Deal Tales Volume 1 John Jenkins 1
Table of Contents 1. This is the Business We've Chosen...... 7 2. Off the Record, On the QT, and Very Hush Hush Part I... 15 3. Off the Record, On the QT, and Very Hush Hush - Part II... 20 4. Don t Ask, Don t Waive & The Three Wise Monkeys Problem... 28 5. Confidentiality Agreement Practice Points... 33 6. I Hate Letters of Intent... 36 7. Letter of Intent: Practice Points... 43 8. Beat the Clock: The Risk of Delay in M&A... 45 9. Merger Arbitrage: You Guys All Look Like Poker Chips to Me... 50 10. Negotiating Value Protection Terms... 57 11. Strategic Sandbagging: Let the Buyer Beware.. 61 12. Disclaimers & Limits on Claims Outside of the Contract... 68 13. The Art of Board Presentations... 75 14. Board Packages: Good Inputs Lead to Good Outputs... 81 15. Telephonic Board Meetings... 85 4
16. Now, Therefore, It Is RESOLVED: Drafting Board Resolutions... 93 17. Practice Points for Drafting Resolutions... 99 18. Bored Meetings... 101 19. Working With Divided Boards... 106 20. Board Minutes for M&A: Tips & Pitfalls... 112 21. Artful Dodging: Avoiding Stockholder Votes in M&A... 122 22. Mergers: One Step or Two?... 128 23. Tender Offers: Still a Few Bugs in the System 134 24. Sign & Consent: The Dealmaker s Kluge... 140 25. Sign & Consent Practice Points... 147 26. Tortious Interference: Don t Be Evil... 150 27. Tortious Interference: Don t Be Evil, Part II... 154 28. Practice Points: Avoiding Tortious Interference Claims... 160 29. Be Afraid, Be Very Afraid: Fraudulent Transfer Statutes... 164 30. Lyondell: One Bad Apple Ruins the Whole Bunch... 171 31. The Waiting Is the Hardest Part: HSR Premerger Notification... 177 32. HSR s Many Traps for the Unwary... 184 5
33. M&A Valuation: Net Present Value of Future Cash Flows... 190 34. M&A Valuation: Estimating Cash Flow & Terminal Value... 196 35. M&A Valuation: Discount Rates... 200 36. M&A Valuation: Direct Comparisons... 207 37. Dividends & Buybacks: Delaware s Legal Capital Maze... 210 38. Nothing but Blue Sky, Smilin at Me... 218 39. Nothin But Blue Sky Do I See... 225 40. A Date with Destiny: Record Dates, Mailing Dates, Meeting Dates... 231 41. A Date with Destiny: Dividends... 238 6
Deal Tales Volume 2 John Jenkins 1
Table of Contents 1. It Would Be Cool To Be a Consiglieri...7 2. A Little Deal Tact Goes a Long Way...12 3. Due Diligence: Aim Before You Fire...16 4. First Drafts: On the 2-Yard Line or Closer to Midfield?...21 5. Boy, Could This Deal Use A Few More 000s!...26 6. Practice Points for Small Company M&A...34 7. It s Groundhog Day! Disclosing Negotiations 37 8. Practice Points for Dealing with Leaks...42 9. Disclosure: It s Different for Tender Offers.44 10. Disclosure in Appraisal Notices...47 11. Disclosure in Private Company M&A...53 12. Practice Points for Private Company Disclosure.58 13. Barstool Stories: Proceed as If I Were Dead.60 14. Do I Have To? The Duty to Disclose...63 15. Materiality: Hard Information...67 16. Materiality: Contingencies...74 17. Materiality: Ripe for Disclosure...81 4
18. Materiality & Duty to Speak: It s Complicated.88 19. M&A Communications: The Rules of the Road.90 20. M&A Communications: The SEC & Social Media.97 21. Using Social Media in M&A...101 22. Successor Liability: Quick & Dirty...108 23. Is a Change-in-Control an Assignment?...116 24. Practice Points: Change-in-Control Clauses..121 25. Barstool Stories: Ol Blue Eyes...124 26. M&A Tax Basics...128 27. M&A Tax Basics: Tax-Free Structures...134 28. M&A Tax Basics: Taxable Deals...141 29. You re Going the Wrong Way!...144 30. Corporate Torts: You re Still on the Hook...147 31. Form D: When s the Sale Date?...151 32. Common Stock? Common Shares?...154 33. State Takeover Laws & Friendly Deals...159 34. Going Dark: Welcome to the Hotel California...167 35. Rights Offerings? Wrong Idea...174 5
36. Piercing the Corporate Veil...182 37. What Happened to Bulk Sales Laws?...186 6
Deal Tales Volume 3 John Jenkins 1
Table of Contents 1. Virginia Bankshares: Yeah, Well, That s Just, Like, Your Opinion, Man...6 2. Fait v. Regions Financial: Accounting Judgments as Opinions...10 3. The Business Judgment Rule: What a Long, Strange Trip It s Been...15 4. Technicolor: The Thing That Ate The Duty of Care..23 5. Omnicare: Process, Not Substance?...29 6. Unocal: Exceptions to the Business Judgment Rule Expand...34 7. Revlon Escapes Its Boundaries...40 8. Entire Fairness Relentless Mission Creep...43 9. The 2000s: Nothing Was Different, but Everything Had Changed...51 10. Delaware: Right Back to Where We Started From?..56 11. Appraisal Rights: Corporate Law s Consolation Prize..61 12. P&G, Gillette & The Eccentricities of Appraisal Rights...69 13. That Time I Filed The S-1 That I Wasn't Supposed To......72 3
14. A Little History Won t Kill You: Merger Waves.75 15. A Little History Won t Kill You: The Roaring 80s & Today...81 16. M&A Agreements: The Preliminaries...88 17. M&A Agreements: Representations & Warranties..93 18. M&A Agreements: Pre- & Post-Closing Covenants.100 19. M&A Agreements: Conditions...109 20. MAC Clauses & Termination...112 21. Reverse Break-Up Fees: Move Along, Nothing to See Here...120 22. We Are Not Potted Plants...125 23. Private Offerings: Traditional Privates...130 24. Private Offerings: PIPEs...135 25. Private Offerings: Rule 144A...141 26. The Horror The Horror: Section 16 of the Exchange Act...148 27. Bar Room Stories: My CLM Can Beat Up Your CLM.153 28. M&A Securities Registration...156 29. M&A Proxy Compliance...160 30. Mechanics of Tender Offers...162 4
31. The OTC: Abandon Hope, All Ye Who Enter Here.167 32. No Can Do Ron...172 33. Those Who Can t Do, Teach: A Decade as an Adjunct...176 34. Closings: Then & Now...182 5