News & Analysis as of

Merger Agreements

Goulston & Storrs PC

What's Market: The Materiality Scrape

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Over the past 15+ years covered by the ABA studies, materiality scrapes have morphed from being a somewhat uncommon provision, seen in about 14% of transactions in 2005, to something near-ubiquitous in M&A purchase...more

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What's Market: No Undisclosed Liabilities Representations

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In M&A transactions, unknown target liabilities are typically addressed in different ways throughout the M&A purchase agreement. A no undisclosed liabilities representation is one of the principal representations in an M&A...more

Goulston & Storrs PC

What's Market: Representations and Warranty Insurance

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Representation and warranty insurance (“RWI”) is an increasingly important feature of private company M&A transactions. Every other year since 2005 the ABA has released its Private Target Mergers and Acquisitions Deal Point...more

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What's Market: Indemnity Escrows

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Merger and acquisition (M&A) purchase agreements generally include indemnification provisions, pursuant to which any given party (indemnitor) agrees to defend, hold harmless, and indemnify the other party or parties...more

Goulston & Storrs PC

What's Market: Indemnity Baskets

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In merger and acquisition (M&A) transactions, the definitive purchase agreement, whether asset purchase agreement, stock purchase agreement, or merger agreement, typically contains representations and warranties made by the...more

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What's Market: Alternative Dispute Resolution Provisions

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In M&A purchase agreements, the parties may stipulate certain non-judicial means for dealing with claims under the agreement (e.g., arbitration or mediation). These ADR provisions will govern how disputes between the parties...more

Bilzin Sumberg

The FTC Ban on Non-Competes – Impact of Final Rule on M&A Transactions

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The Federal Trade Commission last year proposed a sweeping rule outlawing most non-competition agreements nationwide. The rule applied both to non-competes in the employer-employee context and to a seller of a business in an...more

Goulston & Storrs PC

What's Market: 10b-5 Representations

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In M&A transactions, the definitive purchase agreement—e.g., asset purchase agreement, stock purchase agreement, or merger agreement—typically contains representations and warranties that the seller makes with respect to the...more

Jones Day

EU Court Holds Back Expansion of Antitrust Reviews to Non-Reportable Transactions

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The Situation: To address a perceived enforcement gap, the European Commission ("EC") has issued guidelines expanding the types of non-reportable transactions subject to its "upward referral mechanism," which permits EU...more

Goulston & Storrs PC

What's Market: Damage Mitigation Provisions

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In M&A transactions, the definitive purchase agreement (whether asset purchase agreement, stock purchase agreement, or merger agreement) typically contains representations, warranties, and covenants, along with related...more

Goulston & Storrs PC

What's Market: Financial Statement Reps

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According to the American Bar Association's Private Target Mergers and Acquisitions Deal Points Studies, financial statement representations are universally required from sellers in private company M&A deals, included in...more

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What's Market: Exclusion of Consequential Damages

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In M&A transactions, the definitive purchase agreement, whether asset purchase agreement, stock purchase agreement, or merger agreement, typically contains representations and warranties and related indemnification covenants....more

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What's Market: After Tax Indemnity Limitations

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In merger and acquisition (“M&A”) transactions, the definitive purchase agreement, whether asset purchase agreement, stock purchase agreement, or merger agreement, typically contains representations, warranties, and...more

Goulston & Storrs PC

What's Market: Use of Knowledge Qualifiers

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In merger and acquisition (M&A) transactions, the definitive purchase agreement typically contains representations and warranties made by the seller with respect to the target company. The scope and detail of these...more

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What's Market: Waiver of Jury Trials

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By including a jury trial waiver in an M&A purchase agreement, the parties agree to waive their rights to a jury trial in any dispute under the M&A agreement. Jury trial waivers may also extend to disputes under all of the...more

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What's Market: Target Legal Opinions

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In all types of business transactions, the parties rely heavily on their own counsel to negotiate business and legal points, and to draft the transaction documentation to reflect the agreed-upon terms. In addition to relying...more

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What's Market: Purchase Price Adjustments

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Purchase price adjustment provisions are designed to reflect changes in the target's financial condition that occur prior to the closing of the transaction. For example, if on January 1, a transaction is valued, or priced, at...more

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What's Market: Compliance With Laws Representations

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In M&A transactions, the definitive purchase agreement (whether asset purchase agreement, stock purchase agreement, or merger agreement) typically contains representations, warranties, and covenants, along with related...more

Goulston & Storrs PC

What's Market: Indemnity Caps

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In merger and acquisition (M&A) transactions, the definitive purchase agreement whether asset purchase agreement, stock purchase agreement, or merger agreement typically contains representations and warranties made by the...more

Troutman Pepper

League of Southeastern Credit Unions and Virginia Credit Union League Announce Merger Plans

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Tuesday, the League of Southeastern Credit Unions (LSCU) and the Virginia Credit Union League (VCUL) announced plans to merge, marking the first state league consolidation since 2022. According to the leagues’ combined...more

Polsinelli

California Legislators Pass AB 3129 to Require Notice and Consent for Private Equity and Hedge Fund Investments in Health Care

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The California legislature passed AB 3129 late Saturday night, the last day of the legislative session. The final bill included some amendments in the final days of the legislative session that carved out certain types of...more

CDF Labor Law LLP

NLRB, DOJ, FTC and DOL Formalize the Exchange of Information to Help Scrutinize The Impact of Mergers on Workers

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The MOU - On August 28, 2024, the National Labor Relations Board and Department of Labor (“Labor Agencies”) entered into a Memorandum of Understanding with the Department of Justice – Antitrust Division and the Federal...more

Troutman Pepper

FDIC Proposal on Change-in-Control Notices Has Potential Ripple Effects on M&A

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Some advisers suggested the bank regulatory agencies could join forces without this proposed rule, though they have not always coordinated on various works in the past. Although the agencies could collaborate informally,...more

Thomas Fox - Compliance Evangelist

Compliance Lessons on Mergers and Acquisitions from Star Trek: The Ultimate Computer

Last month, I wrote a blog post on the tone at the top, exemplified in Star Trek’s Original Series episode, Devil in the Dark. Based on the response, some passionate Star Trek fans are out there. I decided to write a series...more

Troutman Pepper

State AGs Say Kroger-Albertsons Merger Will Increase Grocery Market Competition

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As litigation to block the proposed Kroger-Albertsons merger wages on at the state and federal level, four state attorneys general (AG) have jumped into the fray in support of the merger as the cases heat up on all fronts....more

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