Ross Parsons Corporate Law Series: Recent Developments in U.S. Buyouts

20 June 2013

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About the lecture

Over the last couple of years the Delaware courts have been highly critical of the players in the U.S. buyout game, particularly where there have been conflicts of interests. Investment bankers have borne a large portion of the criticisms as a result of the Del Monte and El Paso buyouts. But management, directors, and in some cases, buyers, have also come under fire.

In recent U.S. transactions, dealmakers have noted these lessons, and 2013 appears headed towards being the year of the buyout. However, even as old criticisms are addressed new, or reformulated, ones have surfaced in deals like Dell's fight with its shareholders to gain approval for a massive management-led LBO; Sprint's attempt to squeeze out the minority holders of Clearwire in the face of a competing bid; the sale of Sprint itself to Softbank in a complex deal; and even the sale of NYSE to upstart and former adversary Intercontinental Exchange (ICE). It seems like this year's deals are too good not to do as even LBO critic (and master investor) Warren Buffett has prominently changed course and teamed up with private equity to buy H.J. Heinz.

Ron Barusch's well known 'Dealpolitik' columns at The Wall Street Journal address many of these criticisms. Come join us to hear how the recent U.S. cases have influenced the terms of buyouts and the areas in which this year's deals remain controversial.

About the Speaker

Ronald C. Barusch was a mergers and acquisitions lawyer with Skadden, Arps, Slate, Meagher & Flom LLP for over 30 years. Ron retired in 2010 after 25 years as a partner at the firm, including three years as office leader of Skadden's Sydney office. He is currently a visiting lecturer at Sydney Law School teaching 'Cross Border Deals.'

Ron also writes 'Dealpolitik' for The Wall Street Journal's Deal Journal providing a strategic look at deals currently making the headlines as well as the major forces at work in the deal-making world

Commentator: David Friedlander, Partner, King & Wood Mallesons

Chair: Professor Jennifer Hill, Sydney Law School

Lawyers/barristers: attendance at this seminar is equal to 1 MCLE/CPD unit.

Time: 6 - 7.15pm (Registration & refreshments from 5.30pm)

Location: Minter Ellison Room, Level 13 Old Law School, St James Campus, Phillip St, Sydney

Cost: Full Fee $77; SLS Alumni $66; SLS Student $44; Group (3+) $55 inc GST

Contact: PLaCE Coordinator

Phone: 02 9351 0429

Email: 551b2e59274e12052e202e424c2638512d05363c1e430b3c