Tue.Oct 01, 2024

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Activism Vulnerability Report

Harvard Corporate Governance

Posted by Jason Frankl, Brian G. Kushner, and Ryan Chiang, FTI Consulting, on Tuesday, October 1, 2024 Editor's Note: Jason Frankl and Brian G. Kushner are Senior Managing Directors and Ryan Chiang is a Managing Director at FTI Consulting. This post is based on a FTI Consulting memorandum by Mr. Frankl, Mr. Kushner, Mr. Chiang, Carl Jenkins , Tom Kim , and Kurt Moeller.

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Just do it! Brand Name Lessons from Nike'sTroubles!

Musings on Markets

I have spent the last week reading " Shoe Dog ", Phil Knight's memoir of how a runner on the Oregon University track team built one of the great shoe companies in the world, in Nike. In addition to its entertainment value, and it is a fun book to read, I read it for two storylines. The first is the time, effort and grit that it took to build a business, in a world where risk capital was more difficult to access than it has been in this century, and in a business where scaling up posed significan

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Ready for takeoff: The airline retailing opportunity

Mckinsey and Company

More sophisticated retailing could deliver substantial value to the airline industry—if technology, processes, and mindsets can be changed.

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Pink Floyd agrees deal to sell music rights to Sony for $400mn

Financial Times M&A

The deal struck this week marks the end of years of infighting among band members over the sale

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How to Leverage Intent Data for Better Outcomes

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

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The McKinsey Crossword: Skipping School | No. 200

Mckinsey and Company

Sharpen your problem-solving skills the McKinsey way, with our weekly crossword. Each puzzle is created with the McKinsey audience in mind, and includes a subtle (and sometimes not-so-subtle) business theme for you to find. Answers that are directionally correct may not cut it if you’re looking for a quick win.

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Key Takeaways from SEC Fraud Charges Against the CEO, CFO, and Audit Committee Chair of Kubient

Harvard Corporate Governance

Posted by Jennifer Lee, Charles Riely, and Reanne Zheng, Jenner & Block LLP, on Tuesday, October 1, 2024 Editor's Note: Jennifer Lee and Charles Riely are Partners, and Reanne Zheng is an Associate at Jenner & Block LLP. This post is based on their Jenner & Block memorandum. Earlier this month, the SEC brought accounting fraud charges in the U.S.

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Non-Corporate Freezeouts: Theory and Evidence

Harvard Corporate Governance

Posted by Guhan Subramanian (Harvard Business School), and Fernan Restrepo (UCLA), on Tuesday, October 1, 2024 Editor's Note: Guhan Subramanian is the Joseph H. Flom Professor of Law and Business at Harvard Law School and the H. Douglas Weaver Professor of Business Law at Harvard Business School and Fernán Restrepo is an Assistant Professor of Law at the UCLA School of Law.

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EU policymakers lash out at Berlin’s Commerzbank ‘hypocrisy’

Financial Times M&A

Bloc’s officials say opposition to UniCredit’s move on German lender at odds with Berlin’s pro-EU stance

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Advice for Compliance: Fostering Productive Business Relationships

N Contracts

Compliance officers identify and analyze the laws and rules a financial institution must observe and prevent consumer harm. This role sometimes puts compliance officers in one corner and the business units responsible for opening accounts or offering products and services in another.

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Is legacy ERP holding you back from your AI opportunity?

Avanade

Learn why now is the ideal time to modernize your legacy ERP platform and unlock the value of AI across your business operations.

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Statement of Cash Flows vs. Cash Flow Statement

Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker

The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l

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Pfizer Sells £2.4B Of Shares In Advil Owner Haleon

Law 360 M&A

Pharmaceuticals titan Pfizer Inc. said Tuesday that it has reduced its stake in Haleon PLC, a maker of oral health products, by selling its shares to investors and raising approximately £2.43 billion ($3.24 billion) in the process.

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How Andrea Orcel masterminded UniCredit’s stakebuilding in Commerzbank

Financial Times M&A

Italian lender sidestepped bank ownership rules to build 21% position in German rival

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SEC-Approved Cannabis Lender Acquired By Investment Giant, Changes Ticker To $LIEN

Benzinga

Investment manager fund Chicago Atlantic recently acquired Silver Spike Investment Corp. (NASDAD: SSIC), the only SEC-approved business development company (BDC) focused on lending to the cannabis industry. As a result, Silver Spike has been renamed Chicago Atlantic BDC, Inc., and its ticker symbol will change to $LIEN on October 2, 2024. Chicago Atlantic originates senior secured loans to state-licensed cannabis operators and has consistently traded at a premium.= "Chicago Atlantic seeks to cap

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Adnoc agrees to buy Germany’s Covestro in €14.7bn deal

Financial Times M&A

Abu Dhabi’s national oil company to acquire one of Europe’s largest chemical groups

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Mastering Intent Data: Understanding its Importance & Best Practices

Speaker: Joe Apfelbaum, CEO of Ajax Union

In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.

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5 questions to ask before selling your business

JPAbusiness

Q.1 Do I really want to sell my business and, if so, why? Do you want to sell because you’ve had the business for five years and the results have been poor? Do you want to sell because you’re over-exposed to borrowings , your cash flow is tight and you can’t see a way to get ahead? Do you want to sell because it’s time to retire or move on to the next stage of your career?

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Hunter Point Capital raises debt to distribute cash to investors

Financial Times M&A

Limited deals have choked off payouts to private equity fund backers, leaving firms searching for ways to deliver returns

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DraftKings Stock Rises 14% in a Month: Time to Buy or Wait for a Dip?

Benzinga

Shares of DraftKings Inc. (NASDAQ: DKNG ) showcased outstanding performance in the past month, significantly outperforming the Zacks Gaming industry and the S&P 500. The company is benefiting from an increase in new online sportsbook and iGaming customers as well as improved product offerings. In the past month, DKNG stock moved up 13.6% compared with the industry's 6.7% gain and the S&P 500's 2.1% increase.

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Mulberry rejects £83mn takeover bid from Mike Ashley’s Frasers

Financial Times M&A

Struggling UK luxury brand says offer does not recognise its ‘substantial future potential value’

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What's Going On With Diamondback Energy Stock?

Benzinga

Diamondback Energy Inc (NASDAQ: FANG ) shares climbed nearly 3% on Tuesday. Here’s a look at what’s going on. What To Know: Diamondback Energy shares traded higher Tuesday as energy stocks jumped amid rising Middle East tensions. Iran launched an attack on Israel following the recent killing of Hezbollah leader Hassan Nasrallah. Iran reportedly fired between 100 and 200 missiles towards Israel on Tuesday.

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Adnoc’s cash has good chemistry with struggling German industry

Financial Times M&A

Deal may provide a test case for other Middle Eastern investors scouring the world for opportunities

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SiriusXM Stock Tanks 56.8% Year to Date: Time to Buy the Dip?

Benzinga

SiriusXM (NASDAQ: SIRI ) finds itself at a critical juncture in 2024. The satellite radio giant has experienced a dramatic 56.8% decline in its stock price year to date, underperforming the broader Zacks Consumer Discretionary sector's return of 4.9% and raising questions about its future prospects and whether this presents a prime buying opportunity for astute investors.

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Redpath and Company Announces 2024 Partner and Director Promotions

Redpath

St. Paul, Minnesota (October 1, 2024) – Certified public accounting firm Redpath and Company (Redpath) has promoted Sarah Gengenbach to partner and Teri Grahn, Dustin Hultman, and Jeremy Miller to director, effective October 1, 2024.

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Capricor Therapeutics Is Up Over 100%, Could Rise Even Higher

Benzinga

Capricor Therapeutics Inc. (NASDAQ: CAPR ) is a biotechnology firm focused on developing cell and exosome-based treatments for rare diseases like Duchenne muscular dystrophy (DMD). Capricor's stock surged more than 100% after announcing it will pursue full FDA approval for its primary drug deramiocel (CAP-1002) in this year. The medical sector company plans to file the biologics license application (BLA) in October 2024, seeking full FDA approval to treat all patients with cardiomyopathy ass

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7 Critical Success Factors for Effective M&A Integration

M&A Leadership Council

Focusing on Key Elements in the Lifecycle of the M&A Deal By Jack Prouty, Past President, M&A Leadership Council My direct experiences, research, and learning from others have led me to boil down what I believe are the "7 Critical Success Factors" for effective M&A integration. Those companies that have focused and executed on the following key elements across the lifecycle of an M&A are the ones that most often achieve successful M&A integration (something only about one in

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SNPS Drops 20% From 52-Week High: Is the Stock Worth Buying on Dip?

Benzinga

Synopsys (NASDAQ: SNPS ) shares have experienced a pullback in recent times, with shares now trading 19.7% below its 52-week high of $629.38 achieved on Sept. 30. Over the past three months, Synopsys shares have plunged 16.9%, underperforming the broader Zacks Computer & Technology Sector's decline of 1.1% and the Zacks Computer – Software industry's fall of 2.7%.

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Investors Get Another Extension For £253M Payments Co. Bid

Law 360 M&A

Britain's mergers and acquisitions authority has again given a group of investment companies more time to make a firm offer of £253 million ($336 million) for Equals Group, the payments technology company said on Wednesday.

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TPG, GIC Agree To Buy Techem For $7.5B: Look To Expand 'Across Europe And Beyond'

Benzinga

TPG Inc. (NASDAQ: TPG ) shares are trading lower on Tuesday after the company’s subsidiary, TPG Rise Climate , teamed up with GIC to acquire Techem Group for around $7.5 billion. The purchase price will be paid in two installments: one at closing and the remaining balance in July 2027. TPG Rise Climate — one of the largest private equity funds focused on global climate solutions — invests in companies that facilitate meaningful decarbonization at scale.

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Willis Towers Watson Inks $632M Sale Of Tranzact To PE Firms

Law 360 M&A

Insurance company Willis Towers Watson Plc, advised by Weil Gotshal & Manges LLP, on Tuesday announced that it is divesting its direct-to-consumer insurance distribution business Tranzact and selling it to private equity firm GTCR and Willkie Farr & Gallagher LLP-led technology services investment platform Recognize for $632.4 million.

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LaPorte Names to Business Report’s Best Places to Work List

LaPorte

LaPorte CPAs & Business Advisors (LaPorte) is proud to announce that it has been named to the Baton Rouge Business Report’s prestigious list of ‘Best… The post LaPorte Names to Business Report’s Best Places to Work List first appeared on LaPorte.

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Kroger Says Labor Costs Led To Price Hikes At Colo. Stores

Law 360 M&A

A Kroger Co. pricing director testified Tuesday that the company raised prices at eight Colorado stores that have little competition in order to cover higher labor and operational costs in those mountain communities during a trial in the state's bid to block the grocer's proposed $24.6 billion merger with Albertsons.

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Erickson to Attend Hart Energy’s 2024 Energy Capital Conference

Auto Dealer Valuation Insights

Bryce Erickson, ASA, MRICS will be attending Hart Energy’s 2024 Energy Capital Conference in Dallas, Texas on October 3, 2024.

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Most TA Dispatch Claims Fall In Chancery Celadon Suit

Law 360 M&A

Alabama trucking and transport management company TA Dispatch LLC saw three of its four claims tossed Tuesday from its Delaware Court of Chancery suit seeking millions in damages from directors and officers of a transport and logistics company that went bankrupt shortly after selling TA Dispatch severely hobbled assets.

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Chris Mercer to Speak in ABA Webinar

Auto Dealer Valuation Insights

Christopher Mercer, FASA, CFA, ABAR will be presenting an ABA webinar with Roger Grabowski, FASA of Kroll on Wednesday, October 9, 2024. They will speak on the “SCOTUS Decision in Connelly and Planning for Stock Redemptions in Closely Held Businesses.” Chris Mercer is the Chairman of Mercer Capital.

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Davis Polk-Led Brazilian Lubricants Maker Eyes $400M IPO

Law 360 M&A

Moove Lubricants Holdings, a private equity-backed lubricants producer based in Brazil, on Tuesday unveiled terms for an estimated $400 million initial public offering, represented by Davis Polk & Wardwell LLP and underwriters' counsel Paul Hastings LLP.

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