Tag Archives: Deal Boom

Business-focused Polsinelli adds M&A attorney to Century City firm

Century City law firm Polsinelli is boosting it Mergers and Acquisition arm with hot shot attorney Marc Leh joining the local office to add weight to the expanding company.

A member of the California Bar since 1986, Leh earned his law degree from UCLA Gould School of Law in 1986, and his B.A. in Economics from the University of Colorado-Boulder in 1982.

For the past 25 years, Leh has been involved in more than 250 merger and acquisition (M&A) transactions ranging in size from $10 million to more than $1 billion, according to Polsinelli.

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REFILE-M&A, US surge to drive corporate bond market in 2015

LONDON, Dec 17 (IFR) – M&A-related financing and a US borrower surge will be the biggest drivers in next year’s European corporate investment grade market, syndicate officials say.

Euro-denominated issuance in the sector this year totals EUR234.5bn, up almost EUR25bn from 2013, according to Thomson Reuters data. And while many market players expect issuance in 2015 to be roughly the same as this year’s bumper volume, cross-border and M&A influences could boost it further still.

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Former M&A and Finance Editor Ken MacFadyen Joins BackBay Communications as Director

BOSTON–(BUSINESS WIRE)–BackBay Communications, a financial services-focused integrated branding, marketing, advertising and public relations firm, has hired Ken MacFadyen as Account Director.

At BackBay, Ken focuses on strategic communications, content development and media relations. Immediately prior to joining BackBay, Ken served as a speechwriter and communications specialist in the Office of the CEO at Panera Bread LLC, a $5 billion market cap national restaurant chain, and before that worked in the Global Communications/Investor Relations group of The TJX Companies, a $40 billion-plus market cap off-price retailer. Prior to his work in corporate communications, Ken spent over a decade in publishing, covering M&A, leveraged finance, private equity and other alternative asset categories. He served as the editor in chief at Mergers & Acquisitions and prior to that served in senior editorial roles at Investment Dealers’ Digest and Buyouts magazine. He holds a BA in English (Phi Beta Kappa) from The University of New Hampshire.

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Reading the M&A Tea Leaves

Few things can boost a company’s share price like a takeover bid.

Just ask PetSmart (NYSE: PETM) shareholders, who’ve watched the stock march higher since takeover speculation started swirling around the pet retailer five months ago.

The gains were capped by a 4.2% jump on Monday, after PetSmart agreed to an offer from private equity firm BC Partners. The $83.00-a-share bid represents a 39% premium over the stock’s closing price on July 2, the day before another private equity firm, Jana Partners, started leaning on PetSmart’s management to put up the “for sale” sign.

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OIL PRICE DOWNTURN HITS UPSTREAM M&A MARKETS; HALLIBURTON SURPRISES WITH OFFER FOR BAKER HUGHES

PLS reports that upstream deal markets slowed significantly during the period from October 17 to November 16 both in the US and internationally as oil prices fell to a four-year low in the mid-$70s. In the US, companies announced 33 upstream deals of which 20 had disclosed values totaling $2.3 billion, vs. $16.5 billion during the previous month. Similarly, international deals totaled 47, with 23 having a cumulative disclosed value of $2.0 billion-down from $11.3 billion the previous month.

Accounting for nearly half of the disclosed US deal value during the period was Aubrey McClendon’s American Energy Partners. Continuing an aggressive buying spree that now exceeds $6.7 billion since early 2013, AEP announced a $726 million Wolfcamp bolt-on acquisition for its Midland Basin affiliate American Energy-Permian Basin and then completed purchases totaling $251 million in Oklahoma’s SCOOP and STACK plays via its American Energy Non-Op affiliate. AEP’s key backers include private equity firms The Energy & Minerals Group and First Reserve, and these deals highlight PE’s growing role in the deal markets. While private equity continues to be among the most reliable buyers of conventional properties, these deals show an increasing interest in higher-capital shale plays as well, as do recent acquisitions involving Blackstone in the Haynesville shale and First Reserve in the Marcellus.

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Cash management shift boosts M&A

A shift in corporate cash management is boosting mergers and acquisitions worldwide to levels that are close to deal activity just before the financial crisis, according to research by SunGard.

M&A deals totalled $2.49 trillion in value globally in the first three quarters of 2014. That didn’t quite reach the $2.93 trillion in deals done worldwide in the first three quarters of 2007, but it exceeded annual totals for each of the past six years, according to corporate financial analysis by Mergermarket.

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M&A “clear day” defenses can cloud investor rights

Corporate defenses can hurt investors, rain or shine. Anti-takeover measures adopted on so-called “clear days” – before threats arise – are more likely to weather legal scrutiny. It’s one reason Allergan was able to beat back Valeant’s unwanted $52 billion advance. When such protections are triggered in the heat of battle, though, they’re considered unfair surprises. Either way, shareholders usually get unneeded cover.

U.S. companies have plenty of leeway to set reasonable ground rules for investors. They can pick where to be sued, require lengthy notice of shareholder proposals and use pre-existing business plans to reject hostile bids, so long as they don’t penalize particular investors.

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