May-June 2006

Posted on June 15, 2006 at 9:30 PM
Filed under: Acquisitions | Cover Story | May-June 2006 | The Magazine
Tagged: Benson-Armer , buying , deals , Deirdre Stanley , M&A , Michael Wilens , Pocsik , Richard Harrington , selling , Thomson Corp.

At a transformed Thomson Corp., they don't do deals the way they used to. A legal team embedded in the businesses helps see to that.  Continue reading

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Posted on June 15, 2006 at 9:15 PM
Filed under: Acquisitions | Cover Story | Law | May-June 2006 | The Magazine
Tagged: Cooley Godward , deal lawyers , deals , eBay , Keith Flaum , lawyers , Michael Littenberg , Schulte Roth , Skype

More than $1 billion in earnouts, and a target with shareholders around the world. Sound like fun? Complex deals like eBay-Skype spotlight the contributions of outside counsel.  Continue reading

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Posted on June 15, 2006 at 9:05 PM
Filed under: Best Practices | Cover Story | May-June 2006 | Q&A | The Magazine
Tagged: Ben Heineman , dealmaking , General Electric , in-house counsel , legal , Wilmer Cutler

Former general counsel Ben Heineman talks about how an in-house legal team contributes to dealmaking success.  Continue reading

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Posted on June 15, 2006 at 8:41 PM
Filed under: Job Description | May-June 2006 | The Magazine
Tagged: Chris Grant , corporate development , job description , Kaiser Permanente , strategic benefits , VC , venture capital

Kaiser Permanente's Chris Grant looks for strategic benefits from healthcare venture investments, but ROI counts too.  Continue reading

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Posted on June 15, 2006 at 8:32 PM
Filed under: Deal International | May-June 2006 | The Magazine | Thinkery
Tagged: books , China , China's Trapped Transition , Licensing Best Practices , Minxin Pei , SOX , thinkery

In "China's Trapped Transition," Minxin Pei argues that lagging political reform in China threatens the country's continued economic expansion; plus Licensing Best Practices and All Sox all the time.  Continue reading

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Posted on June 15, 2006 at 8:24 PM
Filed under: Integration | May-June 2006 | Q&A | The Magazine
Tagged: deal , E&Y , integration , IT , McCauley , synergies , synergy

Failing to develop a detailed budget for acquisition integration can sabotage the very synergies that drove the deal in the first place.  Continue reading

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Posted on June 15, 2006 at 8:17 PM
Filed under: Legal Brief | May-June 2006 | The Magazine
Tagged: acquisitions , dealmakers , deals , fair value , law , legal brief , management structure , mergers

Legal briefing: Lawyers as project managers; Accounting notebook: The fair-value revolution.  Continue reading

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Posted on June 15, 2006 at 8:08 PM
Filed under: Intellectual property | May-June 2006 | The Magazine | Thinkery
Tagged: intellectual property , IP , law , licensees , licensing , licensors , PwC , survey , thinkery

If not, maybe you should be listening better. Leakage of licensing fees is weakening more than a few IP management programs.  Continue reading

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Posted on June 15, 2006 at 8:00 PM
Filed under: Intellectual property | May-June 2006 | The Magazine
Tagged: Detkin , Intellectual Ventures , IP , Microsoft , Myrhvold , patents , troll

Intellectual Ventures happily invests in invention, while the tech world trembles. Here's an inside look at Nathan Myhrvold's $400 million IP experiment.  Continue reading

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Posted on June 15, 2006 at 7:52 PM
Filed under: Best Practices | Integration | May-June 2006 | The Magazine
Tagged: cummunications , integration , management , measurement , merger , metrics

Determining just how to measure merger success is a core issue that should be part of the earliest post-merger integration planning.  Continue reading

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Posted on June 15, 2006 at 7:43 PM
Filed under: Corporate Strategy | Deal International | May-June 2006 | The Magazine | Trends
Tagged: acquisitions , China , due diligence , JWT , legal , Levy-Lambert , M&A , marketing , Omnicom , Publicis , WPP

Once rare, tactical acquisitions are an increasingly practical tool for expansion in China - as witness the recent flurry of marketing services strategy.  Continue reading

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Posted on June 15, 2006 at 7:08 PM
Filed under: Acquisitions | Cover Story | May-June 2006 | The Magazine
Tagged: deals , lawyers , M&A , Profusek

For lawyers, as for other members of the transaction team, the state of the art continues to improve. Good thing.  Continue reading

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Posted on June 15, 2006 at 7:00 PM
Filed under: Corporate Strategy | Joint Ventures and Alliances | May-June 2006 | The Magazine | Trends
Tagged: Albertson's , Blackstone , Cerberus , CVS , GM , GMAC , investments , Kirk Kerkorian , MGM , PE , private equity , Sony , strategic , strategic bidders , Supervalu

As some recent deals demonstrate, what once seemed unlikely now seems inevitable. But that doesn't mean everyone's pedaling along together in perfect harmony.  Continue reading

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Posted on June 15, 2006 at 6:51 PM
Filed under: Divesting and Restructuring | May-June 2006 | The Magazine | Trends
Tagged: accounting , acquisitions , American Express , Cendant , Edward Breen , electronics , healthcare , scandal , Tyco International , Viacom

Will healthcare soar? Will electronics prove nimbler? Will investors applaud? Or will Ed Breen's plan to spin Tyco into three distinct business do more harm than good?  Continue reading

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Posted on June 15, 2006 at 6:43 PM
Filed under: Joint Ventures and Alliances | May-June 2006 | The Magazine
Tagged: Air Products , Chemicals Inc. , Coraor , IRI , joint venture , licensing , networking , Tao

Business development is largely about building relationships -- with joint venture partners, research collaborators, licensees -- and you can't build relationships consistently and efficiently without strong networks. No one knows this better than John Tao of Air Products and Chemicals Inc. As corporate director for technology partnerships at this...  Continue reading

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Posted on June 15, 2006 at 6:34 PM
Filed under: Corporate Venture Capital | Joint Ventures and Alliances | May-June 2006 | Outsourcing | The Magazine
Tagged: corporate venture capital , Gordon Moore , Intel , joint ventures , Mellon Financial , Moody's , Moore's Law , outsourcing , semiconductor , TPI Index , Virgin Group , Yahoo Japan

Propelling Moore's Law forward; plus trends in joint ventures, CVC and outsourcing.  Continue reading

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Posted on June 15, 2006 at 6:27 PM
Filed under: Acquisitions | Growth Strategy | May-June 2006 | The Magazine
Tagged: BPO , M&A , OfficeTiger , RR Donnelley

Donnelley, a former OfficeTiger client, paid $250 million for the BPO provider in April, boosting its presence in a market it entered in 2004.  Continue reading

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Posted on June 15, 2006 at 6:15 PM
Filed under: May-June 2006 | People | The Magazine
Tagged: Chang , Chevron , Crosby , dealmakers , DirecTV , Eaton Corp. , M&A , movers , Nickelodeon , PG&E , Pryor , Rosenberg

PG&E's Rand Rosenberg reckons that utility consolidation will follow the pattern set by telecom; plus dealmaking at Chevron, Nickelodeon, DirecTV and Eaton.  Continue reading

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Posted on June 15, 2006 at 6:11 PM
Filed under: From Ken | May-June 2006 | The Magazine
Tagged: corporate dealmaker , editor , editor's letter , Klee

So what's your M&A persona? The phrase comes to us from Peter Darbee, chairman of San Francisco utility PG&E. Darbee and his corporate development chief, Rand Rosenberg, believe that establishing a clear image for their company as an acquirer will give them an advantage as they contend for assets in...  Continue reading

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