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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Third Quarter 2019

Executive Summary/Highlights: In Q3 2019, global M&A volume was US$784 billion, reaching US$2.8 trillion for the year to date.  Global M&A volume could, based on the current pace, exceed US$3.5 trillion in annual volume in 2019 for the fifth time in the last decade.  But there are signs of a slow-down. U.S. M&A volume, the … Continued

Editors’ Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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Directors have a duty to look beyond their shareholders

Below is an op-ed by Martin Lipton and William Savitt that appeared in the Financial Times on Tuesday, September 17, 2019. Martin Lipton William Savitt

Editor’s Note: This article was authored by Martin Lipton of Wachtell, Lipton, Rosen & Katz and published in the Financial Times on September 17th, 2019. William Savitt also contributed to this article.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Second Quarter 2019

Executive Summary/Highlights: In Q2 2019, global M&A volume reached US$1 trillion for the quarter and surpassed US$2 trillion for the year to date. Global M&A volume in 2019 is on pace to reach the US$4 trillion mark for the second consecutive year and only the third time in the last decade. The significant global deal … Continued

Editors’ Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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GLOBAL UPDATE – Cross-Border M&A Guide

Cross-Border M&A Guide Wachtell, Lipton, Rosen & Katz recently published the inaugural edition of their Cross-Border M&A Guide, which is available here. This new Cross-Border M&A Guide covers the key U.S. legal considerations not only for acquisitions of U.S. companies by non-U.S. companies (or “inbound” M&A transactions), but also for acquisitions of non-U.S. companies, including … Continued

Editor's Note: This submission was contributed by Adam O. Emmerich, Robin Panovka, Raaj S. Narayan and Matthew T. Carpenter.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for First Quarter 2019

Executive Summary/Highlights: Global M&A volume, which exceeded US$4.0 trillion in 2018, continued at a similar pace in Q1 2019, reaching US$958 billion. Global M&A volume in the first quarter of the year has been primarily driven by record levels of deal activity in the United States. It was the most active first quarter for U.S. … Continued

Editors’ Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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Spotlight on Boards

Spotlight on Boards The ever-evolving challenges facing corporate boards prompt periodic updates to a snapshot of what is expected from the board of directors of a major public company—not just the legal rules, or the principles published by institutional investors and various corporate and investor associations, but also the aspirational “best practices” that have come … Continued

Editor’s Note: This article was authored by Martin Lipton of Wachtell, Lipton, Rosen & Katz.

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U.S. UPDATE – 2019 Checklist for Successful Acquisitions in the United States

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

Editors’ Note: This submission updates a checklist co-authored by Messrs. Emmerich and Panovka, members of XBMA’s Legal Roundtable, with their colleagues at Wachtell Lipton, Jodi J. Schwartz, Scott K. Charles, David A. Katz, Andrew J. Nussbaum, Ilene Knable Gotts, Mark Gordon, Joshua R. Cammaker, William Savitt, Andrea K. Wahlquist, Karessa L. Cain, T. Eiko Stange, Joshua M. Holmes, Eric M. Rosof, Gordon S. Moodie, Emil A. Kleinhaus, Edward J. Lee, Raaj S. Narayan and Matthew T. Carpenter.

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GLOBAL M&A Statistical Update – XBMA Annual Review for 2018

Executive Summary/Highlights: Global M&A volume in 2018 reached US$4.0 trillion, a level achieved only once before in the last decade (2015). 2018 was a notably strong year for cross-border M&A, despite escalating trade tensions and anti-globalist rhetoric. US$1.6 trillion (39%) of deals in 2018 were cross-border transactions, approximating recent highs in terms of both dollar … Continued

Editors’ Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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U.S. UPDATE – SEC to Study Quarterly Reporting & Earnings Guidance and their Contribution to Short-Termism

SEC to Study Quarterly Reporting & Earnings Guidance and their Contribution to Short-Termism In a potentially significant step for public companies and the U.S. economy, the SEC today launched a formal comment process aimed at optimizing the periodic reporting system for U.S. companies. The SEC’s review is wide-ranging, reaching whether reforms could and should be … Continued

Editors’ Note: This article was authored by Sabastian V. Niles of Wachtell, Lipton, Rosen & Katz.

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Some Thoughts for Boards of Directors in 2019

Some Thoughts for Boards of Directors in 2019 By Martin Lipton, Steven A. Rosenblum, Karessa L. Cain, Amanda S. Blackett and Kathleen C. Iannone December 14, 2018 In recent years, it has become increasingly evident that the activism-driven corporate world is relatively fragile and is proving to be unsustainable, particularly when viewed in the broader … Continued

Editor’s Note: This article was co-authored by Martin Lipton, Steven A. Rosenblum, Karessa L. Cain, Amanda S. Blackett and Kathleen C. Iannone of Wachtell, Lipton, Rosen & Katz.

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