The Harvard Law School Forum

JUNE 16, 2023

In recent months, the life sciences industry has seen the reemergence of contingent value rights, or CVRs, in public company acquisitions as a way to bridge a valuation gap between buyers and sellers. Executive Summary This study addresses CVRs, the public M&A analog to the earnout used in private deals, which can be price-driven (e.g.,

M&A 64

M&A Pharmaceutical Acquisitions Valuation 64

Sica Fletcher

MARCH 8, 2024

Starting in H2 2022, the insurance M&A market has seen a notably difficult 18-month period, afflicted with high interest rates, lowered deal volumes, and lowered valuations. If they do, then we can expect to see valuations and, by extent, EBITDA multiples for insurance agencies rise.

Insurance 52

Insurance M&A S&P Valuation 52

InvestmentBank.com

SEPTEMBER 18, 2019

Up from 65% in 2009 the percentage of adult Americans has increased to 76% in 2018 [1] with a projected market CAGR of 7.8% Major Players in the M&A Scene Amazon’s acquisition of PillPack is the largest acquisition of a DTC nutraceutical company on record with a $753 million price tag in 2018. until 2025 [2]. EBITDA multiple. .

Food 52

Food Valuation Acquisitions M&A 52

TechCrunch: M&A

MAY 8, 2023

After raising $100 million at a valuation of over $2 billion last year, the Australian ed-tech startup Go1 is making an acquisition and getting some investment to expand its reach and technology to serve the market of corporate online learning. Blinkist’s last valuation was $160 million in 2018 , when it raised $18.8

Book-building 224

Book-building Funds IT Media 224

The Harvard Law School Forum

JUNE 16, 2023

In recent months, the life sciences industry has seen the reemergence of contingent value rights, or CVRs, in public company acquisitions as a way to bridge a valuation gap between buyers and sellers. Executive Summary This study addresses CVRs, the public M&A analog to the earnout used in private deals, which can be price-driven (e.g.,

M&A 40

M&A Pharmaceutical Acquisitions Valuation 40

Shearman & Sterling

JANUARY 17, 2018

On January 10, 2018, Vice Chancellor Sam Glasscock III of the Delaware Court of Chancery declined to compel the production of attorney-client privileged documents under the Garner doctrine in the context of direct breach of fiduciary duty claims brought by former minority shareholders of R.L. Polk & Co. 9250-VCG (Jan.

Valuation 52

Valuation Sale IT 52

Shearman & Sterling

JANUARY 17, 2018

On January 10, 2018, Vice Chancellor Sam Glasscock III of the Delaware Court of Chancery declined to compel the production of attorney-client privileged documents under the Garner doctrine in the context of direct breach of fiduciary duty claims brought by former minority shareholders of R.L. Polk & Co. 9250-VCG (Jan.

Valuation 40

Valuation Sale IT 40

Shearman & Sterling

MARCH 6, 2018

​On February 23, 2018, Vice Chancellor Sam Glasscock III of the Delaware Court of Chancery ruled, based on his own discounted cash flow ("DCF") analysis, that the fair value of AOL Inc. ("AOL") was below the deal price paid by Verizon Communications Inc. ("Verizon") to acquire it. In re: Appraisal of AOL Inc.,

DCF Analysis 40

DCF Analysis DCF Discounted Cash Flow Valuation 40

The TRADE

JUNE 23, 2023

With respect to equity markets, AFME, EFAMA and BVI highlight that EU companies are continuing to take their initial public offerings (IPOs) outside of the EU or move their listings elsewhere to seek better valuations – emphasising that EU equity markets cannot continue to lag behind their peers. “In

Trading 57

Trading Equities Asset Management Initial Public Offering 57

Focus Investment Banking

MARCH 28, 2024

A typical ophthalmology PPM was founded in 2018 and has completed ten total acquisitions since (and thus, is now partnered with ten practices). Some PPMs have gotten very large, with partnerships across a broad geographic area and valuations likely north of $1B. The typical ophthalmology PPM is also regionally focused.

Private Equity 52

Private Equity Equities Valuation Acquisitions 52

Focus Investment Banking

JANUARY 18, 2024

And Navigant Consulting, a well-known publicly traded company, finished going private in 2019, after first selling its Disputes, Forensics and Legal Technology practice to Ankura in 2018, and then selling its remaining divisions to Guidehouse. If the stock market remains near all-time highs, it might just be too attractive to pass up.

IPO 52

IPO Consulting Corporate Finance Professional Services 52

InvestmentBank.com

OCTOBER 24, 2019

For the better part of the last decade, physician practices have seen a wave of consolidation by hospitals and private equity with 2018 being no exception [1]. toped 5,000 from 2015 to 2016 alone [22] , with the total number of hospital owned physician practices increasing to 80,000 by 2018 [15]. in 2018 to 12.5% of GDP or $2.5

Hospitality 40

Hospitality Private Equity Equities Acquisitions 40

OfficeHours

JULY 11, 2023

If you can really nail valuation questions but struggle with regulatory questions, make sure you can get all the valuation questions right to maximize your points there. The SIE was first introduced in 2018 as a mandatory exam for people seeking to be employed in the securities industry.

Investment Banking 130

Investment Banking Bank Banking Middle Market 130

Software Equity Group

JANUARY 8, 2024

Having a clear understanding of the broader software industry is one of several key insights to a successful transaction and a better SaaS valuation. Users can access current information whenever and wherever they need it and can compare historical data since 2018.

Management 52

Management Stock Mergers and Acquisitions Business 52

Software Equity Group

JANUARY 8, 2024

Having a clear understanding of the broader software industry is one of several key insights to a successful transaction and a better SaaS valuation. Users can access current information whenever and wherever they need it and can compare historical data since 2018.

Business 52

Business Management Stock Mergers and Acquisitions 52

OfficeHours

JULY 11, 2023

The SIE was first introduced in 2018 as a mandatory exam for people seeking to be employed in the securities industry. If you can really nail valuation questions but struggle with regulatory questions, make sure you can get all the valuation questions right to maximize your points there.

Investment Banking 100

Investment Banking CFA Bank Banking 100

Peak Frameworks

MAY 22, 2023

In 2018, General Electric reported $309 billion in non-current assets. Importance of Asset Valuation and Management Proper asset valuation and management are essential for businesses to maintain a healthy balance sheet and maximize their potential.

Accountant 52

Accountant Equities Debt Private Equity 52

Wall Street Mojo

JANUARY 15, 2024

Financial Modeling & Valuation Courses Bundle (25+ Hours Video Series) –>> If you want to learn Financial Modeling & Valuation professionally , then do check this ​ Financial Modeling & Valuation Course Bundle ​ ( 25+ hours of video tutorials with step by step McDonald’s Financial Model ).

Financial Statement 52

Financial Statement Financial Modeling Financial Models Accountant 52

The Deal

SEPTEMBER 22, 2023

Most of those are acquired by large IP houses,” Ivest co-founding partner Aston Loch said following the firm’s August purchase of CloudCo at a roughly $100 million enterprise valuation. The controlling Weiss family sold a 60% stake in American Greetings to Clayton, Dubilier & Rice LLC in 2018 but kept CloudCo. “In for decades.

Entertainment 40

Entertainment Private Equity Business M&A 40

Wall Street Mojo

JANUARY 18, 2024

payable semi-annually maturing after 5 years with a principal face value of $1000 on 1st January 2018. Unlock the art of financial modeling and valuation with a comprehensive course covering McDonald’s forecast methodologies, advanced valuation techniques, and financial statements. The bonds mature on 31st Dec 2022.

Financial Modeling 52

Financial Modeling Financial Models Financial Institution Debt 52

InvestmentBank.com

DECEMBER 1, 2020

M&A Beat – US Health Services Q2 2020 M&A Beat is a quarterly update for CEO’s, CFO’s, Owner, Founders of lower middle-market ($10M-$100M Rev) companies, offering relevant details on mergers and acquisitions deal value, volume, valuation multiples and trends in their respective industry and vertical. acquisition. to reach 14.6x

M&A 52

M&A Investment Banking Investment Bank 52

Cooley M&A

OCTOBER 29, 2020

As reflected in Chart 1 , 102 SPAC IPOs have been announced this year as of September 18, 2020—almost double the number of SPAC IPOs in all of last year (and more than double the number of SPAC IPOs in 2018). Valuation Certainty. Competition / Variation. Another feature of SPAC 3.0 is the competition among SPACs for potential targets.

M&A 52

M&A IPO Valuation Mergers and Acquisitions 52

Sica Fletcher

JULY 1, 2020

This was the fourth year in a row fundraising surpassed half a trillion dollars, with 2017, 2018, and 2019 recording the highest amounts of capital raised in history. In 2019, there were about 5,100 PE-backed buyout deals announced, with an aggregate value of $393 billion, down from 6,500 deals announced in 2018 with a value of $493 billion.

Private Equity 52

Private Equity Insurance Debt Equities 52

Sica Fletcher

SEPTEMBER 25, 2019

In recent posts, we outlined the background of and reasons for the dramatic upsurge of private equity investment in the insurance brokerage industry , how the combination of private equity and low interest rates have dramatically raised valuations , and how private equity sponsored agencies increasingly dominate the insurance agency business.

Private Equity 52

Private Equity Equities Insurance Capital 52

Mergers and Inquisitions

JANUARY 31, 2024

In-depth analysis that might take days or weeks, such as a financial model with 1,000 rows in Excel to assess a biopharma company’s valuation. Single-Manager Hedge Fund Performance The multi-manager hedge fund article described how MM funds grew faster than the overall industry between 2018 and 2023.

Funds 59

Funds Management S&P Recruitment 59

Cleary M&A and Corporate Governance Watch

FEBRUARY 2, 2024

Musk himself even approved the projections of his grant that would be presented at the meetings, and the Compensation Committee did not include valuations for any other alternatives. 2018-0408-KSJM at *120 (Del. 2018-0408-KSJM at *129 (Del. 2018-0408-KSJM at *156 (Del. 30, 2023, 11:24 AM), [link]. [2] 2] Tornetta v.

Negotiation 64

Negotiation IT Consulting Business 64

Focus Investment Banking

APRIL 14, 2024

From 2018 to 2021, the total number of bakery workers declined nearly 12%, leaving operators struggling to replace highly experienced talent. Healthy competition for the top bakeries has increased valuations in recent years, with strong purchase price / cash flow (EBITDA) multiples.

M&A 52

M&A Food Private Equity Manufacturing 52

Software Equity Group

JULY 9, 2024

“It could impact your valuation, which is why we want to ensure you’re thinking about this from the beginning.” Such contracts can materialize your company’s valuation in the eyes of a potential buyer. Along with this beneficial tax treatment comes very stringent rules regarding ownership structure.

Sale 52

Sale Corporation M&A Equities 52

Sica Fletcher

DECEMBER 12, 2019

Let’s break down how this is paid: Valuation The valuation is invariably calculated as Pro Forma EBITDA multiplied by the EBITDA multiple. In 2018, we led the country with 79 transactions completed for the insurance agents and brokers, and in 2017, we led the country with 62 closed transactions.

Private Equity 52

Private Equity Insurance Equities Management 52

Cooley M&A

MAY 5, 2020

In 2017, the Company began experiencing financial difficulty as it worked to update its flagship product, and in early 2018 it formed a special committee of its three independent directors to consider options for additional ways to raise capital. 2018-0542-AGB (Del. 281, 2018 (Del. Meenan Oil Co. 1985 WL 44705, at *3 (Del.

Negotiation 40

Negotiation Mergers and Acquisitions Utilities IT 40

Cooley M&A

JANUARY 22, 2020

billion – almost double the value of deals announced in that same sector in 2018, despite the number of deals decreasing from 705 in 2018 to 519 in 2019. Changes in CFIUS Oversight.

M&A 40

M&A Pharmaceutical Acquisitions Capital 40

Growth Business

NOVEMBER 23, 2023

Despite investment in the first half of 2023 dropping to £4.6bn from 2022’s £10.8bn as a result of rising interest rates, high inflation, a decrease in valuations and geopolitical tensions globally, UK fintechs are still attracting more VC investment than all other EMEA fintechs combined, with a significant percentage coming from US investors.

Investment 95

Investment Funds Capital Investors 95

Growth Business

AUGUST 22, 2023

This valuation is either achieved through an equity financing round or via financial performance indicators. In August 2021, ZEPZ raised $292m in a funding round which saw its valuation increase to $5bn. #7 13 – Copper Value: $2-$2.5bn Founded: 2018 What do they do? 18 – Zilch Value: $2bn Founded: 2018 What do they do?

Insurance 52

Insurance Bank Banking Funds 52

M&A Leadership Council

AUGUST 7, 2024

This initial stage of due diligence review based on public documents usually starts during the strategy, valuation, financing, and structuring phases. 1 Footnote The definition of auditor independence is found in Title 17, Chapter II, Part 210, Section 210.2-01, 01, [link].

IT 52

IT Mergers and Acquisitions M&A Acquisitions 52

Cooley M&A

OCTOBER 29, 2018

2018-0300-JTL (Del. Two days after the announcement of the execution of the merger agreement, Akorn notified Fresenius that it was experiencing dismal second quarter results (despite Akorn having reaffirmed its full-year guidance for 2018 at Fresenius’ request on the date that the parties signed the merger agreement).

Mergers and Acquisitions 52

Mergers and Acquisitions Mergers Business Pharmaceutical 52

Cooley M&A

DECEMBER 3, 2019

From 2008 to 2018, the total R&W policies bound per year in North America rose from 40 deals, providing $541 million of coverage to 1500+ R&W insurance transactions, providing aggregate coverage of $38.6 Aon estimates that over 45% of all private M&A transactions in North America had R&W insurance in 2018. [2].

Insurance 40

Insurance Underwriting Mergers and Acquisitions M&A 40

M&A Leadership Council

JUNE 14, 2023

This initial stage of due diligence review based on public documents usually starts during the strategy, valuation, financing, and structuring phases. 1 Footnote The definition of auditor independence is found in Title 17, Chapter II, Part 210, Section 210.2-01, 01, [link].

IT 52

IT Mergers and Acquisitions M&A Acquisitions 52