Legal Aspects of a LBO

Corporate Finance

Legal Aspects of a LBO

April 12, 2018

In an LBO, an outside investor borrows and invests to gain a controlling shareholding of the target company. Any M&A transaction, as featured in courses for lawyers, brings a multitude of legal issues, Legal work may often commence with legal due diligence and investigation of any ultra vires issues, such as overseas investor rules. But […]

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Are boutique M&A advisors the future?

April 10, 2018

Originally, the English Privy Council was a small, intimate affair – advisers to the Monarch. It became unwieldy over time, and was eventually replaced by a smaller outfit, the Cabinet. That in turn has grown, and spawned smaller committees. It seems to be a law of organisations that if you get too big, you will […]

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Corporate Finance Training and Webinars: A Deal Waiting To Be Done

March 19, 2018

The original use for a steam engine was static. Thomas Newcomen’s first commercial true steam engine was used in 1712 for pumping flood water from a mine. It worked, for sure, but what really made steam engines ubiquitous in the following centuries was, of course, connecting pistons to wheels. Two technologies – one old, one […]

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The Importance of having the right Investment banking Analyst Training Programme

February 26, 2018

The tale is told of a US investment bank CEO who refused to believe in any form of investment banking training. He – it was a he – insisted that all analysts recruited would not be ‘subjected’, as he put it, to any form of analyst training. Rather, reliance would be placed on degree certificates, […]

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How to Win More Business as a Corporate Finance Adviser

February 13, 2018

Executing M&A business can be tough work. Winning it can be even harder! We practitioners have chosen to operate in one of the most competitive business sectors. Investment banking, M&A and corporate finance consistently attract the best people.  The early years are demanding, calling for 18-hour days, weekend working and constant availability. Seniority brings no […]

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10 Pitfalls to Avoid When Considering a Merger

February 7, 2018

First, an elusive point of definition. When is a deal a merger, and when an acquisition? Most deals either start or end up as acquisitions, where one firm ceases to exist and another issues shares or cash to cover their cost. A true merger must be different: the finest example – rare in practice – […]

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The Four LMA covenants in Leveraged Deals

January 31, 2018

The Loan Market Association (LMA) plays an important directing role in identifying and promoting four key LMA covenants that pertain to, and are frequently found in, leveraged finance deals. With the importance of leveraged deals unabated, a view on these covenants may be found useful, especially as taken together, this suite of covenants represents a […]

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15 Key Factors to Consider when Purchasing a Company

January 29, 2018

We know now what really matters when purchasing a company. Evidence accumulated internationally over decades across all sectors has demonstrated a remarkable consistency. No list is ever exhaustive, but here are twenty key factors – in approximately the order they are tackled during the acquisition, rather than in order of importance. 1. Know the capacity […]

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Takeover Code Updates

January 24, 2018

With the holidays over, UK corporate finance professionals return to work with some updates in the Takeover Code to incorporate into their M&A strategies.  Two changes to the Code are in force now and will be discussed during the latest UK Takeover Code training course. Takeover Code Updates The first, quite contentious, rule change is […]

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15 Pitfalls to Avoid When Selling a Company

January 22, 2018

Selling a company is rarely an easy process. Experience is hard to gain, as almost every vendor is a first-timer. Knowledge and expertise resides primarily with the advisers – principally accountants, bankers and lawyers – who have had M&A training and who have seen a wide range of deals. But some of the pitfalls, at […]

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