11-20 of 166 results
MAC conditions: more disclosure but no real change to market practice
MAC conditions have long been a feature of managing completion risk in public M&A transactions in Australia—utilising triggers based on either or both quantitative and qualitative measures. However, in 2022 ASIC published its concerns on the formulation of these conditions and, in particular, its expectation that MAC conditions include objective and 'quantifiable' triggers. ...
Fundraising – making the most of convertible notes
A noticeable fundraising trend in the first half of calendar year 2023 has been ASX-listed entities issuing convertible notes to strategic investors – which has caught the ASX's attention. In this Insight, we explain what potential issuers and investors need to know when issuing convertible notes. ...
Closing valuation gaps, unlocking value
The current Australian M&A landscape continues to be marked by a tough valuation environment, with bid-ask spreads, interest rate uncertainty and an uncertain macroeconomic backdrop making completion of transactions difficult. ...
Key considerations for customer-owned bank mergers
The consolidation of the mutual banking sector in Australia, as evidenced by recent mergers involving four of the country's largest customer-owned banks, is a response to competitive pressures and the need to scale technology, funding and compliance costs. ...
Swaps over choppy waters: deal contingent derivatives provide certainty in uncertain times
In this Insight, we examine deal contingent derivatives, with a particular focus on their benefits over other financial risk mitigation tools such as swaptions and forward starting swaps. ...
Management Equity Plans (MEPs) and their key considerations
In this Insight, we explore common structures and key tax and securities law considerations. ...
Recalibration of the ACCC's approach to merger reform
In this Insight, we explain these further details and how the proposed reforms have changed since first being raised in 2021. ...
Key issues in designing a mandatory merger regime for a modern economy
In this Insight, we examine what the ACCC has put forward so far and the implications, drawing on the experience and architecture of regimes overseas. ...
Federal Court gets on the front foot to streamline the takeover scheme process
In this Insight, we look at the key changes to the Federal Court process on a scheme application and what it means for target companies. ...
A look at strategies to secure support from—and transact with—major target shareholders in takeover scenarios
In this Insight we explore some strategies that would-be-bidders can employ to shore up pre-bid support from major shareholders, before considering structures that can be used to offer differential consideration to them when implementing the control transaction itself. ...