Goulston & Storrs Lends Experience to American Bar Association Working Group behind 2013 Private Target Mergers & Acquisitions Deal Points Study: Firm’s Depth of Knowledge in Private Company M&A Trends Also Showcased on its What’s Market? Microsite
Goulston & Storrs is pleased to announce that the firm was part of the Working Group that collaborated to publish the American Bar Association’s (ABA) 2013 Private Target Mergers & Acquisition Deal Points Study. The report, released last week by the ABA, is a project of the Mergers & Acquisitions Market Trends Subcommittee, part of the Mergers & Acquisitions Committee of the American Bar Association Business Law Section.
Goulston & Storrs’ Daniel Avery led the firm’s participation in the ABA’s Working Group. Daniel is a Director in the firm, and co-chair of its Corporate Group.
The 2013 Study analyzed publicly available acquisition agreements for transactions completed in 2012 that involved private targets being acquired by public companies. 136 acquisition agreements were analyzed, with deal values ranging between $17.2M and $4.7B, and with asset purchases comprising 10% of the Study sample. Previous private company deal point studies were issued in 2011, 2009, 2007 and 2005. These ABA studies are widely recognized within the M&A community as the most accurate and authoritative sources of “market” parameters within private company M&A, and are frequently cited in deal negotiations and discussions.
The 2013 Study (when compared with comparable results in prior studies) showed continuing trends in many M&A deal points, including with respect to purchase price adjustments, use of knowledge qualifiers, jury trial waivers, and indemnity exclusivity provisions.
To discuss these trends and others within the Study results, please contact Daniel Avery at (617) 574- 4131 or [email protected].
Goulston & Storrs’ What’s Market? Microsite
Goulston & Storrs’ What’s Market? microsite provides members of the M&A community with valuable resources that complement reports such as the ABA Deal Points Study, and showcase the firm’s depth of knowledge in this critical area of corporate law. The firm’s Trends in M&A Provisions series published in conjunction with Bloomberg Law offers stakeholders to M&A deals insight into the trends and usage of relevant terms and provisions within M&A transaction documents. Recent articles, each available to the public, cover topic areas including Materiality Scrapes, Sandbagging and Anti-sandbagging Provisions, Uses and Types of Knowledge Qualifiers, 10b-5/Fair Disclosure Representations and more. Additional articles are expected to be published on an ongoing basis.
These articles are co-authored by Daniel Avery along with other members of the M&A community (including Daniel Weintraub, General Counsel and Managing Director of The Audax Group, a leading private equity firm, and Julie McCann, corporate counsel at Battery Ventures), as well as other corporate and M&A lawyers including Nicholas Perricone and Kyle Crossley.
Visit goulstonstorrs.com/whatsmarket to learn more.
The Goulston & Storrs Mergers & Acquisitions group counsels companies regarding the structuring, financing, negotiation and implementation of their strategic alliances, mergers and acquisitions and dispositions in both domestic and cross-border transactions. The firm’s clients are both US and non-US based companies engaged in a wide range of businesses, including retail and consumer products, technology, Internet, healthcare, manufacturing, real estate, hospitality, entertainment and travel.