Mergers & acquisitions


Financier Worldwide Magazine

June 2013 Issue

June 2013 Issue

Global M&A activity fell in 2012 with volume and value down by 12 and 8 percent respectively, compared to 2011. Such news, however, is unsurprising given the challenges faced last year: the ongoing Eurozone crisis and the ‘fiscal cliff’ in the US restricted the aspirations of corporates in the developed markets. That said, not all regions were so severely pinched. There was also another silver lining. Though figures for the first three quarters of the year were poor, Q4 saw deals worth $691.9bn. Deal activity and volume are clearly still on a slow road to recovery, and though a complete turnaround remains out of sight, determined acquirers continue to pursue deals for growth and value benefits.

FORUM: Creating value through post-deal integration

FW moderates a discussion on value creation and post-deal integration between Denzil Rankine at AMR International, Richard Jackson at Bain & Company, Danny Davis at DD Consulting, and Jeffery M. Weirens at Deloitte.

Local knowledge is the key in 2013’s increasingly tactical M&A world

Merrill Datasite Following a tough 2012 for mergers and acquisitions, hopes have been high that 2013 would see a noticeable pick-up in dealmaking activity.  Any company deciding to pursue an M&A strategy for growth in today’s volatile environment realises the importance of...

Global M&A trends in 2013: the ineluctable shift of tectonic plates

Linklaters Global M&A phenomena have traditionally been associated with cycles where periods of buoyancy have been succeeded by low market activity. But M&A activity has remained stagnant since the modest 2010 rebound, with levels in 2012 roughly similar to those in 2011. Optimists say...

Representations and warranties insurance and competitive auctions: how buyers are shifting risk to win deals

AIG In today’s competitive M&A landscape with private equity ‘dry powder’ at historically high levels and Fortune 500 companies holding record stockpiles of cash, auction sales of private businesses often attract multiple bidders. Traditionally, a buyer will...

The hard yards

Livingstone Partners Despite evidence of confidence growing across M&A markets, strategic acquirers and private equity investors remain highly selective about the acquisitions that they are willing to commit substantial resources to. In the mid-market, this has manifested itself in a reluctance to...

Trends in purchase price adjustment formulations in US, UK and cross-border M&A transactions

Hogan Lovells While the overwhelming majority of US private M&A transactions address pre-closing value fluctuations by means of a working capital or similar purchase price adjustment, in our experience the majority of UK private M&A transactions are now completed without such an...

Protecting deal value: working-capital hurdles in M&A transactions

Crowe Howarth LLP In most M&A transactions, the parties arrive at the purchase price by multiplying the target company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) by an agreed-upon multiple. Before a deal closes, however, a seller can juggle the...

Shifting sands in Canadian anti-bribery and trade control laws raise the stakes in M&A due diligence

McCarthy Tetrault Recent developments in Canadian anti-corruption, economic sanctions, and export control laws are having a significant impact on the due diligence that should be conducted on potential targets in the context of mergers and acquisitions as well as other business combinations such as...

New protective measures for Spanish listed companies: voting caps and valuation rule against expropriation

Cuatrecasas, Goncalves Pereira The Spanish legislative body has reacted to demands for protection during these turbulent times for the Spanish economy by implementing two protective measures: protection in terms of voting caps and protection against the decrease in value of companies as a result of expropriation...




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