News & Analysis as of

Share Buybacks

Draft tax legislation for 2017 released

by Hogan Lovells on

Following the 2017 Budget presented before Parliament on 22 February 2017, the draft tax legislation for the specific tax proposals was released on 19 July 2017 for comment. Comments should be made by 18 August 2017. ...more

Philips Acquires Spectranetics for $2.16 Billion

by Knobbe Martens on

According to a June 28, 2017 press release, Dutch healthcare company Philips has agreed to buy Colorado Springs-based Spectranetics Corporation, a cardiac device manufacturer, for approximately 1.9 billion euros ($2.16...more

Directors' dealings and company assets

by Dentons on

A recent challenge in the High Court by liquidators to recover assets from a director of an insolvent company has highlighted various points of company law. In particular, the court had to consider directors' authority, share...more

Budget 2017

by Hogan Lovells on

The 2017 Budget was presented by Minister Pravin Gordhan before Parliament on 22 February 2017. The 2017 tax proposals are projected to raise ZAR28 billion, and increase the tax burden from 26% of GDP in 2016/17 to 26.7%...more

French Legal and Regulatory Update - January 2017

by Hogan Lovells on

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for January 2017. 1. Audovisual...more

Transactions Update: Purchase Price or Compensation

by McDermott Will & Emery on

Purchase Price v. Compensation - ..Companies are choosing to stay private significantly longer than the vesting period for stock options ..Recent proposals by private companies to buy back stock from current and...more

UK Market Abuse Regime Extends Its Reach: Implications for Issuers

by Morgan Lewis on

Companies trading on either the London Stock Exchange’s Main Market or AIM should ensure that their systems and procedures reflect changes to their disclosure and other obligations arising from the implementation of the new...more

Your daily dose of financial news - The Brief – 8.15.16

by Robins Kaplan LLP on

More details have emerged from the February cyberheist that resulted in the theft of more than $81 million from Bangladesh’s account at the NY Fed, including a pretty significant lack of critical concern from the bank itself....more

Good News! New 409A Regulations (Yes, Really!) – Part 2: Taking (and Giving) Stock

by Bryan Cave on

On the TV show Futurama, the aged proprietor of the delivery company Planet Express, Professor Hubert J. Farnsworth, had a habit of entering a room where the other characters were gathered and sharing his trademark line,...more

Your daily dose of financial news The Brief – 5.11.16

by Robins Kaplan LLP on

The fallout from Lending Club’s surprise news about Renaud Laplanche’s departure continues, with Goldman Sachs and Jeffries LLC hitting the pause on planned LC bond sales – WSJ... A Treasury Department white paper...more

Blog: Shareholder Proposals To Exclude The Impact Of Buybacks From Executive Comp Metrics — Will They Become A New Trend?

by Cooley LLP on

A recurring demand by hedge funds activists is that the target company return capital to its shareholders by buying back its own stock. Data compiled by S&P and Bloomberg shows that companies in the S&P 500 spent 95% of their...more

Your daily dose of financial news The Brief – 3.18.16

by Robins Kaplan LLP on

The Fed’s patience on rate hikes coupled with surging commodities prices (including oil over $40/barrel for the first time since December) helped push the Dow into positive territory for the year – WSJ... So apparently...more

Your daily dose of financial news The Brief – 3.14.16

by Robins Kaplan LLP on

Even as oil prices are rebounding and bringing some welcome hope to battered markets, the Journal worries that “this rally could lead to its own demise,” as higher prices “will likely encourage shale producers to ramp up...more

Derivative Settlement With Benefit Personal to Plaintiff Rejected

by Morris James LLP on

In 1850, Abraham Lincoln prepared notes for a law lecture. He emphasized the importance of compromise because after litigation, "the nominal winner is often a real loser—in fees, expenses, and waste of time." Delaware law...more

Blog: Will More Regulation Be Imposed On Stock Buybacks?

by Cooley LLP on

Lots of companies have been buying back their stock in recent years, either on their own initiative because, for example, management thinks the shares are undervalued, or sometimes at the insistence of hedge fund activists...more

Stock Repurchases: “We Can’t Think Of Anything Better To Do With Your Money”

by Allen Matkins on

The Wall Street Journal took aim yesterday at stock repurchases and dividend payments, citing a commissioned study that concluded: “companies in the S&P 500 index sharply increased their spending on dividends and...more

SEC Commissioner Stein On “Short-termism” and Corporate Boards

by Dorsey & Whitney LLP on

Two issues of continued importance to shareholders and the U.S. capital markets were recently discussed by SEC Commissioner Kara Stein. One the Commissioner called “short-termism” while the other focuses on the composition of...more

Blog: They Spurred The Stock Buyback Phenomenon. Will Hedge Fund Activists Now Eviscerate R&D?

by Cooley LLP on

It is widely recognized that one of the primary causes of the current stock buyback phenomenon has been pressure from hedge fund activists....more

Blog: Senator Urges SEC To Revisit Rules And Policies On Stock Buybacks

by Cooley LLP on

Data compiled by S&P and Bloomberg shows that companies in the S&P 500 spent 95% of their earnings on repurchases and dividends in 2014, including spending $553 billion on stock buybacks in 2014. ...more

Simplifying Leaver Provisions?

Introduction - In response to the Nuttall Review of Employee Ownership, the Government has introduced the Companies Act 2006 (Amendment of Part 18) Regulations 2013 (the Regulations) which entered into force on 30...more

New Regulations Pave The Way for Increased Employee Owned Companies

by McDermott Will & Emery on

The UK Department for Business, Innovation and Skills (BIS) published on 4 July 2012 the final report from the Nuttall Review of Employee Ownership (the Nuttall Review). It identifies a number of barriers to the creation and...more

UK Government Publishes Proposals for Changes to Law on Share Buy Backs

by Morgan Lewis on

Proposals aim to help companies make greater use of employee share schemes and equity arrangements. On 15 February, the UK Government published its response to its consultation on the share buy back recommendations made...more

UK Government Proposals to Change the Share Buyback Regime

by Dechert LLP on

On 15 February 2013, the government published a set of proposals relating to the implementation of the Nuttall Review’s recommendations on share buybacks. The changes are designed to reduce the barriers that disincentivise...more

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