Corporate Finance

Material adverse change in Dutch M&A transactions

By Rudolph A. I. Snethlage, TeekensKarstens advocaten notarissen

Over the past 15 years, there have been several serious events which had a negative economic impact on a global scale. A few examples include 9/11, the bankruptcy of Lehman Brothers and the subsequent credit crunch and recession, not to mention the more recent threat of a Grexit. Imagine being absorbed in closing an important deal and pending completion when, quite suddenly, Greece announces it is leaving the European Monetary Union. Fortunately, your client, who is the purchaser, stipulated that the sale and purchase agreement (SPA) should contain a “MAC-clause”.  Does the Grexit qualify as material adverse change (MAC), allowing your client to step back or modify the deal?

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Corporate Finance

M&A deals involving Brazilian distressed companies

By Vitor dos Santos Henriques & Thiago Jun Machado, Santos Neto Advogados

Certain sectors of the Brazilian economy are facing deep losses due to inefficient management or lack of alternative financing. In some cases, such as sugaralcohol and industrial equipment supply areas, the companies are demanding judicial recovery, a procedure set forth in Brazilian Bankruptcy Law that is similar to the Chapter 11 in the US.

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Corporate Finance

End of life decisions in Canada

By Holly LeValliant, Basman Smith LLP

An area of considerable public debate in Canada recently is the withdrawal of life support from terminally ill patients. This topic touches deep emotions and conflicting cultural and religious values for many. The legal justice system in Canada has been the primary battleground as our society attempts to wrestle with this issue.

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Corporate Finance

The investors' dilemma!

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By Prof. Robert Anthony, Anthony & Cie

Where are we going with our investments? Is the crisis over? Has the euro reached the end of its life? Should we invest in corporate bonds? What about precious metals? These are just some of the questions regularly asked by many people. Private equity and social responsibility in investing – these key words sound great, but are they really as original as we think?

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