Some Thoughts for Boards of Directors in 2020 By Martin Lipton, Steven A. Rosenblum, Karessa L. Cain, and Kathleen I. Tatum December 9, 2019 In hindsight, 2019 may come to be viewed as a watershed year in the evolution of corporate governance. After years of growing alarm about endemic short-termism, the sustainability and competitiveness of … Continued
The Peruvian Government has enacted a new mandatory and suspensory clearance regime, which will come into force next year. Previously, Peruvian legislation only imposed mandatory pre-notification and clearance requirements for vertical or horizontal concentrations occurring in the fields of electricity generation, transmission or distribution.[1] Summary Breakdown Scope. The new merger control regime will apply to … Continued
XBMA mourns the passing of our founding director, colleague and friend William T. Allen. Bill was integral to the creation of XBMA. His vision and interest in fostering dialogue among principals, advisors and scholars in corporate law, M&A and investments, his leadership at NYU, and his deep personal and professional relationships with both the Guanghua … Continued
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
The Finance Commission of the French National Assembly has announced a report that will recommend reforms to French securities market regulations to address shareholder activism and market transparency. The report’s recommendations focus on responding to the excesses of activists in the French market with enhanced disclosure, reduced asymmetry of regulation between activist investors and French public … Continued
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
Amendment laws implementing the Shareholders’ Rights Directive: Action Points for Boards of Austrian listed companies On 23 July 2019, amendments of the Stock Corporation Act and Stock Exchange Act implementing the Shareholder Rights Directive II (2017/828) entered into force. Directive 2017/628/EU to encourage long-term shareholder engagement was implemented with the aim to minimize the administrative … Continued
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
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
Bill implementing the Shareholders’ Rights Directive: what it means for Dutch listed companies On 2 April 2019, the bill implementing the revised Shareholder Rights Directive was adopted by the Lower House of Parliament. The bill was amended to take into account a number of modifications to the initial draft. The implementation of Directive 2017/628/EU to … Continued