Cooley M&A

DECEMBER 20, 2017

On December 14, 2017, the Delaware Supreme Court reversed and remanded the Court of Chancery’s appraisal of the fair value of Dell Inc.

Appraisal 52

Appraisal Marketability 52

RC & Co.

OCTOBER 13, 2017

Business valuations are an important process for all business owners. In addition to providing a clear picture of current market value, you can also assess competitors, revenue, and assets during the business valuation process.

Business Valuation 52

Business Valuation Intangible Assets Marketability 52

IBG Business

MARCH 20, 2017

M&A Broker Tips: How to Sell a Business – Seller Financing. What is seller financing, and why is it so popular in the mergers and acquisitions industry? What seller financing can mean for the sale of your business.

Finance 52

Finance Banking Marketability 52

Sun M&A

OCTOBER 26, 2017

Selling a business can feel complicated and overwhelming. It’s normal to have some concerns when you begin. No deal is a certainty, but working with an expert in the industry who is deeply knowledgeable about the business sales process can increase the odds of a successful closing. Here are some of the most common concerns sellers express, and how a skilled advisor can address them. The Sale Will Distract Me From My Work. This is a very reasonable fear.

Business Valuation 40

Business Valuation Marketability 40

Speaker: Aleksey Krylov, CFA - Chief Financial Officer at CytoImmune Therapeutics

Join Aleksey Krylov, corporate finance expert and CFO at CytoImmune Therapeutics, for an insightful overview of working capital management and managing profitability.

Corporate Finance

Appraisal Rights

DECEMBER 21, 2017

Yes, according to this posting. Delaware law requires that a shareholder seeking appraisal must not have “voted in favor of the merger” (which is impossible for nonvoting common stock) nor “consented thereto in writing pursuant to Section 228.”

Appraisal 52

Appraisal 52

Burch & Co.

AUGUST 1, 2017

FINRA Sponsorship-. As a FINRA member firm, Burch & Company regularly receives calls from experienced advisors interested in obtaining a FINRA license which requires sponsorship. Many of these professionals have an idea of which particular license that they would like to be sponsored for based on their work focus. As the licensing landscape has changed over the years, advisors may not fully understand which license may be the required given their different lines of business.

Corporate Finance 40

Corporate Finance Banking Finance Equity 40

Cooley M&A

SEPTEMBER 12, 2017

Over the past several years, cybersecurity issues have become prominent areas of emphasis for M&A due diligence.

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Cooley M&A

SEPTEMBER 1, 2017

A transaction involving a controlling stockholder on both sides of the deal presents a clear conflict of interest that will result in heightened scrutiny under the “entire fairness” standard of review if later challenged.

Compliance 52

Compliance 52

Cooley M&A

JULY 14, 2017

The vast majority of private company acquisitions contain some type of purchase price adjustment to account for any changes in certain financial metrics (including working capital) of the target between a specified reference date (or target) and the closing date.

Compliance 52

Compliance 52

Cooley M&A

JULY 13, 2017

Acquisitions by Chinese state-owned enterprises (SOEs) of companies in the United States (US) and European Union (EU) have grown in recent years. Trade and cross-border investment has increased and Chinese SOEs have extended their reach beyond their domestic market.

Marketability 52

Marketability 52

Cooley M&A

JULY 10, 2017

In life sciences/medical technology transactions, buyers and sellers often use milestone-based and sometimes royalty-based contingent consideration to compensate sellers for assets that are in various stages of development from clinical- to development-stage to product commercialization. [1]

Compliance 52

Compliance Finance Technology Marketability 52

Cooley M&A

MAY 17, 2017

ISS and Glass Lewis are continuing to apply special scrutiny to certain corporate governance provisions of “newly public” companies (generally, companies that have gone public in 2014 or later). See our December 2016 client alert.

Capital Structure 52

Capital Structure 52

IBG Business

MARCH 19, 2017

“Independent business owner” is a term that can have several meanings. While “independent” can be used literally to describe the business, it can also define the personality of the owner – and in a sale, that can be a mixed blessing. Think about the traits that made you a successful business owner.

Business Valuation 52

Business Valuation Finance Marketability 52

Cooley M&A

MARCH 9, 2017

Purchase price adjustments are common features (2015 SRS study: 77% of deals) of private merger agreements that are generally intended to ensure that the acquired company will have the same level of cash or working capital to operate the business post closing that it had at signing.

Compliance 52

Compliance 52

IBG Business

MARCH 2, 2017

Pipeline construction. Great history and quality equipment, well–maintained. Owner retiring. Considering bids on April 6 for business in its entirety, facilities, MSA’s, equipment – all or any piece. Strategically located to serve midstream companies in SACK and SCOOP plays.

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Cooley M&A

FEBRUARY 22, 2017

On February 14, 2016, the SEC settled an enforcement action against CVR Energy for providing misleading disclosure about the fees payable to CVR’s two financial advisors in connection with CVR’s defense of a hostile tender offer by affiliates of Carl Icahn in 2012.

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Cooley M&A

JANUARY 24, 2017

At what point do “discussions” with a friendly merger party become “negotiations” that are required to be publicly disclosed under the tender offer rules in response to a hostile bid?

Finance 52

Finance 52

Sun M&A

OCTOBER 26, 2017

Selling a business can be expensive and overwhelming , so owners often balk at the prospect of driving up costs by working with an M&A Advisor. Owners who do, however, almost universally believe their banker added value. The Value of Middle Market Investment Bankers, a study authored by Fairfield University Dolan School of Business’s Michael McDonald, asked 85 business sellers about their experiences working with M&A Advisors.

Equity 40

Equity Marketability 40

Sun M&A

OCTOBER 26, 2017

The term “independent business owner” doesn’t just refer to your life as an entrepreneur. It also denotes the mindset that life as a business owner demands. You’re confident, independent, and maybe a bit stubborn. These vital traits have helped your business thrive, but can work against you when you’re ready to sell. Why is that? After all, you’re already an expert in sales. You market products or services every day.

Finance 40

Finance Marketability 40

Sun M&A

OCTOBER 26, 2017

You’ve thought about it, perhaps spending some sleepless nights debating what to do next with your New York or New Jersey based business. Now you’ve decided it’s time to sell. You have good reasons for the sale—reasons that shouldn’t scare a prospective buyer. So now comes the fun part—or so you think. You’ll set a price—maybe on the high end—and let your business acumen and gut instincts take you where you want to go. Not so fast.

Marketability 40

Marketability 40

Sun M&A

OCTOBER 26, 2017

You’ve been considering selling your business for some time when you get that interesting email in your inbox: “Dear Business owner: I, Mr. Private Equity Principal/Mr. Strategic Corporate Development Professional have an interest in acquiring your business because we believe your product/services would synergistically enhance our current operations. Please let me know if you are free to discuss further.”.

EBITDA 40

EBITDA Equity Marketability 40

Sun M&A

OCTOBER 26, 2017

When pursuing the sale of your company, it is important to be prepared. Being prepared not only means getting your books and records organized and preparing a quality descriptive executive summary of your company, it also involves educating yourself to properly address the common questions that will inevitably be asked by prospective acquirers. Properly preparing for and addressing these questions will maximize an acquirer’s comfort level, reduce their perceived risk and increase valuation.

Marketability 40

Marketability 40

Cooley M&A

SEPTEMBER 12, 2017

This two-day, multi-panel event will explore the development of corporate law, the evolving relationships between corporate stakeholders, M&A and what corporate lawmaking may look like in the future. Jamie Leigh will speak on a panel on “Trends and Developments in M&A Law” on October 27. October 26 – 27, 2017. Fairmont Hotel, San Francisco. More information. Jamie Leigh. Events

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Cooley M&A

APRIL 7, 2017

According to a recent study by SRS of recent private life sciences deals, disputes over earn-outs arose in about one-third (36%) of all milestones that were expected to be hit by September 2016. [1] 1] While most disputes were not about contract interpretation issues regarding whether an event triggered the milestone or not, [2] one recent dispute in the Delaware Court of Chancery illustrates the potentially significant value at stake when these interpretation issues do occur.

Marketability 40

Marketability 40

IBG Business

FEBRUARY 13, 2017

M&A Conference CO flyer 170223.

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IBG Business

FEBRUARY 12, 2017

Does My M&A Broker Truly Understand My Business? When interviewing M&A brokers or investment bankers to advise you and manage the sale of your company , it is very important for you to outline your specific decision-making process for selecting an advisor and your requirements for a successful business sale. Without the information gleaned from that discussion, an intermediary will find it difficult to respond to your concerns and objectives. Who Has Been a Potential Buyer?

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Appraisal Rights

DECEMBER 8, 2017

Eight years ago today, in DiRienzo v. Steel Partners Holdings L.P. , 4506-CC (Del. 8, 2009), Chancellor Chandler reaffirmed the principle that the record holder requirements of Section 262(a) demand strict compliance.

Compliance 52

Compliance Appraisal 52

Appraisal Rights

DECEMBER 5, 2017

Today’s Law360 [[$$]] reported on the oral argument conducted yesterday before Chancellor Bouchard in the Solera appraisal case. ** This firm is among the counsel of record in Solera. Discounted Cash Flow Analysis Fair Value Independent Valuation

Discounted Cash Flow 52

Discounted Cash Flow Appraisal 52

Appraisal Rights

NOVEMBER 13, 2017

We’ve already seen other states apply their own appraisal statutes; we’ve covered Nevada before, for example. We’re now also seeing other courts look to Delaware courts for the tools and methods behind valuation methods as well, not only in appraisal actions.

Discounted Cash Flow 52

Discounted Cash Flow Appraisal Equity 52

Appraisal Rights

SEPTEMBER 14, 2017

In light of blockchain stock ledgers coming to Delaware , commentators and news outlets are starting to take notice. Recently, Bloomberg has covered the idea of stock ledger blockchain, as has the Financial Times [$$].

Appraisal 52

Appraisal 52

Appraisal Rights

AUGUST 1, 2017

Today the Delaware Supreme Court reversed and remanded the appraisal decision of the Chancery Court in the highly watched DFC Global case. A more detailed post will follow, but we wanted to flag the ruling in the meantime.

Appraisal 52

Appraisal Comparable Company Analysis 52

Appraisal Rights

JULY 31, 2017

As we previously posted , the Chancery Court appraised the fair value of Clearwire Corp. to be $2.13 per share, substantially below the $5 per share merger price paid by Sprint Nextel Corp in July 2013.

Discounted Cash Flow 52

Discounted Cash Flow Appraisal Finance 52

Appraisal Rights

JULY 27, 2017

As we have previously covered , Delaware has been considering whether to allow Delaware corporations (with Delaware being the site of the vast majority of appraisal litigation) to use blockchain platforms to issue and trade shares.

Appraisal 52

Appraisal Equity Technology Marketability 52

Appraisal Rights

DECEMBER 19, 2017

Seven years ago this week, in Roam-Tel Partners v. AT&T Mobility , C.A. 5745-VCS (Del. 17, 2010), then-Vice Chancellor Strine held that in a short-form merger, a stockholder can revoke its prior waiver of its appraisal rights within the twenty-day statutory election period, absent any prejudice to the corporation.

Appraisal 40

Appraisal 40

Appraisal Rights

DECEMBER 14, 2017

The Delaware Supreme Court issued its highly-anticipated ruling today in the Dell appraisal case, reversing and remanding the trial court’s 28% premium awarded to the stockholders. In sum, the court held that where a company is sold in a pristine M&A auction process, the chancery court must give the merger price “heavy weight” in its ruling, leaving it to the trial court to decide just how much weight that should be in this case.

Discounted Cash Flow 40

Discounted Cash Flow Appraisal 40

Appraisal Rights

NOVEMBER 29, 2017

On Monday, Law360 [$$] reported that the stockholders in the Clearwire appraisal action filed their opening brief in support of their appeal of the Chancery Court’s ruling, which found the fair value of Clearwire Corp. to be $2.13 per share, well below the $5 per share deal price paid by Sprint Nextel Corp. As reported in the article, on appeal, the stockholders argue that the “staggering discount” awarded by the Chancery Court is “virtually unprecedented.”

Discounted Cash Flow 40

Discounted Cash Flow Appraisal 40