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Kaye Scholer: M&A and Corporate Governance Newsletter (Winter 2013)

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M&A and Corporate Governance Newsletter (Winter 2013)

Kaye Scholer
February 14, 2013
28 pages

In this Issue:

Don’t Ask, Don’t Waive After Ancestry.com
DOJ Sends Caution Signal to Companies Engaged in Mergers
How Should Compensation Committees Engage Compensation Committee Advisors? Very Carefully!
Be Careful What You Wish For: When Drafting Indemnification Clauses, You May Get Exactly (and Only) What You Ask For
Offshore Fund Governance: What’s on the Horizon?
Buyer Beware: The Reporting Implications of Buying (and Selling) a Significant Amount of Public Securities
2013 Changes to ISS and Glass Lewis Proxy Voting Policies

Latest M&A News & Analysis

Morrison Foerster: Applicability of Proposed Amendment to Section 251 of the DGCL to Hostile Offers

May 17, 2013 Proposed Changes to DGCL Would Simplify Two-Step Mergers

Paul Weiss: M&A at a Glance (May 2013)

May 17, 2013 Mergers & Acquisitions

Gibson Dunn: A Checklist for the Early Stages of an M&A Transaction

May 16, 2013 Mergers & Acquisitions

FTC Modifies HSR Notification Rules & Form

Hunton & Williams: Filers learn to adapt to changes under Hart-Scott-Rodino

Faegre & Benson: Sweeping Changes to HSR Form and Instructions

Ballard Spahr: Buyer (and Seller) Beware: Changes to Hart-Scott-Rodino Notification Requirements Critical to M&As

DOJ Updates Merger Remedies Guidelines

Willkie Farr & Gallagher: DOJ’s Antitrust Division Issues Revised Policy Guide To Merger Remedies

Proskauer: DOJ Merger Policy Guide Shines New Light on Conduct Remedies

Hogan Lovells: DOJ revises policy guide to merger remedies to show Antitrust Division's actual practice

In re Smurfit-Stone Container Corp: Delaware Court on Revlon Duties in Mixed Consideration Merger

Morrison Foerster: Delaware Chancery Court Provides New Data Point for Application of Revlon Standard to Mixed Stock and Cash Mergers

Blank Rome: Chancery: 'Revlon' Duties Likely Apply to Mixed-Consideration Mergers

Milbank: Delaware Court Discusses Applicability of Revlon Standard to 50% Cash/50% Stock Merger

Meso Scale Diagnostics: Reverse Triangular Mergers & "Assignment by Operation of Law"

Edwards Wildman: Delaware Chancery Court Rules that a Reverse Triangular Merger Does Not Trigger Consent Requirement Under Non-Assignment Provision

Paul Hastings: Delaware Chancery Court Rules that a Reverse Triangular Merger Does Not Constitute an "Assignment by Operation of Law"

Arnold & Porter: Delaware Decision Should Clarify Novation Requirements

Top-Up Options in Two-Step Merger

Chadbourne & Parke: In Olson v. ev3, the Delaware Chancery Court Revisits Top-Up Options and Critiques the Appraisal Dilution Theory

Bingham: Delaware Provides Guidance on Tender Offer Top-up Options — Court Underscores Importance of Compliance With Statutory Requirements

Chadbourne & Parke: Top-Up Options

DOJ/FTC Issue Revised Horizontal Merger Guidelines

Jones Day: FTC Releases Data on Industry Mergers Being Investigated

Cleary Gottlieb: The Revised U.S. Horizontal Merger Guidelines and Market Definition: Early Returns

Cravath: The 2010 Horizontal Merger Guidelines: Evolution, Not Revolution

Maric v Plato Learning: Delaware Court Enjoins Merger Over Disclosure Concerns

ReedSmith: Maric Capital: Delaware Court of Chancery Halts Merger on Duty of Disclosure Grounds

Paul Hastings: Maric Capital v. PLATO Learning: Important Lessons for Disclosure

Shearman & Sterling: Delaware Court Enjoins Stockholder Vote Pending Additional Disclosure Regarding Financial Analyses, Management Projections and Discussions Regarding Post-Closing Employment [Maric Capital Master Fund, Ltd. v. PLATO Learning]

Air Products v Airgas: Delaware Court Blesses Board Use of Poison Pill

Milbank: Court of Chancery Upholds Airgas' Use of Rights Plan as a Defense Against Hostile Takeover

Jackson Walker: Poison Pill Still a Viable Prescription in Delaware

Orrick: Delaware Court of Chancery Refuses to Order Airgas Board's Redemption of Poison Pill and Reaffirms Directors' Decision-Making Authority in Hostile Takeover Bid Context

FTC's HSR Thresholds & Penalties

Bryan Cave: Federal Trade Commission Increases Interlocking Directorates Thresholds

Simpson Thacher: Revised HSR Act Thresholds

Sullivan & Cromwell: Hart-Scott-Rodino Act: HSR Act Revised Jurisdictional Thresholds

Del Monte: Boards Can Learn From Enjoined Buyout & Deal Provisions

Kaye Scholer: Lessons for Boards of Directors from In Re Del Monte Foods Company Shareholder Litigation

Morrison Foerster: The Del Monte Decision: Court Finds Likely Breach of Fiduciary Duties by Board Arising from Actions by Financial Advisor; Postpones Merger Vote and Enjoins Deal Protections

Foley & Lardner: Investment Banker Conflicts Attract Greater Judicial Scrutiny

Omnicare & Gun-Jumping (Pre-merger Information Exchange)

Paul Weiss: Seventh Circuit Affirms Dismissal of “Buyers’ Cartel” Claim, Provides Guidance Regarding Premerger Information Sharing

Jones Day: U.S. Court Rules on Premerger Exchange of Information, Highlighting Risks and Best Practices for Merging Parties

Dorsey & Whitney: Premerger Information Sharing and Coordination: Seventh Circuit Rules in Omnicare v. UnitedHealth Group, Inc.

Lyondell, Revlon & The Duty of Good Faith

Squire Sanders: Lyondell: A Victory for Corporate Directors in the Delaware Supreme Court

Paul Hastings: Lyondell Chemical Co. v. Ryan: Yes, You Can (Purchase or Sell a Delaware Company with a Preemptive Bid to a Disinterested Board)

Sullivan & Cromwell: Delaware Supreme Court Rejects Bad Faith Claim Against Lyondell Board: The Court Rejects a Claim that a Truncated Sale Process Run by an Independent Board Violated the Directors’ Duty to Act in Good Faith

Selectica & the "NOL" Poison Pill

Jackson Walker: Delaware Supreme Court Upholds NOL Stockholder Rights Plan

Milbank: Delaware Supreme Court Upholds Validity of “NOL” Rights Plan

Morrison Foerster: Delaware Supreme Court Upholds NOL Poison Pill

In Re Dollar Thrifty: Process & Reasonableness Key to Revlon Duties

Skadden: Revlon Update: Rejection of Nominally Higher Offers Because of Nonconsummation Risks Upheld in Two Recent Delaware Court of Chancery Cases

Milbank: Delaware Court Refuses to Enjoin Dollar Thrifty Merger With Hertz

Kirkland & Ellis: Revlon — Different Strokes for Different Folks?

SEC's 2008 Revised Cross-Border M&A Rules

Kirkland & Ellis: Revised Cross-Border M&A Rules Come Into Effect

Morgan Lewis: SEC Amends Exemptions for Cross-Border Transactions

ReedSmith: A Guide to Cross-Border Securities Offerings