We are routinely approached by companies, shareholders and boards of directors telling us that their company was approached by a prospective buyer anxious to consummate a transaction. They may even have a non-binding indicative offer in hand – or expect one shortly. It can be exciting to have a sophisticated firm find your baby to be attractive – rewarding to be approached by a big potential buyer and it could be a load off your mind after years and years of hard work for a possible large payoff. But more often than not, we have found that one-off acquisition processes fail, or – at best – result in a sub-optimal deal. The examples are legion. The problems with these ad-hoc discussions are many.
Aug 11, 2016