*Originally distributed on February 20, 2024. In 2023, there was a 6.7% decline in the number of mergers and acquisitions involving Japanese companies as compared to 2022. This decrease can be attributed to a combination of macroeconomic factors, interest rate trends, regulatory changes, and geopolitical influences. Despite this overall trend, one standout deal was the … Continued
Cross-Border M&A – 2020 Checklist for Successful Acquisitions in the United States M&A continued its robust pace in 2019, with nearly $3.9 trillion in global deal volume for the year, the third-highest volume of the last decade. The U.S. market was particularly strong, making up for relative weakness in Europe and Asia. The boom was … Continued
Cross-Border M&A – 2019 Checklist for Successful Acquisitions in the United States M&A in 2018 began with a bang, with more than $350 billion of deals in January 2018 – a January level not seen since 2000 – and much chatter that M&A volume for the year could hit an all-time record. As it turned … Continued
Global M&A accelerated in the fourth quarter of 2017, driven in part by tech expansion and strong economies in several key markets, and there are many signals pointing to a continued strong pace of transactions, including in the U.S. Overall M&A volume in 2017 continued to be robust, reaching $3.6 trillion, approximately 35% of which … Continued
Highlights: Global M&A volume in 2016 continued to be robust, reaching $3.7 trillion, approximately 40% of which involved cross-border deals, as compared to one-third in 2015. Five out of the ten largest deals of the year were cross-border transactions. The pace of deals grew during the second half of the year, especially in the U.S., … Continued
Highlights: M&A was robust in 2014, hitting several noteworthy post-crisis high-water marks: total global volume reached US$3.5 trillion, cross-border volume reached US$1.3 trillion (37% of the total) and cross-border M&A involving U.S. companies reached US$770 billion (45% of which was incoming). We expect current trends to continue in 2015, driven, in several key regions, by … Continued
Highlights: Valeant Pharmaceuticals and Pershing Square employed a troubling new tactic in their hostile bid for Allergan. The partnership between an activist hedge fund and a strategic acquirer enables a hostile bidder to establish a large beachhead stake more secretly, quickly and cheaply than before. This lowers the hostile bidder’s cost and enables to hedge … 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
French Update – Activist Strategies and Defenses in France Executive Summary: Many of the fundamentals driving increased shareholder activism in the United States and elsewhere are also relevant in France. The disclosure regime under French securities law should permit companies to identify activist investors, their concert parties and their economic exposure, however, French law and … Continued
