DOCSLIB.ORG

The Comprehensive Review of Mergers and Acquisitions in the Americas Region

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Comprehensive Review of Mergers and Acquisitions in the Americas Region The comprehensive review of mergers and acquisitions in the Americas region HY 2020 Deal Drivers Americas mergermarket.com Restructure with Foresight Businesses of all sizes face difficult decisions responding to the volatility of today’s markets. Datasite can help you complete transactions professionally, securely, and efficiently with foresight and speed, whatever path you choose. See how Mergermarket Deal Drivers Americas HY 2020 3 Contents Contents The comprehensive Foreword 04 Life Sciences & Healthcare 48 Americas Heat Chart 05 Latin America 54 review of mergers All Sectors 06 About Datasite 62 and acquisitions in Financial Services 18 Industrials, Manufacturing & Engineering 24 the Americas region Energy, Mining, Oil & Gas 30 throughout the Consumer 36 first half of 2020. Technology, Media & Telecom 42 mergermarket.com Mergermarket Deal Drivers Americas HY 2020 4 Foreword Foreword Welcome to the half-year 2020 edition of Deal In Latin America, where Covid-19 has also The industrials, manufacturing & engineering Drivers Americas, published by Mergermarket in continued to take a heavy toll, a similar trend (IME) sector also proved relatively resilient in association with Datasite. This report provides is in evidence. In value terms, Latin American the face of Covid-19, taking up 21% of overall a detailed review of mergers and acquisitions M&A totaled US$8.1bn during the first half, deal value and 16% of volume. (M&A) activity and trends across North and down 77% from US$35.4bn during the first six Looking forward, the outlook for the second Mark Williams Latin America during the first half of the year. months of 2019. That reflected a 36% decline half of the year and beyond remains clouded Chief Revenue Officer, in deal volumes from 318 to 202. Inevitably, M&A activity was heavily impacted by the uncertainties of the Covid-19 pandemic, Americas, Datasite by the Covid-19 pandemic that had such It should be pointed out that 2019 was a with November’s US Presidential election also dramatic effects on markets worldwide during particularly busy year for M&A activity in looming large. Until the virus is in retreat, a the first half of 2020 — and particularly in the the Americas — North American deal values resurgence to pre-pandemic levels of M&A second quarter. North America recorded reached their third highest total since activity is unlikely, though the fiscal and 2,435 M&A transactions during the first half, 2008, while Latin America was also buoyant. monetary stimulus planned by governments with two-thirds of those deals taking place Nevertheless, the decline in activity during throughout the region will in time provide a during the first three months of the year. the first half of 2020 would be considered supportive backdrop for dealmaking activity. Overall, deal volumes in H1 were down 31% remarkable in ordinary circumstances; the on 2019. In value terms, North American devastating effect of the Covid-19 crisis is dealmaking totaled US$291.7bn during the all too clear. first half, a 72% fall from the US$1.04trn This is not to suggest every area of the market recorded during the same period of 2019. has been affected in the same way. In North Both the US and Canada registered similar America, the technology, media & telecom drop-offs in M&A activity. In the US, there (TMT) sector accounted for more M&A activity were 2,229 deals worth US$275.3bn during than any other during the first half — 26% the first half, down from 3,176 and US$996.1bn by volume and 29% by value. And while respectively in 2019. In Canada, deal volumes TMT activity did fall compared to 2019 — and values totaled 206 and US$16.3bn by 15% and 52% in volume and value terms respectively, down from 352 and US$44.26bn respectively — this was a much more modest last year. rate of decline than the market as a whole. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 5 Heat Chart Americas Heat Chart Our forward-looking Heat Chart tracks the “companies for Heat Chart based on potential companies for sale sale” stories that appeared on the Mergermarket intelligence tool in the first six months of 2020. In this edition, the Sector West South Northeast Midwest LatAm Canada Total data suggests that the TMT sector is set to be the most Technology, Media & Telecom 321 216 211 104 99 34 985 active in terms of deal count in the second half of this year, followed by the life sciences & healthcare sector. Life Sciences & Healthcare 119 127 105 68 32 33 484 While this is in line with previous editions, amidst the Industrials, Manufacturing & Engineering 56 75 62 62 30 27 312 Covid-19 pandemic, these two sectors’ resilience takes on Business Services 69 79 67 35 29 15 294 a new significance. The TMT sector has fared remarkably well during the crisis and digital technologies saw greater Consumer 73 64 40 28 51 38 294 adoption thanks to lockdown measures around the world. Financial Services 65 41 57 26 44 14 247 The life sciences & healthcare sector, too, is set to benefit from Energy, Mining, Oil & Gas 44 40 22 13 43 40 202 investment throughout 2020, as the pandemic has shone a light on the importance of the industry. Given that many listed Leisure 21 22 12 8 10 9 82 firms in the industry have seen their share prices rise in recent Transportation 15 10 9 6 24 8 72 months, they could be in a good position to make acquisitions Other 14 16 11 13 1 55 and investments, both to expand their intellectual property portfolio and to integrate supply chains. PE firms, which have in Real Estate 9 7 11 2 11 2 42 recent years begun to invest more in the life sciences sector, Agriculture 10 6 4 2 8 7 37 could accelerate their penetration of the market as well. Construction 2 3 4 1 15 9 34 Looking at regional differences, the West of the US — a hub for the technology sector — is set to be active. Outside of the Defense 6 7 8 1 22 US, Latin America’s TMT sector can be expected to show Total 824 713 623 369 397 236 3,162 resilient dealmaking. Hot Warm Cold 140 80 20 120 60 10 100 40 1 Note: The Intelligence Heat Charts are based on ‘companies for sale’ tracked by Mergermarket in the respective regions between 01/01/2020 and 06/30/2020. Opportunities are captured according to the dominant geography and sector of the potential target company. mergermarket.com Mergermarket Deal Drivers Americas HY 2020 6 All Sectors Part of the Acuris report on global M&A activity All Sectors mergermarket.com Mergermarket Deal Drivers Americas HY 2020 7 All Sectors All Sectors Overview North America experienced a dramatic IME was the next busiest sector during the first PepsiCo’s US$3.85bn acquisition of energy decline in M&A activity during the first half half of the year, accounting for 21% and 16% of drink brand Rockstar was the biggest deal in the of 2020 amid the Covid-19 pandemic. Deal deal volumes and values respectively. In total, sector by some margin during the first half. value during the first six months of the year there were 395 deals in the sector across H1, totaled US$291.7bn — a dramatic 72% decline worth US$62.2bn — a decline of 32% and 48% on the US$1.04trn recorded during the same respectively, compared to the same period period of 2019. Deal volumes were also down last year. Activity in the sector was dominated significantly to 2,435 in the first half, compared by United Technologies’ spin-offs of two to 3,528 a year ago. This more modest decline subsidiaries, OTIS Worldwide and Carrier Global. in percentage terms — 31% — suggests larger In the financial services sector, deal volumes fell deals were particularly likely to fall victim to the 27% during the first half of the year, with deal virus’s effects on the market. values down 52%. Morgan Stanley’s US$13bn Every sector of the market recorded declining acquisition of ETrade Financial, announced in M&A activity, whether measured in terms of February, is the only deal in the sector to have deal value or volume, underpinning the huge topped out above US$10bn so far in 2020. impact that Covid-19 has had on appetite for In both life sciences & healthcare and energy, dealmaking. The decline began in the first mining, oil & gas (EMOG), deal values fell by quarter of the year before accelerating at pace over 80% during the first half of the year. during the second quarter: North America However, the former sector saw deal volumes recorded just 816 deals worth US$70.4bn in hold up more strongly, with the number of April, May and June of 2020, compared to transactions down by only 23% compared 1,805 deals worth US$541.4bn in the same to a year ago; significant deals included period a year ago. Gilead Sciences’ US$4.4bn purchase of the TMT shows resiliency antibodies specialist Forty Seven. In EMOG, Amid this deterioration, some sectors did deal volumes fell 47%, as volatility in global prove more robust. The TMT sector, which energy commodity prices proved a difficult accounted for 26% of all North American M&A environment in which to pursue transactions. by volume in the first half and 29% by value, Finally, the consumer sector registered a 35% saw deal numbers fall only 15% from 749 to fall in deal volumes compared to 2019, but deal 636, though the decline in value terms, a 52% values dipped only 43% — a relatively modest drop to US$83.4bn, was more significant.
Load more

Recommended publications
  • Combining Banking with Private Equity Investing*
    Unstable Equity? * Combining Banking with Private Equity Investing First draft: April 14, 2010 This draft: July 30, 2010 Lily Fang INSEAD Victoria Ivashina Harvard University and NBER Josh Lerner Harvard University and NBER Theoretical work suggests that banks can be driven by market mispricing to undertake activity in a highly cyclical manner, accelerating activity during periods when securities can be readily sold to other parties. While financial economists have largely focused on bank lending, banks are active in a variety of arenas, with proprietary trading and investing being particularly controversial. We focus on the role of banks in the private equity market. We show that bank- affiliated private equity groups accounted for a significant share of the private equity activity and the bank’s own capital. We find that banks’ share of activity increases sharply during peaks of the private equity cycles. Deals done by bank-affiliated groups are financed at significantly better terms than other deals when the parent bank is part of the lending syndicate, especially during market peaks. While bank-affiliated investments generally involve targets with better ex-ante characteristics, bank-affiliated investments have slightly worse outcomes than non-affiliated investments. Also consistent with theory, the cyclicality of banks’ engagement in private equity and favorable financing terms are negatively correlated with the amount of capital that banks commit to funding of any particular transaction. * An earlier version of this manuscript was circulated under the title “An Unfair Advantage? Combining Banking with Private Equity Investing.” We thank Anna Kovner, Anthony Saunders, Antoinette Schoar, Morten Sorensen, Per Strömberg, Greg Udell and seminar audiences at Boston University, INSEAD, Maastricht University, Tilburg University, University of Mannheim and Wharton for helpful comments.
    [Show full text]
  • PENSION FUND Annual Report and Financial Statements for the Year Ended 31 December 2020
    CERN/FC/6496 CERN/3571 Original: English 20 May 2021 ORGANISATION EUROPÉENNE POUR LA RECHERCHE NUCLÉAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH Action to be taken Voting procedures Simple majority of Member FINANCE COMMITTEE States represented and voting For recommandation th 377 Meeting and 51% of the contributions 16 June 2021 of all Member States Simple majority of Member OPEN COUNCIL States represented For decision 203th Session and voting 17-18 June 2021 PENSION FUND Annual Report and Financial Statements for the year ended 31 December 2020 Audited by representatives of the NATIONAL AUDIT OFFICE OF FINLAND The Finance Committee is invited to recommend to the Council and the Council is invited to approve the Annual Report and Financial Statements of the CERN Pension Fund for the year ended 31 December 2020 and to grant discharge to the Chief Executive Officer. PENSION FUND Annual Report and Financial Statements for the year ended 31 December 2020 The Financial Statements included in this Report are published in accordance with International Public Sector Accounting Standards (IPSAS) and the Rules and Regulations of the Pension Fund. Table of contents CHAIR’S LETTER .................................................................................................................................. 4 ANNUAL REPORT I. PENSION FUND GOVERNING BOARD REPORT .......................................................................... 8 1. Composition of the bodies of the Fund and Advisers (2020) .................................... 8
    [Show full text]
  • Grand Opening Marks New Bank of Oklahoma
    For Immediate Release: Charlesbank Capital Partners Acquires HDT Global from Metalmark Capital BOSTON – September 16, 2014 – Charlesbank Capital Partners announced today that it has acquired HDT Global, a leading provider of solutions for government, military, commercial and industrial customers, based in Solon, Ohio. Charlesbank purchased the company from Metalmark Capital, and the existing management team is making a significant co-investment in the transaction. Financial terms were not disclosed. Founded in 1937, HDT Global holds a portfolio of products aimed at creating and controlling environmental conditions to protect and optimize the functioning of critical equipment and personnel. Its innovative solutions include rapidly deployable shelters, sophisticated environmental control and power equipment, and nuclear, biological and chemical protection systems. Among its customers are major branches of the US military, international governments and large industrial companies. HDT Global’s senior executives average over 25 years in the industry. Sam Bartlett, Managing Director at Charlesbank, said, “We are proud to back this talented management team, which has built a leading portfolio of integrated products and services with an outstanding reputation for technology leadership, innovation, performance and support. We look forward to helping the HDT team continue to enhance its core offerings and expand the business internationally and through acquisitions.” “We are pleased with the progress HDT has made to become the leading provider
    [Show full text]
  • Private Equity Secondaries Download Data
    View the full edition of Spotlight at: https://www.preqin.com/docs/newsletters/pe/Preqin-Private-Equity-Spotlight-October-2014.pdf The Facts Private Equity Secondaries Download Data Private Equity Secondaries Raisah Yusuf takes a look at active secondary market players that are focused on buyout investments, and provides the latest pricing information for buyout funds’ narrowing discount to NAV. Fig. 1: Listed Private Equity Discount/Premium to NAV, Buyout Funds, 2004 - 2014 YTD (As at 25 September 2014) 20 10 0 -10 -20 -30 -40 Discount/Premium (%) -50 -60 30-Jun-04 30-Jun-05 30-Jun-06 30-Jun-07 30-Jun-08 30-Jun-09 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Sep-04 30-Sep-05 30-Sep-06 30-Sep-07 30-Sep-08 30-Sep-09 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 31-Mar-04 31-Mar-05 31-Mar-06 31-Mar-07 31-Mar-08 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Dec-04 31-Dec-05 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 Source: Preqin Secondary Market Monitor Fig. 2: Sample of Buyout-Focused Sellers, 2014 YTD (As at 25 September 2014) Firm Firm Firm Type Next 12 Month Plan Location As of September 2014, EdgeStone Capital Partners is seeking $300mn in order to restructure two EdgeStone Private Equity Canada of its existing vehicles: EdgeStone Capital Equity Fund II and EdgeStone Capital Equity Fund III.
    [Show full text]
  • Investment Committee Memorandum PSG V L.P. Private Equity Asset Class April 28, 2021
    Investment Committee Memorandum PSG V L.P. Private Equity Asset Class April 28, 2021 Page 1 PA SERS Private Equity Investment Recommendation Investment Recommendation SERS’ Investment Office Staff and SERS’ Private Equity Consultant, StepStone Group, recommend that the State Employees’ Retirement System Investment Committee interview Providence Strategic Growth, L.L.C. (“Providence Strategic Growth”, “PSG”, the “Firm” or the “GP”) at the April 28, 2021 Investment Committee Meeting to consider a potential commitment of up to $50 million to PSG V L.P. (“PSG V” or the “Fund”), pending the satisfactory completion of legal due diligence. PSG V is targeting capital commitments of $3.25 billion. Investment Rationale SERS Staff identified PSG V as a strong candidate for SERS’ capital commitment as it offers: ➢ Strong Absolute Performance o The level of net returns are attractive, the attribution of returns comes from demonstrably repeatable sources and capital preservation has been strong. ➢ Strong Relative Value o PSG’s track record ranks highly against private peer managers in each of its preceding funds. o PSG earns significant alpha above the liquid policy benchmark and comparable sector liquid benchmarks. o PSG’s returns rank favorably to SERS’ existing portfolio and have been accretive to portfolio performance. ➢ Secular Growth Exposure with Sector Specialist o Attractive software business models. o Software expenditures expected to grow multiples of U.S. GDP growth, with re-acceleration due to the pandemic. ➢ Advantaged Market Positioning o Large pool of resources brought to the lower middle market through the investment, sourcing, operations and senior advisory teams. o Sector-specialist competition less prevalent in the U.S.
    [Show full text]
  • For Immediate Release
    FOR IMMEDIATE RELEASE AEGIS SCIENCES ANNOUNCES INVESTMENT FROM METALMARK CAPITAL TO ACCELERATE GROWTH NASHVILLE, TN – October 25, 2010 – Aegis Sciences Corporation, a leading provider of forensic toxicology testing services, today announced a majority investment by Metalmark Capital, a New York- based private equity firm. Aegis Sciences Corporation founder, Dr. David Black, will remain a large shareholder in Aegis Sciences Corporation and continue in his role as CEO. Metalmark’s investment in Aegis will provide growth capital needed to continue to grow the business in its primary markets: testing services for pain clinics; anti-doping services for sports teams; and, forensic testing for crime labs. “As a specialty forensic toxicology laboratory, we strive to be the premier forensic laboratory providing timely science and service excellence to pain management physicians, medical examiner/coroner systems, sports organizations, workplaces, and commercial reference laboratories. In particular, PainComp® has become an indispensable tool for pain management physicians to protect their patients and their practices,” said Dr. Black, CEO of Aegis Sciences Corporation. “The addition of Metalmark Capital as a strategic partner will further enable our growth as the pre-eminent specialty forensic testing company in the country.” “We believe Aegis Sciences Corporation provides the foremost comprehensive prescription drug monitoring program to physicians practicing in the pain management field,” said Fazle Husain, Managing Director at Metalmark Capital. “We look forward to working with Dr. Black and the management team to support the company’s efforts to continue to grow Aegis in its core markets, and to provide leading testing methodologies and services to its customers.” Lazard Middle Market LLC and Davis Polk & Wardwell LLP served as financial and legal advisors to Metalmark Capital.
    [Show full text]
  • The 2010 Preqin Private Equity Fund of Funds Review
    The 2010 Preqin Private Equity Fund of Funds Review The 2010 Preqin Private Equity Fund of Funds Review www.preqin.com/PEFOF Dear Spotlight Reader, This month’s edition of Spotlight includes extensive analysis on the private equity fund of funds market. We have seen funds of funds accounting for a higher percentage of investors in closed funds in comparison with previous years, and are also seeing an increasing number of investors turning to funds of funds in 2009 compared with 2008. All analysis is taken from our newly released publication, The 2010 Preqin Private Equity Fund of Funds Review. Also in this month’s edition, we examine the use of investment consultants by institutional investors, reveal the latest changes in the returns and NAV of private equity funds, and uncover all the latest investor news. We hope you enjoy this month’s edition, and as ever we welcome any feedback, questions and suggestions for any research that you would like to see in Spotlight in the future. Kindest Regards, Tim Friedman Head of Communications Preqin Private Equity Spotlight www.preqin.com December 2009 / Volume 5 - Issue 12 Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin providing insights into private equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence, Fund Manager Profi les & Funds in Market. PE Fund of Funds Special Feature Article Secondaries Spotlight page 3 page 16 The Growing Importance of Funds of Funds We look at statistics from Preqin’s industry-leading product, Secondaries Market Monitor, and uncover the latest secondaries With other institutional backers of private equity funds having news.
    [Show full text]
  • Le Partecipazioni Estere in Italia Nei Settori Coperti Dalla Banca Dati Reprint È Illustrato in Tab
    LELE PARTECIPAZIONI PARTECIPAZIONI ESTERE ESTERE IN IN ITALIA ITALIA 1. Il quadro generale Il quadro generale delle partecipazioni estere in Italia nei settori coperti dalla banca dati Reprint è illustrato in tab. 4.1. Tabella 4.1 – Le partecipazioni estere in Italia al 31 dicembre 2015 Partecipazioni Partecipazioni Totale di controllo paritarie e min. Valore % Valore % Valore % Imprese investitrici (N.) 6.325 94,3 657 9,8 6.704 100 Imprese partecipate (N.) 11.729 92,0 1.014 8,0 12.743 100 − Dipendenti (N.) 1.058.405 87,5 151.834 12,5 1.210.239 100 − Fatturato (milioni di euro) 500.302 87,3 72.838 12,7 573.140 100 − Valore aggiunto (milioni di euro) 100.909 85,2 17.501 14,8 118.410 100 Fonte: banca dati REPRINT, R&P – Politecnico di Milano – ICE Agenzia. Alla fine del 2015, la banca dati censisce 12.743 imprese italiane partecipate da IMN estere1; tali imprese occupano 1.210.239 dipendenti e nel 2015 hanno realizzato un fatturato di 573,1 miliardi di euro. Le imprese controllate sono 11.729, con 1.058.405 dipendenti e un fatturato di 500,3 miliardi di euro. Le partecipazioni di controllo preval- gono dunque largamente sulle partecipazioni paritarie e minoritarie, con un’incidenza sul totale che varia, a seconda dell’indicatore considerato, tra l’85,2 per cento (valore aggiunto) e il 92 per cento (numero di imprese). Le IMN estere attive in Italia tramite almeno un’impresa partecipata sono 6.704; tra di esse, ben 6.325 (il 94,3 per cento del totale) sono, direttamente o indirettamente, azionisti di maggioranza in almeno un’impresa italiana2.
    [Show full text]
  • Private Equity Transactions
    PRIVATE EQUITY TRANSACTIONS Unsurpassed Counsel Throughout the Life Cycle of PE Transactions ROPES & GRAY PRIVATE EQUITY TRANSACTIONS ROPES & GRAY’S more than 175 private equity lawyers transactions. Clients rely on us to help them make routinely advise leading large-cap and middle- the right deals on the right terms, thoughtfully market clients in multiple industries on every assess risk and make appropriate tradeoffs, and aspect of their largest and most complex global respond quickly to meet business demands. WHO WE SERVE Our impressive client base includes 20 of the 50 largest U.S. funds and 28 of the 100 largest global funds routinely doing deals over $1 billion, and more than 35 midmarket firms regularly doing $100 million to $1 billion transactions. LARGE-CAP MIDDLE-MARKET n Advent International n Altamont Capital n General Catalyst n Moelis Capital Partners Partners n Apax Partners n American Industrial Partners n Genstar Capital n Monitor Clipper n Bain Capital Partners n Audax Group n Gridiron Capital n Berkshire Partners n Pfingsten Partners n Avista Capital n H.I.G. Capital n Blackstone Group n Smedvig Capital n Baring Private n JMI Equity n Charlesbank Equity n Sterling Partners n J.W. Childs n Hellman & Friedman n BV Investment Associates n Summit Partners n Madison Dearborn Partners Partners n Kanders & Co. n SV Life Sciences n Castanea Partners n KarpReilly n TA Associates n Ontario Teachers’ n Charlesbank Pension Plan n Kohlberg & Co. n TPG Growth Capital Partners n Silver Lake Partners n KRG Capital n TSG Consumer n Cressey & Co. Partners n Thomas H.
    [Show full text]
  • View Annual Report
    FORM 10-K EnerSys - ENS Filed: June 11, 2008 (period: March 31, 2008) Annual report which provides a comprehensive overview of the company for the past year Table of Contents 10-K - FORM 10-K PART I Item 1. B-5 PART I ITEM 1. BUSINESS ITEM 1A. RISK FACTORS ITEM 1B. UNRESOLVED STAFF COMMENTS ITEM 2. PROPERTIES ITEM 3. LEGAL PROCEEDINGS ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS PART II ITEM 5. MARKET FOR REGISTRANT S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES ITEM 6. SELECTED FINANCIAL DATA ITEM 7. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE ITEM 9A. CONTROLS AND PROCEDURES ITEM 9B. OTHER INFORMATION PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE ITEM 11. EXECUTIVE COMPENSATION ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT RELATED STOCKHOLDER MATTERS ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES SIGNATURES Exhibit Index EX-4.2 (CONSENT TO WAIVER DATED AS OF NOVMEBER 1) EX-4.3 (CONSENT OF WAIVER DATED AS OF FEBRUARY 2) EX-10.27 (AMENDED AND RESTATED 2006 EQUITY INCENTIVE PLAN) EX-21.1 (SUBSIDIARIES OF THE REGISTRANT) EX-23.1 (CONSENT OF ERNST YOUNG LLP) EX-31.1 (SECTION 302 CEO CERTIFICATION) EX-31.2 (SECTION 302 CFO CERTIFICATION) EX-32.1 (SECTION 906 CEO AND CFO CERTIFICATION) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.
    [Show full text]
  • Canadian Business Trusts: a New Organizational Structure 66 Paul Halpern, University of Toronto, and Oyvind Norli, Norwegian School of Management
    VOLUME 18 | NUMBER 3 | SUMMER 2006 Journal of APPLIED CORPORATE FINANCE A MORGAN STANLEY PUBLICATION In This Issue: Private Equity Morgan Stanley Roundtable on Private Equity and 8 Michael Jensen, Harvard Business School; Its Import for Public Companies Steven Kaplan, University of Chicago; Carl Ferenbach, Berkshire Partners; Meyer Feldberg, Morgan Stanley; John Moon, Metalmark Capital; Brian Hoesterey, AEA Investors; and Cary Davis, Warburg Pincus. Moderated by Alan Jones, Morgan Stanley. Leveraged Buyouts in the U.K. and Continental Europe: 38 Mike Wright, Nottingham University, Luc Renneboog, Retrospect and Prospect Tilburg University, Tomas Simons, McKinsey & Company, and Louise Scholes, Nottingham University The Financial and Economic Lessons of Italy’s Privatization Program 56 William Megginson, University of Oklahoma, and Dario Scannapieco, Italian Ministry of Economics and Finance Canadian Business Trusts: A New Organizational Structure 66 Paul Halpern, University of Toronto, and Oyvind Norli, Norwegian School of Management Public vs. Private Equity 76 John J. Moon, Metalmark Capital LLC Avoiding the “Synergy Trap”: Practical Guidance on M&A Decisions 83 Mark L. Sirower, New York University, and Sumit Sahni, for CEOs and Boards Boston Consulting Group Demutualization and Public Offerings of Financial Exchanges 96 Reena Aggarwal and Sandeep Dahiya, Georgetown University Evidence on What CFOs Think About the IPO Process 107 James Brau and Stanley Fawcett, Brigham Young University Canadian Business Trusts: A New Organizational Structure by Paul Halpern, University of Toronto, and Oyvind Norli, Norwegian School of Management* n a much cited article published in the Ameri- precisely, has remained public while undertaking a large can Economic Review in 1986, Michael Jensen leveraged recapitalization.
    [Show full text]
  • 2018 Comprehensive Annual Financial Report
    2018 ANNUAL REPORT Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2018 and 2017 NYSTRS.org Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2018 and 2017 STNYRS Committed to Providing Educators With a Secure Retirement Since 1921 NEW YORK STATE TEACHERS’ RETIREMENT SYSTEM Comprehensive Annual Financial Report Fiscal Years Ended June 30, 2018 and 2017 Our Mission: To provide our members with a secure pension. Our Vision: To be the model for pension fund excellence and exceptional customer service. Our Values: Integrity Excellence Respect Resourcefulness Diversity Diligence Balance In addition to the above, NYSTRS has five Strategic Objectives. These objectives serve as a guiding light for staff and are a daily reminder of our core beliefs. Each tabbed section divider in this report will examine one of the Strategic Objectives. When taken in concert with our Mission,Vision and Values, these ideals form the fabric of our culture. New York State Teachers’ Retirement System 10 Corporate Woods Drive Albany, NY 12211-2395 (800) 348-7298 NYSTRS.org xxx Table of Contents INTRODUCTION INVESTMENTS (cont.) ACTUARIAL (cont.) 88 Breakdown of Real Estate 117 History of Member Payroll and the 7 Board of Trustees Equity Portfolio Employer Contribution Rate 8 Organizational Structure & Geographic Distribution of the Schedule of Retired Members and Executive Staff Real Estate Equity Portfolio Benefciaries Added to and 9 NYSTRS Staff 89 Private Equity Net Asset Value by Removed from the Beneft Payroll 10 Letter
    [Show full text]