Lessons From A Failed Acquisition

2020-10-05T19:38:40+00:00October 5th, 2020|Case Studies, Negotiation, Transaction Mechanics|

The pandemic-induced downturn has undoubtedly created uncertainty for mergers and acquisitions across the globe. Deals that once seemed to offer buyers a clear path to growth have become suddenly unpalatable, resulting in several failed acquisitions. One notable instance is the recent termination of Sycamore Partners' acquisition of Victoria's Secret, which reveals a unique perspective into [...]

Earnout Collars and Allocation of Deal Risks

2020-10-08T19:41:09+00:00July 8th, 2020|Negotiation, Strategy, Transaction Mechanics|

If you're a middle market deal maker you have undoubtedly run across an earnout. In fact, earnouts have become a common mechanism to bridge the so-called "value gap" in many middle market M&A deals. Despite its common place, however, many sellers still have a hard time getting comfortable with its use, and in an uncertain [...]

Negotiator’s Dilemma: An Incomplete Rationalization

2020-09-29T18:25:15+00:00March 4th, 2020|Negotiation, Strategy|

Imagine a hypothetical M&A transaction with two players at the negotiation table: a seller and a buyer. Each party to the transaction seeks to maximize the value it receives, a concept that is understood by each side (i.e. the seller understands the buyer seeks to maximize its payout and the buyer understands the seller seeks [...]

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