CAMT”) and the non-deductible 1% excise tax on certain corporate stock buybacks by publicly traded companies (the “Buyback Tax”) that were included in the Inflation Reduction Act (the “IRA”). [1] The CAMT and the Buyback Tax both are effective January 1, 2023.

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Small Deals: A Bright Spot in 2023 M&A?

John Jenkins

This recent article from “Mergers & Acquisitions” says that small deals outperformed the overall M&A market in 2022 and are poised to do so again next year.

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Why We Need Multistate Business Entities

Reynolds Holding

Business entities are generally formed state-by-state. While this separatist approach has many shortcomings, scholars and policymakers have considered only one alternative: the federalization of business entity formation. Yet limiting the choices to two is false and distortive. It is false because another alternative – multistate formation and regulation of business – is possible.

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Proactive news headlines including Lindian Resources, Core Lithium, Alkane Resources and Island Pharmaceuticals

Benzinga

Sydney, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Proactive, provider of real-time news and video interviews on growth companies listed in Australia, has covered the following companies: Lindian Resources Ltd (ASX:LIN) investors have welcomed results described as "outstanding" from the first two batches of assays from phase 1 drilling at the Kangankunde Rare Earths Project in Malawi, driving shares as much as 45.17% higher intraday to $0.225 on strong volume.

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SEC, US Trustee Object To Voyager's $1B Binance.US Deal

Law 360 M&A

The U.S. Securities and Exchange Commission, the U.S. Trustee's Office and several state securities regulators on Wednesday filed objections in New York bankruptcy court to bankrupt cryptocurrency investment platform Voyager Digital Holdings Inc.'s deal to sell its $1 billion crypto portfolio to the U.S. franchise of crypto exchange Binance.

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Semantix Announces the Acquisition of Elemeno

Benzinga

SÃO PAULO, Brazil, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Semantix, Inc. (NASDAQ: STIX ), a leading Latin American end-to-end data platform provider ("Semantix"), today announced it has entered into an agreement to acquire Elemeno Inc. ("Elemeno"), a US-based, cloud-managed, machine learning operations (MLOps) platform provider focused on helping businesses leverage the benefits of artificial intelligence.