Harvard Corporate Governance

DECEMBER 21, 2023

Posted by Vincenzo Pezone (Tilburg University), on Thursday, December 21, 2023 Editor's Note: Vincenzo Pezone is an Associate Professor of Finance at Tilburg University. This post is based on a recent paper by Professor Pezone, Christian Mücke , Loriana Pelizzon , and Anjan V. Thakor. Normal 0 false false false false EN-GB X-NONE X-NONE Despite the well-publicized negative effect of bailouts on ex ante incentives, it is often practically infeasible for governments to avoid bailing out failing ba

Banking 183

Banking Dividends Finance Equity 183

Internal Audit 360

DECEMBER 21, 2023

T here’s a palpable concern for the future among internal auditors. I wouldn’t quite call it anxiety, but there’s certainly some underlying angst about how the next few years will play out for internal auditors. There’s consternation, for sure, over how things like artificial intelligence, increasing digitalization, the data of everything, climate change, political uncertainly, and geopolitical tension will impact the business world as a whole and internal auditing in par

Start-ups 116

Start-ups Technology 116

Harvard Corporate Governance

DECEMBER 21, 2023

Posted by Lara Aryani and William Kim, Shearman & Sterling LLP, on Thursday, December 21, 2023 Editor's Note: Lara Aryani is a Partner and William Kim is an Associate at Shearman & Sterling LLP. This post is based on their Shearman memorandum. Related research from the Program on Corporate Governance includes The Illusory Promise of Stakeholder Governance (discussed on the Forum here ) by Lucian A.

Marketability 124

Marketability 124

Benzinga

DECEMBER 21, 2023

Cisco Systems, Inc. (NASDAQ: CSCO ) on Thursday said it plans to acquire privately held Isovalent, Inc., an open source cloud native networking and security company. Together, Cisco and Isovalent will build leading-edge protection for every workload on every cloud. The acquisition of Isovalent will build on the Cisco Security Cloud vision, an AI-driven, cloud-delivered, integrated security platform for organizations of any shape and size.

Equity 105

Equity Marketability 105

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.

Marketability

Law 360 M&A

DECEMBER 21, 2023

A shareholder of Vericity Inc. sued the life insurance company on Thursday in Delaware's Court of Chancery, seeking records related to its pending $170 million all-cash sale to a subsidiary of Canada's iA Financial Group, and alleging the merger process and deal price are unfair.

98

98

NYT M&A

DECEMBER 21, 2023

A potential deal could bolster their streaming businesses and negotiating power with cable operators. But their crushing debt load could be a turn-off.

Mergers & Acquisitions 105

Mergers & Acquisitions 105

Redpath

DECEMBER 21, 2023

By definition, even the newest startup is in growth mode. But as your company starts to mature you may find yourself growing faster than expected.

Finance 105

Finance 105

Mckinsey and Company

DECEMBER 21, 2023

Airlines could generate significant EBITDA value by rethinking the role of IT and transforming the function from a cost center to one that drives operational and commercial performance.

EBITDA 93

EBITDA 93

NYT M&A

DECEMBER 21, 2023

She fought to keep control of her family’s media empire. Now she’s considering an exit as financial pressures mount.

Mergers & Acquisitions 113

Mergers & Acquisitions Marketability 113

The Guardian M&A

DECEMBER 21, 2023

Global media giants’ bosses reportedly discuss tie-up to better compete with Disney+ and Netflix Warner Bros Discovery and Paramount Global are reportedly in early stage talks about a merger that could bring two of the world’s largest media firms under one roof with a combined market value of $38bn (£30bn). It is understood that Warner Bros chief executive David Zaslav discussed a potential merger – that could bring together HBO and CNN with CBS News and the hit Mission: Impossible films – while

Marketability 92

Marketability 92

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

Corporate Finance

NYT M&A

DECEMBER 21, 2023

Franchisees are fighting Choice Hotels’ attempted takeover of its biggest rival, which would create a dominant player in the budget hotel sector.

Mergers & Acquisitions 94

Mergers & Acquisitions 94

Mckinsey and Company

DECEMBER 21, 2023

AI and its supercharged breakthrough, generative AI, are all about rapid advancements, and rule makers are under pressure to keep up.

101

101

Law 360 M&A

DECEMBER 21, 2023

Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

75

75

Mckinsey and Company

DECEMBER 21, 2023

Building on its existing digital health foundation, Türkiye could encourage growth of a thriving digital health sector, improving health system efficiency and care outcomes for millions of patients.

77

77

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.

Marketability

Law 360 M&A

DECEMBER 21, 2023

Aerospace and defense systems manufacturer Triumph Group Inc., led by Skadden Arps Slate Meagher & Flom LLP, is selling its product support business to aerospace and defense aftermarket solutions company AAR Corp., advised by Latham & Watkins LLP, in a deal valued at $725 million in cash, the two companies announced in separate Thursday statements.

74

74

Financial Times M&A

DECEMBER 21, 2023

Discussions about a possible strategic partnership foundered over two firms’ competing visions

Equity 99

Equity 99

The Guardian M&A

DECEMBER 21, 2023

Talks with hedge fund owners could return ethical bank to its mutual roots and create high street challenger with 5m customers Coventry Building Society is in exclusive talks to potentially buy the Co-operative Bank from its hedge fund owners, in a move that would return the ethical bank to member ownership and create a high street challenger with nearly 5 million customers.

Banking 69

Banking 69

Benzinga

DECEMBER 21, 2023

Global mergers and acquisitions (M&A) activity fell to the worst levels in a decade in 2023, as high interest rates increased financing costs, while concerns over an economic slowdown weighed on deal-making confidence. Total M&A volumes fell 18% from the previous year’s $3.6 trillion to around $3 trillion, according to data from Dealogic.

Finance 59

Finance Equity Marketability 59

Mckinsey and Company

DECEMBER 21, 2023

COP28 saw momentum on climate action continuing to build. More ambition is still needed to accelerate progress—so it can be measured in months not decades.

68

68

Financial Times M&A

DECEMBER 21, 2023

A deal would see the private equity-controlled UK bank return to mutual ownership

Banking 88

Banking Equity 88

The Guardian M&A

DECEMBER 21, 2023

Investors seemed unimpressed but analysts say even talk of a merger reflects moves to consolidate in a tough market Barbie and Tom Cruise’s Top Gun are planning on getting hitched. Warner Bros Discovery, the Hollywood studio that brought us the Batman, Harry Potter and Barbie films, and Paramount Global, the media company behind Top Gun, Titanic and Mission: Impossible, are in merger talks that could create a $38bn (£30bn) colossus.

Marketability 58

Marketability 58

Law 360 M&A

DECEMBER 21, 2023

Shoppers who are trying to block a $24.6 billion tie-up of the country's two top grocers, Kroger and Albertsons, will be given one more chance to fill the holes in their lawsuit "out of an abundance of caution," the California federal judge overseeing the matter said.

52

52

Auto Dealer Valuation Insights

DECEMBER 21, 2023

Travis W. Harms, CFA, CPA/ABV and Timothy R. Lee, ASA will be attending the 2023 Heckerling Institute on Estate Planning in Orlando, Florida, during the week of January 8 – 12, 2024.

52

52

Law 360 M&A

DECEMBER 21, 2023

The mortgage broker who won a rare courtroom victory against the U.S. Securities and Exchange Commission agreed Thursday to pay $240,000 to avoid going to trial a second time on allegations that he profited off insider information about a multibillion-dollar merger.

52

52

Benzinga

DECEMBER 21, 2023

GMS Inc. (NYSE: GMS ) today announced that it has agreed to acquire Kamco Supply Corporation and its affiliates. The terms of the deal were not disclosed. Founded in 1939 by the Swerdlick family and headquartered in Brooklyn, New York, Kamco has grown into a key player in the building materials industry. With revenue of around $245 million for the 12 months ended June 30, 2023, the company operates five distribution facilities in the Greater New York City area and services the New York metro.

Equity 52

Equity Marketability 52

Law 360 M&A

DECEMBER 21, 2023

As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.

Banking 52

Banking 52

Benzinga

DECEMBER 21, 2023

MeiraGTx Holdings plc (NASDAQ: MGTX ) on Thursday announced an asset purchase agreement with Janssen Pharmaceuticals Inc , a Johnson & Johnson (NYSE: JNJ ) company, for the remaining interests in botaretigene sparoparvovec (bota-vec, formerly AAV-RPGR) for X-linked retinitis pigmentosa (XLRP). MeiraGTx will monetize potential future royalties and milestones related to bota-vec, with J&J acquiring the remaining rights for developing, manufacturing, and commercializing bota-vec.

52

52

Law 360 M&A

DECEMBER 21, 2023

When U.S. Steel agreed to sell to Japan's Nippon Steel Corp. in a $14.9 billion deal, a swift backlash emerged, including from lawmakers in both parties and the union that had pushed U.S. Steel for months to cut an agreement with a domestic buyer.

52

52

Benzinga

DECEMBER 21, 2023

Robinhood Markets, Inc. 's (NASDAQ: HOOD ) unit Sherwood Media added U.K.-based Chartr Limited, a data-driven media company, and newsletter publisher, to its portfolio. Chartr will continue its newsletter publication and join Sherwood Media, bringing its visual storytelling to tens of millions of new readers. Chartr's addition is crucial for Sherwood's strategy of expanding editorial offerings and enhancing Snacks with continuous news, original reporting, and live events.

Marketability 52

Marketability Equity 52

Law 360 M&A

DECEMBER 21, 2023

Federal Trade Commission and U.S. Department of Justice competition enforcers are ending 2023 with a mixed track record full of failed criminal prosecutions and contentious civil enforcement, but capped by a crucial win for vertical enforcement and the issuance of new merger guidelines.

52

52

Benzinga

DECEMBER 21, 2023

Luna Innovations Inc (NASDAQ: LUNA ) disclosed a strategic investment of $50 million from White Hat Capital Partners. The company will partially use the proceeds to fund the acquisition of Silixa, which was announced today, for $21.5 million in upfront cash consideration and up to an additional $16.5 million in earnouts payable in 2025 upon achieving certain 2024 financial performance milestones.

Equity 52

Equity Marketability 52

Law 360 M&A

DECEMBER 21, 2023

Warner and Paramount are discussing a potential merger, Blue Origin is among a group of firms eyeing United Launch Alliance, and Chuck E. Cheese is considering a sale. Here, Law360 breaks down these and other notable deal rumors from the past week.

52

52

Benzinga

DECEMBER 21, 2023

Triumph Group, Inc. (NYSE: TGI ) announced today that it has agreed to sell its Product Support business to AAR Corp. (NYSE: AIR ) in a transaction valued at $725 million. The deal value represents a 14.5x trailing 12 months Adjusted EBITDAP multiple as of September 30, 2023. Triumph anticipates using the majority of the proceeds, estimated at around $700 million after taxes, for debt reduction, aiming to reach a pro forma net leverage of about 4.0x net debt to Adjusted EBITDAP by March 2024.

Net Debt 52

Net Debt EBITDA Equity Marketability 52

Law 360 M&A

DECEMBER 21, 2023

The better-for-you segment within the consumer packaged goods industry is poised for a significant evolution in 2024, and industry players must remain agile and adaptive through M&A activities, legal considerations, sustainability initiatives and changing technology, says Christopher Cain at Foley & Lardner.

Technology 52

Technology 52