Tue.Oct 25, 2022

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Shareholder Activism in 2022

Harvard Corporate Governance

Posted by Eleazer Klein, Brandon Gold, Abraham Schwartz, Schulte Roth & Zabel LLP, on Tuesday, October 25, 2022 Editor's Note: Eleazer Klein is a Partner and Brandon S. Gold and Abraham Schwartz are Associates at Schulte Roth & Zabel LLP. This post is based on a piece by Mr. Klein, Mr. Gold, Mr. Schwartz, Adriana Schwartz and Mario Kranjac. Related research from the Program on Corporate Governance includes The Long-Term Effects of Hedge Fund Activism (discussed on the Forum here ); Danci

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Making metaverse real – it starts now

Avanade

Despite the hype, some believe that the metaverse is a blending of physical and digital in a way that is seemingly inaccessible today. But that couldn’t be further from the truth.

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The ESG Fiduciary Gap

Harvard Corporate Governance

Posted by Vivek Ramaswamy, Strive Asset Management, on Tuesday, October 25, 2022 Editor's Note: Vivek Ramaswamy is the Executive Chairman at Strive Asset Management. Related research from the Program on Corporate Governance includes The Illusory Promise of Stakeholder Governance (discussed on the Forum here ) by Lucian Bebchuk, and Roberto Tallarita; Does Enlightened Shareholder Value add Value (discussed on the Forum here ) by Lucian Bebchuk, Kobi Kastiel, and Roberto Tallarita; Companies Sh

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Elon Musk Tells Bankers He Plans To Close $44B Twitter Deal This Week: Report

Benzinga

Twitter Inc (NYSE: TWTR ) shares jumped Tuesday afternoon following reports that Tesla Inc (NASDAQ: TSLA ) CEO Elon Musk plans to close the Twitter deal this week. What Happened: According to a Bloomberg report , Musk on Monday "pledged to close" the acquisition of Twitter by Friday in a video call with debt bankers helping to fund the deal.

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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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State Regulation of ESG Investment Decision-making by Public Retirement Plans

Harvard Corporate Governance

Posted by Joshua Lichtenstein, Michael Littenberg and Reagan Haas, Ropes & Gray LLP, on Tuesday, October 25, 2022 Editor's Note: Joshua Lichtenstein and Michael Littenberg are Partners, and Reagan Haas is an Associate at Ropes & Gray LLP. This post is based on a Ropes & Gray memorandum by Mr. Lichtenstein, Mr. Littenbery, Ms. Haas, and Jonathan Reinstein.

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Elon Musk's Twitter Deal May Get Funding From South Korean SpaceX Backer Before Friday Deadline

Benzinga

Elon Musk could reportedly receive a helping hand from a South Korean financial services company as the Oct. 28 deadline for the Twitter Inc. (NYSE: TWTR ) deal looms close. What Happened: South Korea-based Mirae Asset Financial Group is considering providing 300 billion Korean won ($209.25 million) in funding to assist Musk with purchasing Twitter, Reuters reported , citing a source familiar with the matter.

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Twitter's Tweeters Are Flying Away, Just In Time For The Musk Buyout: Report

Benzinga

Twitter Inc (NYSE: TWTR ) is struggling to keep its most revenue-generating users engaged, highlighting a problem for Tesla Inc. (NASDAQ: TSLA ) CEO Elon Musk as he nears the completion of his $44 billion acquisition. What Happened: The top 10% of users — who account for 90% of Twitter's earnings — are known as "heavy tweeters," and they have been in "absolute decline" since the COVID-19 pandemic started approximately 2 1/2 years ago, according to a Reuters re

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The McKinsey Crossword: All In | No. 99

Mckinsey and Company

Sharpen your problem-solving skills the McKinsey way, with our weekly crossword. Each puzzle is created with the McKinsey audience in mind, and includes a subtle (and sometimes not-so-subtle) business theme for you to find. Answers that are directionally correct may not cut it if you’re looking for a quick win.

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Employers: In 2023, the Social Security Wage Base Is Going UP.

Machen McChesney

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax.

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The heat is on: How public-sector leaders could drive net-zero goals

Mckinsey and Company

Focusing on climate tech innovation, industrialization, and infrastructure could help public-sector leaders achieve national and global decarbonization goals.

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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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When CFIUS Leaks Create Leverage

Law 360 M&A

News of a potential national security review of Elon Musk's bid to acquire Twitter sent shares tumbling last week, just days ahead of Delaware Chancery Court's Oct. 28 deadline for closing the deal, prompting questions as to who talked to the media and why.

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‘The greatest innovation in the history of bankruptcy’

Financial Times M&A

Plus, how Adidas finally broke its ties with Kanye West after his anti-Semitic remarks; and the latest on a Hollywood merger gone somewhat wrong

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Adidas, Gap Join List Of Companies Breaking Up With Ye

Law 360 M&A

Adidas and Gap Inc. announced Tuesday they are taking immediate steps to end their relationships with Kanye West because of the antisemitic remarks he has lobbed over the past few weeks, joining a growing chorus of companies and individuals condemning and cutting ties with the troubled music star.

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Musk signals $44bn Twitter deal on track to close this week

Financial Times M&A

Tesla boss notifies advisers and equity investors that he intends to finalise the takeover by Friday

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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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Egyptian Real Estate Co. Offers To Buy Another for $125M

Law 360 M&A

Egyptian real estate firm Sixth of October Development and Investment Co. is seeking to acquire Orascom Real Estate for approximately $125 million, according to an announcement from Orascom Development Egypt on Tuesday.

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Audit 101: Not All Audits Are the Same

N Contracts

You’ve been around long enough that there is no such thing as a free lunch. But what about a free audit?

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Transforming the EU retail and wholesale sector

Mckinsey and Company

To capitalize on change, companies must invest in sustainability, digitalization, and skills and talent.

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Lithium miner to create US-listed company as shortages hit electric cars

Financial Times M&A

Australia-listed European Lithium will merge with Sizzle Acquisition

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Five charts on hydrogen’s role in a net-zero future

Mckinsey and Company

Hydrogen has great potential as a carbon-free energy carrier. Here’s a look at the momentum behind this widely applicable technology.

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When Disclosure Isn’t Enough: Evidence on Cursedness in Betting Markets

Reynolds Holding

Capital market regulation often relies on two methods: imposing restrictions on the actions of parties with private information and requiring greater transparency about these actions. The U.S. Securities and Exchange Commission’s (SEC) recent proposal targeting insider trading abuses follows this paradigm, similar to other proposals related to share repurchases and short selling.

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How does the US’s new Superfund Excise tax impact European businesses?

ThomsonReuters

Unbeknown to many companies outside of the United States, the US has reinstated a long-dormant environmental tax known as the Superfund Excise Tax , which impacts certain companies in the EU and UK — especially those involved in the chemical, gas, and petroleum industries. Reinstated as part of the (IIJA), the Superfund Excise Tax was originally part of a government-led effort to clean up toxic waste dump sites across the United States.

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The Second Universal Proxy Card Hits EDGAR

Reynolds Holding

Last month, the first universal proxy card (UPC) hit EDGAR under the new SEC rule. We now have another example, with some interesting tidbits for aficionados and proxy junkies, and also for anyone who seeks an edge in proxy contest voting. This one concerns Apartment Investment & Management (AIM) in a proxy contest with Land & Buildings (L&B).

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ChemChina sells back 12% Mercuria stake

Financial Times M&A

Chinese group’s tie-up with Swiss oil trader wound down amid heightened geopolitical tensions

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Author Talks: How to maintain a ‘Longpath’ mindset, even amid short-term crises

Mckinsey and Company

Future-thinking strategist Ari Wallach provides a tool kit for acting less like a descendant and more like an ancestor.

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Warner Bros Discovery: M&A disaster movie seeks Hollywood ending

Financial Times M&A

Front-loading bad financial results is an age-old plot device to set up a happy finale

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Concluded Marketability Discounts in Statutory Fair Value Cases in New York

Chris Mercer

By the Numbers This is the fourth and likely the last post in this series discussing Beway v. Friedman. This is perhaps the leading appellate level case in New York discussing the judicial interpretation of statutory fair value in that state. The first three posts are linked below. Beway Provides Conflicting Guidance re Statutory Fair Value in New York.

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Dax set to lose biggest company as Linde plans Frankfurt delisting

Financial Times M&A

World’s largest Industrial gas group says investors have been ‘negatively impacted’ by dual listing in Germany and US

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Sports Drink Market Assessment (2021-2028) | 4.2% CAGR to Generate a Revenue of USD 36.35 Billion by 2028

Benzinga

Pune, India, Oct. 26, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights , the global sports drink market size is predicted to reach USD 36.35 billion in 2028 from USD 27.22 billion in 2021, exhibiting a CAGR of 4.2 % during the forecast period. The growing number of health-conscious consumers around the world will consequently aid the market growth in the forthcoming years.

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LSE Given Final Go-Ahead For £274M Fintech Co. Takeover

Law 360 M&A

Britain's antitrust authority said on Wednesday it has cleared the planned £274 million ($317 million) buyout by the London Stock Exchange of financial technology business Quantile Group after concluding an in-depth review of the deal.

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Integrating ESG for Value Creation: Developing Your ESG Audit Strategy

Audit Board

Organizations have experienced a surge in demand for better transparency regarding environmental, social, and governance (ESG) issues, compliance, and reporting. Motivated by climate change impacts, social movements, and global macroeconomic shifts, consumers, investors, and other stakeholders reexamined their expectations for how businesses can be held accountable for responsible ESG performance. .

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Fraud prevention and internal risk assessments

Henry Horne

Over the last few decades, we have witnessed countless accounting scandals break the news and catch us all by surprise. These scandals have probably left us wondering, “Is this something that could happen to my company too?” Scandals like Enron, the Lehman Brothers, Bernie Madoff and WorldCom are just the tip of the iceberg when … Keep Reading.

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Weber Stock Is Ripping Higher Today: What's Going On?

Benzinga

Weber Inc (NYSE: WEBR ) shares are heating up Tuesday after BDT Capital Partners offered to acquire all of the company's outstanding shares for $6.25 per share in cash. BDT Capital Partners has made a non-binding proposal to acquire all of Weber's outstanding shares that it does not already own for $6.25 per. Full story available on Benzinga.com.

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Pell Grants 101

Henry Horne

With President Biden’s plan to eliminate some student loan debt – $10,000 for eligible loans or up to $20,000 if you were also the recipient of a Pell Grant, I have seen questions on what exactly Pell Grants are. For a summary of the student loan debt forgiveness plan, click here. Don’t miss: Do you … Keep Reading. The post Pell Grants 101 appeared first on Henry+Horne.

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Pot Co. Goodness Sues Verano Over Thwarted Acquisition

Law 360 M&A

Cannabis company Goodness Growth saw its market cap drop by more than 60% after Verano Holdings backed out of a deal to buy the Canadian firm for $413 million, according to a lawsuit filed in Vancouver accusing the Chicago-based company of "undermining" the deal.