Small business of-interest, need-to-know and news-to-watch M&A.
Excerpt: This post is based on the Schulte Roth & Zabel PE Buyer/Public Target M&A Deal Study: 2012 Mid-Year Update, which is available here. Posts about previous versions of the study are available here, here, and here.
The large private equity buyer/public company segment of the U.S. M&A market (all cash deals over $500 million) was significantly affected in the first half of 2012 by troubles in the U.S., European and global economies. Only six transactions within our deal parameters were executed. Five of them had key deal terms generally consistent with our prior observations; the remaining transaction, Insight Venture Partners/Quest Software, had certain key deal terms (“go-shop” period, target break-up fee and buyer reverse termination fee) that were outliers. Accordingly, for certain of our observations below, we have expressed the data including and excluding Insight Venture Partners/Quest Software (“Quest Software”).