Fri.Feb 17, 2023

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Petrochemicals in 2022: A return to normalcy, with uncertainty ahead

Mckinsey and Company

Petrochemicals players that seek out value-creating opportunities can be positioned for success.

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Third-Party Risk Oversight

Harvard Corporate Governance

Posted by Dan Kinsella, Adam Thomas, Deloitte & Touche LLP, on Friday, February 17, 2023 Editor's Note: Dan Kinsella is a Partner, and Adam Thomas is a Principal 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 ) and Will Corporations Deliver Value to All Stakeholders?

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The Shadow Side of Employee Engagement

Rhythm Systems

Most companies these days are actively striving to engage more employees… and most think of engagement as a willingness to go above and beyond what’s expected of them and perform at higher levels of productivity. This sounds great, until you look around and realize that your employees aren’t engaged - they’re burnt out. All those late nights and crucial projects eventually lead to making mistakes, missing work, losing enjoyment for the job and life in general, physical issues like heart palpitat

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Weekly Roundup: February 10-16, 2023

Harvard Corporate Governance

Posted by the Harvard Law School Forum on Corporate Governance, on Friday, February 17, 2023 Editor's Note: This roundup contains a collection of the posts published on the Forum during the week of February 10-16, 2023 Director Perspective: Top Priorities of 2023 Posted by Ted Sikora, NACD, on Friday, February 10, 2023 Tags: Board of Directors , CEOs , Corporate governance , COVID-19 , Cybersecurity , NACD Who Are Quality Shareholders and Why You Should Care Posted by Lawrence 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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Viacom's Insurers Must Face Coverage Suits Over CBS Merger

Law 360 M&A

A Delaware state judge ruled that several of Viacom's directors and officers insurance carriers must face the media company's suits seeking coverage for litigation stemming from its merger with CBS, deeming the dispute ripe for consideration.

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Renewable-energy development in a net-zero world: Disrupted supply chains

Mckinsey and Company

Global supply chains have been under enormous pressure from the COVID-19 pandemic and the Ukraine crisis. In the wind and solar sectors, these pressures are compounded by industry-specific challenges.

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Bridging the copper supply gap

Mckinsey and Company

With metals demand ramping up rapidly in the face of the energy transition, new processing technologies can help meet the supply shortfall from existing operations.

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Son of former Qatari PM bids to buy Manchester United from Glazers

Financial Times M&A

Sheikh Jassim bin Hamad Al Thani makes debt-free offer for 100% ownership of Premier League club

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How to accelerate innovation in new green business building

Mckinsey and Company

Companies that want to scale quickly must cultivate deep market knowledge and a culture that embraces learning through failure.

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PENN Entertainment Completes Acquisition of Barstool Sports

Business Wire M&A

WYOMISSING, Pa. & NEW YORK--(BUSINESS WIRE)--PENN Entertainment, Inc. (Nasdaq: PENN) (“PENN” or the “Company”) today completed its previously announced acquisition of Barstool Sports, Inc. (“Barstool Sports” or “Barstool”) after previously acquiring a 36% stake of Barstool Sports in February 2020. PENN has acquired the remaining interest in Barstool Sports for approximately $388 million.

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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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Confusing Language for USPAP Ethics Rule Addition

Appraisers Blog

A proposed update of professional guidelines for property appraisals contains confusing language about what constitutes discrimination, and would even suggest appraisers could engage in “ethical” discrimination. Folks, the following article is in the ABA Banking Journal e-newsletter, posted on Wednesday, February 15, 2023. I’m really glad this has been released.

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UK Litigation Roundup: Here's What You Missed In London

Law 360 M&A

The past week in London has seen logistics company Tuffnells Parcels hope to deliver a win in its corporate espionage lawsuit against rival DX, commodity trader Glencore sued again in a claim from Legal and General, and dairy alternative producer Oatly crying over spilled milk in a chancery appeal against the U.K.'s dairy industry trade body. Here, Law360 looks at these and other new claims in the U.K.

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Binance chief says it will pull back on US investments for now

Financial Times M&A

Crypto exchange’s decision comes as SEC and other regulators take aim at prominent companies in the sector

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Catching Up With Delaware's Chancery Court

Law 360 M&A

Cryptocurrency theft of profits from non-fungible tokens of street art, a bong-maker breakdown, alleged buy-or-bury Facebook tactics and a railroad's lawsuit still chugging along: It's all part of the news last week from Delaware Chancery Court.

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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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As Deal Momentum Slows, What’s Next for Wealth Management Consolidation?

Auto Dealer Valuation Insights

As market conditions began to deteriorate early last year, we (along with many others) predicted a coming slowdown in RIA M&A activity. At the time, we’d just seen a record year for deal activity in 2021, but several significant challenges for M&A were emerging: The worst year for the 60/40 portfolio in recent history was well underway.

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A-Rod's Blank-Check Co. Slammed By Investor Redemptions

Law 360 M&A

As the special purpose acquisition company market continues to face an overall harsh environment compared to its thriving pandemic era, former New York Yankee Alex Rodriguez's Slam Corp. is the latest blank-check company to see a wave of investors choosing to redeem their stock for cash as the deadline to complete a business combination looms.

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Cazoo Exits German Market; Divests German Subscription Business For Undisclosed Sum

Benzinga

Cazoo Group Ltd (NYSE: CZOO ) has agreed to sell its German subscription business , Cluno GmbH, to ViveLaCar GmbH and The Platform Group GmbH & Co KG. The financial terms. Full story available on Benzinga.

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Health Care Co. Wins D&O Coverage For SPAC Suits

Law 360 M&A

Insurers must cover defense costs a health care company racked up in underlying suits stemming from its merger deal with a special purpose acquisition company, a Delaware state court judge said, finding that the company's directors and officers are insured under policies issued to the SPAC.

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PENN Entertainment Bolsters Portfolio By Taking Full Control Of Barstool Sports

Benzinga

PENN Entertainment Inc (NASDAQ: PENN ) has completed its previously announced acquisition of Barstool Sports Inc. The company had previously acquired a 36% stake in Barstool Sports in February 2020, with a path to establish full control and ownership. PENN has acquired the remaining interest. Full story available on Benzinga.

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How The Bruised SPAC Market Is Navigating Turbulence

Law 360 M&A

Special purpose acquisition companies and their merger targets are navigating harsher terrain in early 2023 as deals take longer to complete and funding is harder to secure, given dual headwinds of a skeptical market and tighter regulatory scrutiny. A new report by law firm Freshfields Bruckhaus & Deringer LLP delving into the 102 SPAC mergers completed in 2022 sheds light on these dynamics.

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BMO Downgrades Viatris As Its Looks For More Visibility On Next Phase

Benzinga

BMO Capital Markets has downgraded Viatris Inc (NASDAQ: VTRS ) to Market Perform from Outperform and lowered the price estimate to $14 from $16. The analyst writes that Viatris has progressed well with strategic initiatives, but the stock could be rangebound. BMO seems bullish on the Biocon biosimilars sale (closed November) but says the company lacks visibility on the timing/magnitude of the.

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6 Ways Dealmakers Can Get Ahead In An Economic Slump

Law 360 M&A

Despite the challenges they pose, economic downturns can be an excellent time for companies and dealmakers to get ahead — if they invest wisely. Here, Law360 delves into how companies and investors can stay active in a bear market, identifying areas of opportunity in 2023 and measures that can help ensure deals get done.

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Tex Tech Industries, an Arlington Capital Partners Portfolio Company, Announces the Acquisition of SGL Carbon’s Business Activities at the Gardena, California site

Business Wire M&A

WASHINGTON--(BUSINESS WIRE)--Arlington Capital Partners (“Arlington”) today announced that its portfolio company, Tex Tech Industries (“Tex Tech” or the “Company”), a global supplier of materials science-based solutions for demanding end use markets including aerospace, defense, medical, and industrial, has completed a transaction with SGL Carbon (“SGL”) to acquire the operating assets of its Gardena, California site, including certain assets of SGL Composites Inc.

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Is Warren Bowie & Smith a Safe Broker? Review 2023

Financial Analyst Insider

This post was contributed by Warren Bowie & Smith, this is not financial advice. If you have been curious about the Warren Bowie & Smith The post Is Warren Bowie & Smith a Safe Broker? Review 2023 appeared first on Financial Analyst Insider.

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Saudi Arabia's PIF Ramps Up Stake In Nintendo, Deeping Its Foray Into Gaming Sector

Benzinga

Saudi Arabia's Public Investment Fund now owns an 8.3% stake in Nintendo Co, Ltd (OTC: NTDOF ) (OTC: NTDOY ), becoming its largest outside shareholder. The ramp-up of stake, up from 6%, has placed PIF ahead of Japan's Government Pension Investment Fund and behind only Nintendo's holding, Bloomberg reports. Under Crown Prince Mohammed bin Salman, Saudi Arabia pushed to break into the games and esports industry.

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Heineken Buys Back €1B Of Shares From Mexican Drinks Biz

Law 360 M&A

Dutch brewer Heineken said on Friday that it has bought back €1 billion ($1.06 billion) of its own shares back from Fomento Económico Mexicano after the Mexican drinks and stores giant decided to offload its stake in the company.

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Ophthalmic Disease Therapeutics Market Exhibits 6.4% CAGR and to Hit USD 54.87 billion by 2030

Benzinga

Pune, India, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The global Ophthalmic Disease Therapeutics Market size was valued at USD 33.56 billion in 2022 and is projected to reach a valuation of USD 35.57 billion in 2023. The market is expected to reach USD 54.87 billion by 2030 with a CAGR of 6.4% during the forecast period. Ophthalmic disease therapeutics are drugs and therapies which are used to treat various ocular conditions such as glaucoma, dry eye disease, retinal diseases, and others.

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John Chambers: ‘Breaking away during the tough times is when the next generation of great companies gets formed’

Mckinsey and Company

Now a venture capitalist, the former CEO of Cisco Systems stresses the need for speed and agility in turbulent times.

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Cozen O'Connor Ducks Suit Alleging Conflict Over Biz Sale

Law 360 M&A

Cozen O'Connor PC has triumphed in a bid to have legal and fiduciary malpractice claims against it thrown out, with a federal judge dismissing a complaint after finding companies and not their shareholders suffered injuries in the sale of assets in which Cozen represented both buyers and sellers.

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Irwin Naturals Closes Acquisition of Leading Kentucky Clinic adding $3 Million in Projected EBITDA, Company delivering on ambitious strategy to build largest global network of mental health clinics

Benzinga

LOS ANGELES, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Irwin Naturals Inc. (CSE: IWIN ) (OTC: IWINF ) (FRA: 97X) ("Irwin" or the "Company") is pleased to announce the Company has successfully completed the acquisition of Serenity Health, LLC, ("Serenity") one of the leading ketamine clinics in Louisville, KY. The agreement with Serenity was initially announced November, 30, 2022.

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The US National Security Issues Shaping Investment Activity

Law 360 M&A

The U.S. national security policy strategy is having a significant impact on capital markets and foreign investment in the U.S., contributing to an increasingly complex global investment environment in which it is harder for businesses to raise capital, say advisers at Kroll.

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Rogers, Shaw and Quebecor Extend Outside Date of Proposed Transactions to March 31, 2023

Benzinga

TORONTO and CALGARY, Alberta and MONTREAL, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Rogers Communications Inc., Shaw Communications Inc., the Shaw Family Living Trust, and Quebecor Inc. today announced an agreement to extend the outside date of the proposed merger of Rogers and Shaw and the acquisition of Freedom Mobile by Videotron Ltd., a wholly-owned subsidiary of Quebecor, to March 31, 2023.

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EU Opens In-Depth Probe Of Korean Air's $1.6B Asiana Deal

Law 360 M&A

Europe's competition enforcer on Friday opened an in-depth investigation of Korean Air's planned $1.6 billion purchase of rival carrier Asiana Airlines over concerns about its effect on passenger and cargo service between the European Union and South Korea.

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Luxor Capital Releases Presentation to Fellow Ritchie Bros. Shareholders

Benzinga

Presentation Details Why Shareholders Should Vote AGAINST RBA's Ill-Advised, Self-Serving and Value-Destructive Merger With IAA Urges Shareholders to Vote on the GREEN Proxy Card AGAINST the IAA Merger NEW YORK, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Luxor Capital Group, LP ("Luxor"), as the manager of funds owning 4.7 million shares of Ritchie Bros.

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