Quantive
MARCH 25, 2019
It’s been a big month! Two deal announcements for closings over the past few weeks. Big congratulations to Matt Whitaker who advised on both. Deep Learning Analytics acquired by General Dynamics Mission Systems Our client Deep Learning Analytics (DLA) was acquired by GDMS. DLA has extensive expertise in artificial intelligence including data science, research, machine learning, predictive analytics and […].
Appraisal Rights
MARCH 22, 2019
The Cornerstone Report finds that despite concerns over “the subjectivity of DCF models,” the methodology remains the primary tool for valuing targets in a Delaware appraisal. Petitioners continue to “overwhelmingly” rely on DCF analyses (94% of the cases) while occasionally also providing a comparables analysis (35% of the cases). Respondents continue to rely on DCF analyses “in the vast majority of the cases” but also have relied on merger price, in part or entirely, approximately one-third of
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Cooley M&A
MARCH 1, 2019
Exiting an investment is an inherently uncertain process. Even for a thriving business with a viable equity story, committed stakeholders and the right advisers, the final deal terms and valuation are typically guided by factors beyond a company’s control. These include prevailing market sentiment, current appetite for acquisitions in a particular sector and the political and economic environment, all of which can change well within a given transaction timetable.
Quantive
MARCH 21, 2019
Heading into 2019 we are at a bit of a crossroads. With 36 consecutive quarters of economic growth in the rear view mirror, most experts believe we are in the last throes of a bull market[1]. The M&A market has reflected the health of the economy- it’s been a seller’s market with valuation multiples largely […].
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.
Appraisal Rights
MARCH 20, 2019
We’ve posted before about Cayman Appraisal actions. The Cayman Islands remain an active jurisdiction for appraisal actions; and with appraisal actions comes valuation questions. Cayman firm Collas Crill has issued an explanatory note on valuation methods in the Cayman Islands, discussing the discounted cash flow (DCF) and market-based approaches taken by Cayman courts.
Appraisal Rights
MARCH 6, 2019
As in other jurisdictions, there are in Mexico a number of corporate agreements or resolutions that may affect, in whole or in part, directly or indirectly, a certain group of equity holders. This group is usually defined as the one that has a smaller equity participation when compared with the controlling shareholders. The noncontrolling group is commonly referred to as the “Minority Shareholders.
Business Valuation Zone brings together the best content for business valuation professionals from the widest variety of industry thought leaders.
Appraisal Rights
MARCH 27, 2019
The Delaware Supreme Court held oral argument this morning on the Aruba appeal. The full argument can be watched here. The judges remained silent throughout the argument and did not put a single question to the lawyers, offering no insight as to what the Court might be thinking. We are standing by for a ruling and will post it here when available.
Appraisal Rights
MARCH 22, 2019
Law360 [$$] ran this piece today, Are Delaware Courts Last To Believe In Efficient Markets?, discussing Delaware Chancery’s Aruba decision, its treatment of the efficient market hypothesis, and the Supreme Court’s upcoming hearing of the appeal, which will take place this Wednesday, March 27, 2019. We have written on Aruba previously , along with its impact on other cases and appraisal litigation generally.
Appraisal Rights
MARCH 15, 2019
The Cornerstone Report provides several data points concerning the frequency of court awards above merger price in appraisal actions as well as the size of the premiums and distinctions between results involving public and private companies. Between 2006 and 2018, Cornerstone reports 34 appraisal cases that went to trial; 16 resulted in awards above deal price and 18 resulted in awards at or below deal price.
Appraisal Rights
MARCH 13, 2019
According this report from Cornerstone Research, the number of mergers where appraisal was demanded has returned to levels seen in 2012-2015, demonstrating a further decline from the spike in appraisal in 2016. We covered the start of the reversion in 2017 previously. To begin, a caution. This is a raw numerical comparison of the number of mergers where an appraisal petition was filed across years – it does not necessarily quantify the percentage of mergers where a petition was filed, no less s
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
Appraisal Rights
MARCH 1, 2019
2018 was an active year for South African appraisal, with new caselaw showing a greater maturity to the (relatively recent) appraisal remedy. We covered some developments before. African law firm Cliffe Dekker Hofmeyr (CDH) has written an extensive summary of South African appraisal law – often referred to as Section 164. CDH notes that (like in Delaware) in South Africa, appraisal rights are available for many major corporate acts; that the process for seeking appraisal is technical and formali
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