M&A and Private Equity

White Knight Swoops in for Glass Lewis

December 1,2007
Closing a lightning-fast deal, Ontario Teachers’ Pension Plan’s (OTPP) private-equity unit acquired proxy adviser Glass Lewis for $46 million from troubled Xinhua Finance in October. Full Story

M&A Report: Deal or No Deal?

October 1,2007 by Joseph McCafferty
Talk about a drop-off. Merger and acquisition activity came to a screeching halt late this summer when concerns in the credit market made financing for large deals all but impossible, especially for private-equity blockbusters that had been fueling the M&A boom. Full Story

Tales from the Deal World

October 1,2007
Peter Solomon has served on 21 boards in his life. He now sits on only one. New independence rules have forced a choice between serving on boards and advising clients, and the choice, he says, is an easy one to make. It is just one more development in the corporate arena and on Wall Street, which Solomon, 68, has studied during his 44-year career. Full Story

The Board's Role in a Sale to a PE Firm

October 1,2007 by David Hennes
Over the last several years, private- equity funds have fueled deal-making activity that only recently abated due to the dislocation in the credit markets. This temporary lull provides an appropriate time to review the lessons from several recent decisions of the Delaware Court of Chancery, the nation’s preeminent business court, concerning the litigation that inevitably follows the announcement of a “going-private” transaction. Full Story

The Return of the Tender Offer

October 1,2007 by Mark Gordon
Unused in friendly transactions for many years, the tender offer has returned as a viable—and in many cases superior—alternative to the single-step merger for strategic and private-equity acquisition structures. Indeed, the first six months of 2007 have seen at least 29 tender offers for U.S. targets with a market cap in excess of $200 million, compared with just 5 for the same period in 2006. Full Story

The Private-Equity Stash

September 1,2007 by Joseph McCafferty
Just how much 'dry powder' are buyout firms sitting on? Full Story

What Factors Contribute to Successful Deals?

August 24,2007
The purpose of this study is to analyze the factors that have recently been correlated with deal success. While some of these factors—such as how deals are financed—may have been examined before, we believe others—such as how deal rationale may affect success—are relatively unexamined. We hope that you find this study provocative and that it contributes to the continuous dialogue on this important business topic. Full Story

Blackstone's Quest for Value

June 1,2007 by Directorship Editors
"I have not said this publicly before, but in my view the system is not working in an optimum way for public companies." Full Story

Musical Chairs for Duke Energy's Board

February 1,2007 by Directorship Editors
A merger and a spinoff in rapid sucession force directors and executives into new roles. Full Story

The Importance of Leadership and Culture to M&A Success

January 16,2007
In the past, M&As frequently led to disappointing results in the form of decreased shareholder value. By contrast, today’s deals are enjoying greater success at increasing shareholder value, with medium-sized deals often outperforming larger ones. Full Story

The Private Equity Bandwagon

December 1,2006 by Directorship Editors
The whisper on the Street is that Kohlberg Kravis Roberts was prepared to put up $50 billion to buy French entertainment and telecom company Vivendi. Full Story

Boards and CEOS Face New Tensions

October 1,2006 by Directorship Editors
An M&A expert says shareholder pressure exacerbates the discord. Full Story