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ENGLISH

SEMINARセミナー

データから見る米国におけるM&Aディールポイントの最新動向

Market Trends in M&A Deal PointsーUnderstanding the Data

日時:2022年5月12日(木) 10:00〜11:15
会場:ウェブセミナー(ライブ+オンデマンド配信)
主催:K&LGates外国法共同事業法律事務所、一般財団法人海外投融資情報財団(JOI)

Time and Date: Thursday, May 12, 2021 10:00h-11:15h (JST)
Location: Webinar (Live and On-demand streaming)
Sponsors: K&L Gates, Japan Institute for Overseas Investment (JOI)

The Private Target Deal Points Study is a publication of the Market Trends Subcommittee of the American Bar Association’s M&A Committee. The Study examines the prevalence of certain provisions in publicly available private target mergers and acquisitions transactions during a specified time period. The Private Target Deal Points Study is the preeminent study of the key, negotiated contractual terms in M&A transactions, widely utilized by practitioners, investment bankers, corporate development teams, and other advisors.

<Program>

1. Introduction and Background – the ABA Private Target Study and the M&A Committee
2. User’s Guide – how to use this and other studies effectively
3. Study sample / process – where the study data originates and how it is gathered
4. Study results – discussion of selected data points from the study, to be from among the following categories:

  a. Financial provisions :purchase price adjustments, earnouts, termination fees

  b. Pervasive Qualifiers:material adverse effect and knowledge

  c. Representations and Warranties:10b-5 representations, COVID representations, privacy and cybersecurity representations

  d. Closing Conditions:degree of accuracy of representations and warranties at closing, material adverse effect condition, absence of stand-alone pandemic-related conditions
5. Indemnification

  a. Sandbagging and Non-reliance provisions

  b. Representations and Warranties Insurance prevalence

  c. Limitations – time periods, caps, and thresholds

  d. Exclusive remedy provisions – relationship to “fraud”

  e. Scope – diminution in value, incidental damages, punitive and consequential damages, claims “if true”
  f. Escrows – percentages v. actual dollars

<Speaker>

ジェシカ・パールマン(K&L Gates シアトルオフィス パートナー)
Jessica Pearlman, Partner, K&L Gates Seattle



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