Wed.Feb 15, 2023

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The role of financial projections in startup valuation

Equidam

The valuation of early stage companies is a one of the more complex and contentious topic in the startup world. On one hand, it is regarded as a finger-in-the-air exercise to get an approximate price for an intrinsically risky asset class. On the other hand, there are some strong feelings about the right way to go about it, and the precise methodology to use.

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(Much Too Early) Observations on the Universal Proxy Card

Harvard Corporate Governance

Posted by Eleazer Klein and Sean Brownridge, Schulte Roth & Zabel LLP, on Wednesday, February 15, 2023 Editor's Note: Eleazer Klein is a Partner and Sean Brownridge is an Associate at Schulte Roth & Zabel LLP. This post is based on their piece. Related research from the Program on Corporate Governance includes Universal Proxies (discussed on the Forum here ) by Scott Hirst.

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Trending Sources

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Planning for uncertainty in commercial aerospace

Mckinsey and Company

Commercial aviation faces its most uncertain future in decades. COVID-depressed demand is now resurging, but there are many uncertainties and challenges for operators and manufacturers to manage.

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Board Governance Structures and ESG

Harvard Corporate Governance

Posted by Lee Ballin, Maureen Bujno, and Kristen Sullivan, Deloitte & Touche LLP, on Wednesday, February 15, 2023 Editor's Note: Lee Ballin, and Maureen Bujno are Managing Directors, and Kristen Sullivan is a Partner and leads Sustainability and ESG at Deloitte & Touche LLP. This post is based on their NACD publication. 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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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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Into all problem-solving, a little dissent must fall

Mckinsey and Company

In today’s interconnected business environment, companies won’t be able to solve problems effectively without encouraging “contributory dissent”—a healthy approach to gathering diverse perspectives that should be taught to team members, modeled by leaders, and supported by culture.

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VICI Properties Inc. Enters Into Lease Agreement With Cherokee Nation Businesses Related to the Gold Strike Casino Resort in Tunica, MS

Business Wire M&A

NEW YORK--(BUSINESS WIRE)--VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) announced today that, in connection with the acquisition of the operations of Gold Strike Casino Resort (“Gold Strike”) by CNE Gaming Holdings, L.L.C., an indirect subsidiary of Cherokee Nation Businesses, L.L.C. (“CNB”), VICI has entered into a triple-net lease agreement with CNB with respect to the real property associated with Gold Strike.

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Ten quick year-end reminders for GILTI

LaPorte

(authored by RSM US LLP) Don't be guilty. Year-end planning and analysis is still required for GILTI due to the ever-changing tax law. The post Ten quick year-end reminders for GILTI first appeared on LaPorte.

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Investment Banking in Australia: Impossible Barriers to Entry, or the Best Place for a Long-Term Finance Career?

Brian DeChesare

When it comes to investment banking in Australia , it’s easy to find complaints online. These complaints center on a few aspects of the banking industry there: Recruiting – People often claim that it’s much more difficult to win interviews and job offers, that nepotism is widespread, and that there aren’t many “side doors” into finance. Compensation – As with most other regions outside the U.S., you will typically earn less than in New York.

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Explore Charlotte! Top 10 Must-Dos in the Queen City During the Breakthrough Conference

Rhythm Systems

Are you attending a business conference in Charlotte, NC, like the Rhythm Systems Breakthrough Execution Conference ? If so, you're in luck! Charlotte is a fantastic city with plenty of activities to keep you entertained during your stay. From outdoor adventures to cultural attractions, there's something for everyone.

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Tikehau wins €400mn investment from two of the families behind AB InBev

Financial Times M&A

Funds will fuel next stage of €38bn alternatives manager’s international expansion

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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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Lyft’s Financial Woes Thrust It Into the Spotlight

NYT M&A

Lyft recovered from pandemic restrictions slower than Uber, and critics said it lacked the kind of ambitious investments that could distinguish itself from its rival.

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Capricorn terminates NewMed merger after activist pressure

Financial Times M&A

Energy group formerly known as Cairn scraps second combination deal in less than six months

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Health Care Deal Structures: What Will the Deal Look Like?

National Law Review M&A

Pamela Polevoy Deborah A.

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A big deal, gone badly wrong

Financial Times M&A

Plus, Berkshire and TSMC

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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 Missed $140 Million Payment Sends Sports TV Negotiations Into Overdrive

NYT M&A

The owners of the regional television channels branded as Bally Sports have nearly $9 billion in debt and owe hefty rights fees to M.L.B., N.B.A. and N.H.L. teams. Now, they’re all on the clock to find a solution.

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Rekindling US productivity for a new era

Mckinsey and Company

Regaining historical rates of productivity growth would add $10 trillion to US GDP—a boost needed to confront workforce shortages, debt, inflation, and the energy transition.

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M&A Lessons from Mars: Better, Faster, Leaner Integration

M&A Leadership Council

By Mark Herndon, Chairman, M&A Leadership Council Some Intergalactic Guidance Remember that 2015 movie with Matt Damon, called The Martian ? It should be "required watching" for all M&A professionals because it offers essential advice all M&A integrators should live by. - Spoiler Alert - Reflecting on his experience once back on earth, lead character Mark Watley gives a class of astronauts-in-training some priceless advice about what to do when confronted with an existential crisis

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Forward Thinking on what deep history might tell us about today’s turbulent times with Alan Taylor

Mckinsey and Company

A leading economist uses a historical lens to gain insights into the economic consequences of pandemics, likely trends in wealth and globalization, and whether current economic turbulence signals the start of a new era.

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Sonic Automotive Announces Acquisition of Black Hills Harley-Davidson, Home of the Sturgis Motorcycle Rally

Business Wire M&A

CHARLOTTE, N.C.

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Banks’ core technology conundrum reaches an inflection point

Mckinsey and Company

The founder and CEO of Thought Machine talks with McKinsey about how advances in cloud-based solutions are helping banks meet the technology challenge.

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Billionaire Jahm Najafi set to launch $3.75bn bid for Tottenham Hotspur

Financial Times M&A

Fans of the football team have been increasingly frustrated by lack of trophies

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Making the leap from R&D to fully integrated biotech for first launch

Mckinsey and Company

Many biotechs struggle with growing pains as they near their first product launch. The transition to commercial success may require shifts in organization, processes, capabilities, and mindsets.

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Waters Corporation to Acquire Wyatt Technology, Light Scattering Instrument and Software Leader

Business Wire M&A

MILFORD, Mass.--(BUSINESS WIRE)--Waters Corporation (NYSE:WAT) today announced it has entered into an agreement to acquire Wyatt Technology, a pioneer in innovative light scattering and field-flow fractionation instruments, software, accessories, and services, for $1.36 billion in cash, subject to certain adjustments. The transaction is expected to close in the second quarter of 2023, subject to regulatory approvals and other customary closing conditions.

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EU set to investigate Amazon’s $1.7bn purchase of Roomba-maker

Financial Times M&A

Regulators have privacy concerns over acquisition of iRobot in sign of growing scrutiny of Big Tech dealmaking

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Medical Properties Trust Announces Agreements for CommonSpirit Health to Acquire Steward’s Utah Operations and Lease MPT’s $1.2 Billion Utah Portfolio

Business Wire M&A

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE: MPW) today announced that it has agreed to lease its entire Utah hospital portfolio to Catholic Health Initiatives Colorado (“CHIC”), a wholly owned subsidiary of CommonSpirit Health (“CommonSpirit”), subsequent to CHIC’s pending acquisition of the Utah hospital business currently operated by Steward Health Care System (“Steward”).

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EU Will Review Adobe's $20B Figma Deal After Requests

Law 360 M&A

The European Union's antitrust enforcer said Wednesday that it will review Adobe Inc.'s planned $20 billion takeover of design collaboration company Figma Inc. after receiving requests from several member states.

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Verde Clean Fuels, Inc. Announce Completion of Business Combination between CENAQ Energy Corp. and Bluescape Clean Fuels

Business Wire M&A

HOUSTON--(BUSINESS WIRE)--Verde Clean Fuels announced the completion of the previously announced business combination between CENAQ Energy Corp. and Bluescape Clean Fuels.

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IAA Investor Calls Ritchie Bros. Deal 'Fundamentally Flawed'

Law 360 M&A

IAA Inc. shareholder Discerene Group LP is the latest investor that has come out opposing the planned $7.3 billion sale of the online automobile buying company to Ritchie Bros. Auctioneers, saying in a statement Wednesday that the deal is "wholly inadequate" and "fundamentally flawed.

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Property tax 101 [infographic]

ThomsonReuters

Helping clients navigate the complexities of property tax is important for accounting firms. Property taxes and tax rates, which vary greatly among states and localities, can be confusing and are a major area of tax exposure and risk. Firms can strengthen their role as a trusted advisor by helping clients effectively manage their property taxes and mitigate risk.

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Congress Enacts M&A Broker But What About George Babbit?

National Law Review M&A

Keith Paul Bishop Jurisdiction: All Federal Type of Law: Financial Institutions & Banking Mergers & Acquisitions Securities & SEC Election Law / Legislative News

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Kiko Harvey of USC Thrives on Tackling the Problems That Matter

Audit Board

Join Richard Chambers for a new episode of his Agents of Change video series, featuring conversations with internal audit leaders from some of the world’s most prominent organizations about innovation in the profession. In this episode, Richard sits down with Kiko Harvey, Associate Senior Vice President of Audit Services at the University of Southern California , former Inspector General at the UN World Food Programme, and former CAE of Delta Air Lines and Starbucks, to discuss how she keeps her

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Data Update 5 for 2023: The Earnings Test

Musings on Markets

As I have argued in all four of my posts, so far, about 2022, it was year when we saw a return to normalcy on many fronts, as treasury rates reverted back to pre-2008 levels, and risk capital discovered that risk has a downside. During the course of the year, investors also rediscovered that the essence of business is not growing revenues or adding users, but making profits from that growth.

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Troutman Lands Corporate Pros From Squire Patton In Atlanta

Law 360 M&A

Troutman Pepper has added two former Squire Patton Boggs LLP partners in Atlanta, strengthening its national corporate practice with attorneys experienced in mergers and acquisitions and private equity, the firm announced Wednesday.

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ESOP Transaction Deal Flow and Financing Considerations

Auto Dealer Valuation Insights

Mercer Capital’s advisory professionals have active roles in The ESOP Association and other employee ownership organizations. Timothy R. Lee, ASA, Managing Director and a member of the ESOP Association’s Valuation Advisory Committee, attended the recent ESOP Association’s Professional’s Forum in New Orleans (February 8, 2023).

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