article thumbnail

Considerations for Dual-Class Companies Contemplating M&A Transactions

Harvard Corporate Governance

4] However, such exceptions were not universal and, as will be discussed below, the vast majority of dual-class charters adopted before 2016 that contained transfer restrictions did not include M&A voting agreement carve outs. more…).

Equity 259
article thumbnail

How to Avoid Chapter 22 in Restructuring Work for Energy Companies

Value Scope

Ultra Petroleum filed for bankruptcy back in May of 2016, so this is its second filing in four years. The cash flows we isolate are tested for their ability to support debt, the new capital structure of the restructured firm. Note that Ultra Petroleum is listed. Conclusion.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

New Pubcos Should Consider Defensive Health in Light of ISS/GL Recommendations

Cooley M&A

See our December 2016 client alert. So far in the 2017 proxy season, ISS is almost universally recommending against all director elections at companies with a supermajority vote requirement to amend the company’s bylaws or charter, a classified board structure or a multi-class capital structure. in 2015 to 7.2%

article thumbnail

Moonshots

Reynolds Holding

The most innovative part of the economy, the venture capital (VC) market, has evolved structures to address these agency problems. A startup’s capital structure solves the motivation problem. General Motors (GM) acquired it in 2016. Then in 2018, GM decided to experiment with a new structure.

article thumbnail

Triton International to be Acquired by Brookfield Infrastructure in a $13.3 Billion Take-Private Transaction

Benzinga

For our long-term shareholders, this transaction crystalizes a total shareholder return of approximately 700% since the 2016 merger of Triton and TAL International. "The sale price provides significant value to our investors and represents a 35% premium to yesterday's closing share price.

article thumbnail

The (Geo)Politics of Controlling Shareholders

Reynolds Holding

sanctions against Oleg Deripaska in 2016 were lifted when he gave up control over major aluminum producer Rusal, despite the fact that he retained a significant stake in En+, Rusal’s controlling shareholder. For example, U.S. 4] This influence carries significant implications for domestic political systems and institutional development.

Comps 45
article thumbnail

Beyond the Twilight Zone: The Restructuring and Resurrection of Zombie Firms

Reynolds Holding

Restructuring is a complex and multi-dimensional process that involves a range of actions affecting operations, capital structure, and governance. I contend that not all zombies are equal – zombies that have undertaken, or could undertake, effective restructurings can be nursed back to life. The Journal of Finance , 76(4), pp.1813-1867.

Banking 45