Executive Summary/Highlights: Global M&A volume in Q1 was US$756 billion, marking the second strongest quarter in the last three years and nearly double the volume of Q1 2013. Europe experienced a particularly strong resurgence in deal-making activity in Q1. If this trend persists, global M&A activity in 2014 could reach US$3 trillion, which would be … Continued
Highlights: During 2013, M&A deals in which at least one party was a Japanese company grew by approximately 10.8% from the previous year, the second consecutive year of growth in M&A deal volume. Several large-scale and cross-border deals were completed, including (i) the combination of Applied Materials, Inc. and Tokyo Electron Limited to create a … Continued
Executive Summary: In the presentation below, the authors review key legal (including corporate, commercial, tax and regulatory) and business issues that arise when negotiating and drafting acquisition agreements in Canada which, except for the Canadian regulatory issues, have universal application. The presentation focuses primarily on negotiated acquisition agreements of assets or shares of private companies … Continued
Editor’s Note: David A. Katz is a partner at Wachtell, Lipton, Rosen & Katz specializing in the areas of mergers and acquisitions and complex securities transactions. The attached article by Mr. Katz and Laura A. McIntosh was first published in the New York Law Journal on March 27, 2014; the full article, including footnotes, is … Continued
Executive Summary: In recent months, there has been a renewed legislative effort to enable the offering of units (“Units”) of foreign mutual funds (including exchange traded funds, or ETFs) (each, a “Fund”) in Israel. The proposed legislation will allow foreign Fund managers who meet certain criteria to publicly offer Units in Israel. Main Article: Currently, … Continued
Main Article: On April 2, 2014, Osisko Mining Corporation announced a superior alternative to Goldcorp Inc.’s unsolicited offer for Osisko in the form of a partnership with Yamana Gold Inc. resulting in Osisko’s shareholders receiving cash and share consideration with an implied value representing a 22% premium to Goldcorp’s offer. This transaction was announced 79 … Continued
Highlights: The RMB-dominated cross-border investment had always been a significant channel to promote the internationalization of RMB. Foreign investors have always been seeking more convenient channels to “spend” their RMB proceeds derived from their investment in China, international trade or other sources in onshore or offshore markets. China’s authorities have made significant developments in 2011 … Continued
Executive Summary: Despite formal agreements for and increased emphasis on international cooperation, there are still significant areas of divergence in how different competition authorities review mergers. This article discusses recent examples of mergers requiring review in multiple jurisdictions and the key practical messages arising therefrom. Main Article: Execution of a global deal can involve a … Continued
Highlights: On 28 February 2014, the State Council of the PRC issued Decision Regarding Revocation of and Amendments to Certain Administrative Regulations (国务院关于废止和修改部分行政法规的决定) (“Decision”) which came into force on 1 March 2014. The effect of the Decision has been to change the previous paid-up registered capital system for companies incorporated in China (including foreign investment … Continued
Executive Summary: Québec’s Task Force on the Protection of Québec Businesses has proposed that companies adopt new measures against unsolicited take-overs, including aggressive measures such as: a variable voting right which would be determined by the length of time a shareholder holds shares of a corporation, enabling boards of target companies to fully exercise their … Continued
