July 21, 2011
Global M&A Index 2011
Allen & Overy just released their annual M&A Index. There some interesting bits there. For instance, 2011, they report a 776% increase in value of public hostile acquisitions. That's a big number, but off a small base. It's still less than 2% of all deals in their database. Here's the summary graphic of US deals:
Over at the Conglomerate they recently hosted one of their virtual roundtables - this one on teaching corporations/business associations. It's worth reading the back-and-forth, especially since our own Afra Afsharipour and my colleague Kent Greenfield were in the mix.
July 20, 2011
Is this unlawful?
According to this story from Bloomberg, the SEC
sued a Michigan man, claiming he traded on information he learned from a houseguest about the impending acquisition of Brink’s Home Security
investment banker for Tyco International Inc., the buyer, inadvertently left behind a draft presentation on the deal.
According to the SEC, months later, the homeowner discovered the draft. Another month or so after the discovery, the homeowner intuited from changes in the banker’s travel schedule that the transaction was imminent.
According to the SEC, the homeowner profited from trading in Brink’s stock after the public announcement of the deal caused its price to jump 30 percent.
The homeowner's lawyer said his client has settled the case and will turn over his profits and pay a fine.
Obviously the facts are incomplete, but I wonder if Professor Bainbridge would have advised the homeowner to fight the case.
July 18, 2011
In Memoriam: Sarah Pei-Yee Woo
I'm very sad to share the news that Sarah Pei-Yee Woo, an Assistant Professor at NYU Law School, recently passed away. Sarah was a friend and a gifted scholar. She joined the NYU faculty in the Fall of 2010 (NYU Law Alumni magazine profile). My thoughts and prayers go with her and her husband, Kenneth.