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TBLS 2nd Annual M&A School, April 10 & 11 – Our biggest event of the year will take place Friday afternoon and Saturday morning. Partners and associates from Norton Rose Fulbright will present and entire M&A deal from start to finish. There will also be a networking reception after the Friday session. More information to come!
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TERM OF THE WEEK
ASSET SALE – A sale of a business in which the buyer acquires only specific assets (and possibly assumes some liabilities). Unlike a stock sale, the buyer obtains the assets usually free and clear of any liabilities of the seller. The buyer also gets the advantage of a “step-up” in basis on the assets purchased based on their allocated fair market values.
5 THINGS TO KNOW THIS WEEK
LONDON — Barclays said on Tuesday that it fell to a loss in 2014 as its annual results were dragged down by charges related to potential fines and litigation costs for past conduct by its employees, and lower income in its investment bank as the lender continues to shrink that business.
The bank’s annual results included 2.8 billion pounds, or about $4.3 billion, in litigation and conduct charges. That included £750 million in the fourth quarter related to continuing investigations into the potential manipulation of foreign currency trading markets, bringing the total set aside for 2014 to about £1.25 billion.
The latest hedge fund strategy to seek higher returns has hit speed bumps courtesy of the Delaware courts in a recent case involving Ancestry.com.
The strategy involves exercising what are known as appraisal rights, or dissenters’ rights, which allows shareholders of an acquired company to go to court to seek more cash if they think the takeover price was too low.
Until recently, appraisal rights were seldom exercised. To pursue a claim, a shareholder must hire lawyers and experts and sue in court. This can be expensive and time-consuming. The results are also uncertain because a court may award less than the amount offered in the takeover. Most shareholders don’t want to take the time, expense or risk.
Time Warner Cable’s deal risk is going down to the wire.
The $45 billion sale of Time Warner to its larger rival, Comcast, has already been under consideration for nearly a year by regulators. A Federal Communications Commission, preoccupied with its decision to treat the Internet like a utility, caused part of the delay. The agency’s decision to raise the standard for high-speed broadband also set off fresh concerns that it might influence the Justice Department’s analysis. The implied chances for success are now at 60 percent, close to the lowest in the market since the transaction was announced.
(Bloomberg) — Automotive executives are taking seriously the prospect that Apple Inc. and Google Inc. will emerge as competitors even as they consider partnering with the two.
“If these two companies intend to solely produce electric vehicles, it could go fast,” Volkswagen AG Chief Executive Officer Martin Winterkorn said at the Geneva International Motor Show. “We are also very interested in the technologies of Google and Apple, and I think that we, as the Volkswagen company, can bring together the digital and mobile world.”
There have been any number of pieces written about how the millennial generation is consciously refusing to do things that preceding generations thought were perfectly reasonable, such as playing golf or investing in the stock market or even doing a SINGLE NICE THING for someone else!
This seems to have caused some consternation on Wall Street, where the powers-that-be would obviously like to see millennials do at least one nice thing for them: hand over all their money.