Negotiating Acquisitions of Public Companies in Transactions Structured as Friendly Tender Offers
Moderated by Richard E. Climan.
116 Penn St. L. Rev. 615.
As the title of this segment suggests, we’re going to be confining our discussions this morning to acquisitions of publicly traded companies. More specifically, we’re going to limit our focus to acquisitions of U.S.-based Delaware corporations with shares listed on a U.S. securities exchange. We will not be addressing acquisitions of privately held companies, which will be covered in a separate panel this afternoon.
With cash remaining the acquisition currency of choice in today’s M&A marketplace, we’re going to further limit our discussions this morning to deals in which the acquisition currency used to pay the purchase price consists exclusively of cold, hard cash on the barrelhead, as distinct from, say, shares of the buyer’s stock or some other form of non-cash consideration.
