S&C Critical Insights – COVID-19: What Dealmakers Need to Know

Published: March 20, 2020, 11:21 p.m.

In this episode of S&C’s Critical Insights podcast series, Frank Aquila, S&C’s global head of M&A, shares important updates for dealmakers related to COVID-19. Frank discusses the shift in dealmaking, questions around deals announced before the pandemic and specific deal terms that may be impacted during these uncertain times, including material adverse change (MAC) clauses and interim operating covenants. Looking ahead, Frank identifies issues dealmakers are likely to face in ongoing negotiations, including virtual dealmaking, new procedures that will impact the process and timing of merger reviews in the United States and Europe, changes in the due diligence process and fluctuations in financing markets. As public companies see a decline in equity values, Frank explores the potential impact on activism and takeover preparedness.

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