M&A English Negotiation Workshop – Detailed Schedule

English M&A Negotiation Workshop

Detailed Workshop Schedule

The workshop will meet once per week and each session will be 60 minutes.

The detailed workshop schedule below is tentative and may be changed based on participant requests and the progress of the workshop group.

To go back to the workshop overview page, click here.

Topic Overview

  • Introduction (Session #1)
  • M&A Definitions (Sessions #2–7)
  • Representations and Warranties (Sessions #8–15)
  • M&A Covenants (Sessions #16–19)
  • Closing Conditions (Sessions #20–21)
  • Indemnity (Sessions #22–23)
  • Earn-outs (Sessions #24–25)

Session #1: Introduction and overview of U.S.-style M&A definitive agreements


Session Overview

  • Outline of overall workshop objectives
  • Considerations in drafting and negotiating U.S. law contracts
  • Overview of typical U.S.-style M&A agreement structure

Example Agreements

Resources

Session #2: Informational session – M&A Definitions (Part 1)


Session Overview

  • Overview of M&A definitions generally
  • Discussion of certain definitions, negotiation points, and market trends
    • Indebtedness
    • Intellectual Property
    • Knowledge
    • Losses
    • Transaction Expenses

Resources

Session #3: Negotiation and drafting – M&A definitions (Part 1)


Session Overview

  • Overview of negotiation style of U.S. lawyers
  • Drafting exercise: Intellectual Property
  • Negotiation exercise: Intellectual Property
  • Drafting exercise: Knowledge
  • Negotiation exercise: Knowledge

Resources

Session #4: Informational session – M&A Definitions (Part 2) and working capital adjustments


Session Overview

  • Overview of working capital adjustments and market trends
  • Detailed discussion of mechanics, negotiation points, and market trends
    • Closing Working Capital
    • Current Assets
    • Current Liabilities

Resources

Session #5: Negotiation and drafting – M&A definitions (Part 2) and working capital adjustments


Session Overview

  • Drafting exercise: Closing Working Capital (Exercise #1)
  • Negotiation exercise: Closing Working Capital (Exercise #1)
  • Drafting exercise: Closing Working Capital (Exercise #2)
  • Negotiation exercise: Closing Working Capital (Exercise #2)

Session #6: Informational session – Material Adverse Effect


Session Overview

  • Overview of the role of Material Adverse Effect in the definitive agreement
  • In-depth discussion of negotiation points and market trends
    • Forward-looking language
    • Ability to consummate the transactions
    • Ability to operate the business post-closing
    • Dollar thresholds
    • Carve-outs
    • Measurement timeframe
    • Bringdown

Resources

Session #7: Negotiation and drafting – Material Adverse Effect

Session Overview

  • Drafting exercise: Material Adverse Effect (Exercise #1)
  • Negotiation exercise: Material Adverse Effect (Exercise #1)
  • Drafting exercise: Material Adverse Effect (Exercise #2)
  • Negotiation exercise: Material Adverse Effect (Exercise #2)

Resources

Session #8: Informational session – Representations and Warranties (Part 1)


Session Overview

  • Overview of the role of representations and warranties in a U.S.-style M&A agreement
  • General considerations when negotiating representations and warranties
  • General negotiation points for representations and warranties
    • Disclosure schedules
    • Diligence disclosures
    • Materiality qualifiers
    • Knowledge qualifiers

Resources

Session #9: Negotiation and drafting – Representations and Warranties (Part 1)


Session Overview

  • Drafting exercise: Scope of disclosure schedule exception
  • Negotiation exercise: Scope of disclosure schedule exception
  • Drafting exercise: Disclosure schedule updates
  • Negotiation exercise: Disclosure schedule updates

Session #10: Informational session – Representations and Warranties (Part 2)


Session Overview

  • Detailed discussion of certain representations and warranties, negotiation points, and market trends
    • Organization and standing
    • Capitalization
    • No subsidiaries
    • Undisclosed liabilities
    • Full disclosure/”10b-5″
    • Compliance with law

Resources

Session #11: Negotiation and drafting – Representations and Warranties (Part 2)


Session Overview

  • Drafting exercise: Undisclosed liabilities
  • Negotiation exercise: Undisclosed liabilities
  • Drafting exercise: Full disclosure
  • Negotiation exercise: Full disclosure
  • Drafting exercise: Compliance with law
  • Negotiation exercise: Compliance with law

Session #12: Informational session – Representations and Warranties (Part 3)


Session Overview

  • Detailed discussion of certain representations and warranties and negotiation points
    • Authority and binding effect
    • Validity of the transactions
    • No-MAC
    • Financial statements
    • Accounts receivable
    • Title to and condition of assets
    • Legal proceedings
    • Government orders
    • Insurance
    • Environmental matters

Session #13: Negotiation and drafting – Representations and Warranties (Part 3)

Session Overview

  • Drafting exercise: Financial statements
  • Negotiation exercise: Financial statements
  • Drafting exercise: Legal proceedings
  • Negotiation exercise: Legal proceedings
  • Drafting exercise: Environmental matters
  • Negotiation exercise: Environmental matters

Session #14: Informational Session – Representations and Warranties (Part 4)

Session Overview

  • Detailed discussion of certain representations and warranties and negotiation points
    • Employees
    • Employee benefit plans
    • Intellectual property
    • Material contracts
    • Permits
    • Taxes
    • Related party transactions
    • No brokers
    • Insurance

Session #15: Negotiation and drafting – Representations and Warranties (Part 4)

Session Overview

  • Drafting exercise: Intellectual property
  • Negotiation exercise: Intellectual property
  • Drafting exercise: Material contracts
  • Negotiation exercise: Material contracts
  • Drafting exercise: Insurance
  • Negotiation exercise: Insurance

Session #16: Informational session – M&A Covenants (Part 1)


Session Overview

  • Overview of the role of covenants in M&A transactions
  • Detailed discussion of certain covenants, negotiation points, and market trends
    • Conduct of business prior to closing
    • No shop/no talk
    • Approvals and consents
    • Access to information

Resources

Session #17: Negotiation and drafting – M&A Covenants (Part 1)


Session Overview

  • Drafting exercise: Conduct of business prior to closing
  • Negotiation exercise: Conduct of business prior to closing
  • Drafting exercise: Access to information
  • Negotiation exercise: Access to information

Session #18: Informational session – M&A Covenants (Part 2)


Session Overview

  • Detailed discussion of certain covenants, negotiation points, and market trends
    • Notice of certain events
    • Disclosure schedule updates
    • Publicity
    • Employees and employee benefits
    • Directors’ and officers’ insurance
    • Tax matters

Session #19: Negotiation and drafting – M&A Covenants (Part 2)


Session Overview

  • Drafting exercise: Disclosure schedule updates
  • Negotiation exercise: Disclosure schedule updates
  • Drafting exercise: Tax matters
  • Negotiation exercise: Tax matters

Session #20: Informational session – Closing Conditions


Session Overview

  • Overview of the role of closing conditions
  • Discussion of closing conditions applicable to both parties
  • Detailed review of conditions to Buyer’s closing obligations, negotiation points and market trends
    • Bringdown of representations and warranties
    • No-MAC
    • Compliance with covenants
    • Third-party covenants
    • No legal challenges
    • Others
  • Detailed review of conditions to Seller’s closing obligations, negotiation points and market trends

Resources

Session #21: Negotiation and drafting – Closing Conditions


Session Overview

  • Drafting exercise: Bringdown of representations and warranties
  • Negotiation exercise: Bringdown of representations and warranties
  • Drafting exercise: No legal challenges
  • Negotiation exercise: No legal challenges
  • Drafting exercise: Legal opinions
  • Negotiation exercise: Legal opinions

Resources

Session #22: Informational session – Indemnity


Session Overview

  • Overview of the role of the indemnity
  • Detailed review of the mechanics of the indemnity, negotiation points, and market trends
    • Escrow
    • Indemnity limitations
      • Baskets
      • Thresholds
      • Mini-baskets and mini-thresholds
      • Caps
    • Carve-outs
    • Survival
    • Exclusive remedy

Resources

Session #23: Negotiation and drafting – Indemnity


Session Overview

  • Drafting exercise: Indemnity limitations
  • Negotiation exercise: Indemnity limitations

Resources

Session #24: Informational session – Earn-outs


Session Overview

  • Overview of earn-outs
  • Discussion of mechanics, negotiation considerations, and market trends
    • Metrics used
    • Scope of metrics
    • Accounting standards
    • Measurement period
    • Payment structure
    • Control and responsibilities
    • Other issues

Resources

Session #25: Negotiation and drafting – Earn-outs


Session Overview

  • Drafting exercise: Payment structure
  • Negotiation exercise: Payment structure
  • Drafting exercise: Control and responsibilities
  • Negotiation exercise: Control and responsibilities

 

Please email info@rmsgb.com with any requests for information or enrollment.

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