Cookies, AlphaCore’s Acquisition of Private Client Group Rights from iCapital Network, Veritex Holdings’ $125 Million Notes Offering, Accel Entertainment’s $84 Million Follow-On Offering, Studio Legale Delfino e Associati Willkie Farr & Gallagher LLP, Brown & Brown’s $700 Million Notes Offering, Attentive’s $230 Million Series D Financing Round, NextEra Energy’s Acquisition Of GridLiance, Artimétika’s $60 Million forward contract with Banco Santander, Credicorp Capital’s Acquisition of a Logistic Center in Lurín District (Lima), FIDC Stone III’s $442.2 Million Fundraising. These companies have seen their market capitalizations drop to levels that place them in a potentially vulnerable position. Will it be received as a message of resolve against the threat of an opportunistic action, or as a sign of vulnerability? The significant decline in public company equity values stemming from the COVID-19 crisis has, as in previous economic crises, raised the specter of opportunistic behavior. Which specific terms should the pill contemplate to reflect the current threat?
What are the key factors to consider when going to market with a fund (i.e. What are the key elements and stages of the documentation process and how does this process work? the recognition by boards that companies can achieve much of the benefit of a rights plan by having one “on the shelf,” ready for immediate adoption if and when needed, rather than continuously in place irrespective of any specific threat. What is the range of market terms and LP/GP pressure points? Which market sectors are attracting LP interest? How and when does the planning process begin for a successful fund raise?
Get Email Address. How can a manager make the most out of the in-person pitch? Location. Sergio Torres - Vino Tinto INOLVIDABLE | Nuevo disco 2019. When to move on: DFI views on re-upping for follow-on funds, and when should GPs graduate to private investor capital. The reasons for the pill should be clearly communicated, as should the intention of the board to continue to evaluate its necessity, as well as other steps to protect the company’s stockholders from opportunistic behavior. Export. Since the February market peak, however, nearly two dozen public companies have adopted stockholder rights plans, either as a prophylactic measure or in response to a specific threat. View Sergio Torres’ profile on LinkedIn, the world's largest professional community. In considering whether to adopt a stockholder rights plan in the current environment, boards should consider the following: The courts of Delaware have made clear that the decision of the board to adopt a stockholder rights plan on a “clear day”—i.e., in the absence of any specific threat—is protected so long as the board reasonably perceives a threat from the possibility of hostile actions. Join Facebook to connect with Sergio Torres and others you may know. © Copyright 2020 IFC and EMPEA. Legal strategies to maintain marketable positions with LPs. Like any significant corporate decision, the adoption of a poison pill should be accompanied by a considered stockholder communication plan, including direct outreach to the company’s important stockholders. Email. Share . In any event, boards need to be attuned to the views of their stockholders and prepared for resistance from proxy voting advisors should they decide to adopt a stockholder rights plan. View the profiles of people named Sergio Torres. The Debevoise team is led by partner Maurizio Levi-Minzi (Picture) and includes partner Peter A. Furci, associate Sergio Torres and international associates Agustina M. Ranieri and Leticia Machado. What approach do DFIs take toward co-investments? HSR generally calls for a 30-day waiting period before an investor can acquire shares with a value in excess of $94 million—which period cannot begin until the company makes its own filing. Several other features, however, must be considered, such as grandfathering based on the company’s current stockholder base and provisions allowing qualifying offers to be submitted directly to stockholders. 11/4/2018 1:52 AM. At the end of 2009, 346 companies in the S&P Composite 1500 index had stockholder rights plans in place, while only 25 had such plans at the end of 2019. the strong view of many institutional stockholders, supported by proxy voting advisors, that poison pills are generally not in the stockholders’ best interests; the relative paucity of overtly hostile deals; and. Given current circumstances, is the threat of an adverse recommendation by proxy voting advisors less of a concern? What are some strategies for making time on the road more cost-effective? These, however, are imperfect early warning systems. Well-capitalized investors may take advantage of depressed prices to acquire stakes in or launch unsolicited offers for temporarily undervalued companies. For example, for regulated businesses such as banks and insurance companies, acquisitions of equity interests above specified thresholds generally require approval by applicable regulators. Advice from DFIs on how to highlight your firm’s unique expertise in order to secure commitments, Techniques to best structure deals in emerging markets, Trends in LP sentiment from EMPEA’s latest Global Limited Partners Survey.
Key takeaways: The decline in stock prices stemming from the COVID-19 pandemic has caused a number of companies to adopt stockholder rights plans, commonly known as poison pills. Where is the capital flowing? Here too, derivative positions can be used to obscure the accumulation of large equity positions. What are the latest trends in private equity terms and conditions? Sergio Torres, Associate, Debevoise & Plimpton LLP Rafael Kariyev, Partner, Debevoise & Plimpton LLP 12:55-13:45 | LP-GP Networking Lunch 13:45-14:10 | Best Practices in the Current Fundraising Climate Arkema Group’s Acquisition Of Ideal Work S.r.l. Sergio has 4 jobs listed on their profile. Federal securities laws require a non-passive investor acquiring beneficial ownership of more than 5% in a public company to file a Schedule 13D with the SEC within 10 days after crossing such threshold, although the investor can continue to accumulate shares during that 10-day period. Moreover, in the current market environment, $94 million can represent a significantly larger portion of the company’s equity than would be the case in normal times.
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