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First Published in The Royal Gazette, Legally Speaking, February 2021 Given the ongoing impact of the Covid-19 pandemic, it is timely for us to look closely at material adverse change clauses in the context of a business acquisition. Also known as material adverse effect clauses, MAC clauses are designed to provide a way to address events that were unanticipated in a deal s documentation. In an agreement to buy a business, a MAC clause typically allows a buyer to withdraw from an agreed transaction if events occur that are detrimental to a target company and/or its assets. In so doing, a MAC clause offers the buyer a level of protection against ....
Acquisition agreements during Covid-19 royalgazette.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from royalgazette.com Daily Mail and Mail on Sunday newspapers.
In re Nine West LBO Sec. Litig., No. 20 MD. 2941 (S.D.N.Y. Dec. 4, 2020) Summary In 2014, Sycamore Partners Management LP (Sycamore) acquired The Jones Group (Jones) in a leveraged buyout. The merger provided for five different components: (1) Jones would merge with a Sycamore affiliate and become “Nine West Holdings” (Nine West); (2) Sycamore would contribute at least US$395 million in equity to Nine West; (3) Nine West would increase its debt from US$1 billion to US$1.2 billion; (4) Jones shareholders would receive US$15 per share; and (5) two high-end brands, along with another business unit, would be sold to other Sycamore affiliates for less than fair market value. ....
It has become something of a truism for English M&A lawyers to say that material adverse change (MAC) clauses are rarely triggered in practice. A recent English judgment in Travelport. ....
English High Court Weighs in on MAC Clause natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.