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Transcript of 59 Future of MA
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8/6/2019 59 Future of MA
1/20
TheFuture
of M&A
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8/6/2019 59 Future of MA
2/20
Contents
Foreword 3
Methodology 3
Market overview 6
Regulatory issues 8
Valuation issues 10
Economic conditions 13
About Merrill Corporation 15
About mergermarket 18
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th la m rg rmark a d M rr ll Da as r p r , th F r M&A, c h a r d almak g v r h x 12-24 m h . A c m a d mark c r c v r,
r p d h dy r a k d ab h r p hr maj r ar a M&A: val a ,r g la ry cha g a d c m c c d . th q gh pr v d d by h M&Apr al p ra g n r h Am r ca, e r p a d h A a-Pac c r g d a l d hr gh
h r p r .
Overall expectations for M&A activity over the next year are bullish, with morethan 90% predicting an increase. The recent years, plagued by difficult accessto credit, high unemployment and intense uncertainty felt by the general
public, appear to have gone down with the trend toward growth and prosperitya little clearer now. Respondents across the globe are expecting the energy,financial services and TMT sectors to offer the most dealmaking potentialand expect to see cross-border and domestic transactions.
Keeping with the upward trend, nearly 80% of the surveyed believe economicconditions will at least improve moderately. They continue to watch globalGDP growth, interest and unemployment rates as they solidify theirconsolidation strategy, and while indicators are positive, M&A professionalsare faced with residual challenges the recession left behind.
Signs of economic improvement have slowly surfaced, but many companiesare hesitant to try their hands in the market due to debates over post-crisisregulations. Uncertainty surrounded legislative talks regarding tax rates,foreign investment, antitrust and banking regulation, which led respondents,especially in Asia and Europe, to expect further changes.
The valuation climate remains a significant concern for buyers and sellersaccording to respondents. But they are somewhat optimistic that the twosides will converge on price, particularly in North America where 75% expect
the gap to narrow; 38% of European and 30% of Asian respondents agree.Indeed, respondents are relatively split over whether we are in a buyers orsellers market.
Linked to valuations is the availability of finance. After years of lapseddeals due often to the inability to secure funding, respondents dont expectfinancing obstacles to be a major concern going forward. While they dontexpect it to go back to pre-credit crisis levels, they believe it will be easier toobtain, notwithstanding the addition of covenants.
In addition to the above findings, this report compares and contrastsexpectations for the M&A market by region, as well as in aggregate. Individuafeedback is highlighted to provide insight into dealmakers thought processesfor the year ahead. We hope you find this study both informative and useful,and as always, we welcome your feedback.
ForeworD
MetHoDoLoGYIn the fourth quarter of 2010, mergermarket interviewed private equitypractitioners, corporate executives, legal advisors and financial advisorsbased in North America, Europe and the Asia-Pacific region. Respondentsoffered their perspectives on key issues affecting the global M&A market, andprovided a detailed forecast for M&A activity in the upcoming 12 to 24 months.All respondents are anonymous and results are presented in aggregate.
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PAGE Market overview
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wha d y xp c happ h v rall l v l M&A ac v y v r h x 12 m h ?
wh ch h ll g r g d y xp c h gr a cr a M&A ac v y v r h x
12 m h ?
MArket overview
Respondents across all regions overwhelmingly predict an increase in M&Aactivity in 2011. Of those surveyed in the Asia-Pacific region, 15% expectactivity to increase significantly, the highest percentage of the three regions.North American respondents echo this optimism as no respondent believesthat the level of deals will fall in the coming year.
A common theme behind the expectations of North American M&A is theamount of cash held by companies in the region. Conservative post-financialcrisis behavior is loosening and companies are looking to utilize the cashthey saved over the past two years. With Congress passing tax legislationand recent positive economic indicators, uncertainty will ease and many UScompanies will be looking at opportunities for growth.
Survey results show a trend of region-centric bias. Respondents operating inthe Asia-Pacific region feel strongest with an 80% majority stating that theirhome market will see the most significant increase in M&A activity while asimilar 71% of North American respondents believe their domestic marketwill offer the most opportunities. Forty-five percent of European respondentsexpect their own domestic market to have the greatest increase, a point Asia-Pacific and North American respondents are less confident in with only 5%and 3% in agreement, respectively.
European and North American respondents also have confidence in theAsia-Pacific region, which they identify as the second likeliest region to seethe greatest increase in M&A activity behind their respective home regions.Expecting China and Hong Kong to continue their rapid growth, respondentspredict larger Asian companies will look to enhance their global expansion.
Overall, European M&A is predicted to be slower, but a few still believe theregion can offer fruitful opportunities. In the wake of the European sovereigndebt crisis, many respondents predict that distressed opportunities will besought out by the acquisition-hungry companies in stable economies.
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
70%
15%
10%
5%
78%
12%
7%3%
90%
5%5%
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
15%
80%
5%
10%
43%
2%
45%71%
13%
13%
3%
P e r c e n t a g e o
f r e s p o n
d e n t s
P e r c e n t a g e o
f r e s p o n
d e n t s
Remain thesame
Decreasesignificantly
Decrease
Increasesignificantly
Increase
LatinAmerica
Asia-PaciEurope
NorthAmerica
th r l ad ca h hd l a d b h a c al b y r
a d ra g c b y r ll pr p l h mark r ard.North Am rican r spond nt
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D y xp c m M&A ra ac gl bally b cr -b rd r r d m c a r v r h x12 m h ?
i h ch c r d y xp c h h ghv l m M&A ra ac v r h x 12 m h
Interestingly, after the home-turf bias expressed in the previous question, themajority of respondents in Europe and the Asia-Pacific expect most deals tobe cross-border. All transactions have an international side, one respondentcommented. Deals over US$20m or US$25m are always cross-border.
Companies have many reasons to look overseas. Cross-border transactionsallow greater expansion and growth potential, especially in emergingmarkets. As corporations experience saturated demand in their homemarket, they look abroad to new markets, where demand is heating up. Thiscontinues to be the case for many US and European consumer goods andretailers eager to expand in China.
Conversely, 60% of respondents in North America believe most transactionswill remain domestic. They tend to be less opportunistic and moreconservative in their comments, citing the desire to avoid economic risk,foreign regulation and political uncertainty as reasons domestic deals aremore attractive.
According to mergermarket data, the volume of global energy/utilities dealsincreased by nearly 15% from 2009 to 2010 and respondents expect this trendto continue in 2011. Natural gas companies are struggling with low cashflows due to falling prices which may cause consolidation. The race to acquireshale gas, an increasingly attractive alternative source, is also believed to bedriving M&A activity.
Another robust sector for dealmaking is technology, media and telecom(TMT). The major firms remain highly competitive and will capitalize ondeveloping technology and patents owned by smaller and younger companies.And while most of the deals in the sector are on the smaller side in terms ofvalue, 2010 saw several large deals, specifically in the telecommunicationssub-sector, including the US$28.1bn acquisition of Carso Global TelecomSAB de CV by America Movil SA de CV, both Mexico-based, and US-basedCenturyLinks purchase of Qwest Communications International Inc. forUS$22.2bn.
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
65%
35%
74%
26%
40%
60%
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
35%
22%31%
36%
15%
8%
8%
2%
15%
22%
15%
17%
5%4%
25%
20%
15%
5%
P e r c e n t a g e o
f r e s p o n
d e n t s
P e r c e n t a g e o
f r e s p o n
d e n t s
Domestic
Cross-boarder
Other
HealthcarpharmaceIndustrial
Consumeretail
Technologmedia/tel
Financialservices
Energy/utilities
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mArket overview
H ld y ra h d c l y h ll gpr c h c rr M&A v r m ?
Indicative of where the credit collapse left the biggest scars, respondentsrate financing and determining valuations as the most difficult processes intodays M&A environment. A combined 77% majority, primarily consisting ofrespondents from North America and Europe, cite that obtaining financing fordeals is extremely difficult or somewhat difficult. In contrast, 45% of Asia-Pacific respondents disagree and do not appear to have financing issues.While it will not be a walk in the park, credit will begin to be more accessiblein the coming months due to low interest rates and banks increasingwillingness to lend.
Respondents are least worried about identifying suitable targets; in fact,50% of respondents do not expect this to be difficult at all. Currently, manyfinancial and strategic buyers are looking to exit investments they held ontowhen valuations were not favorable. But with improvements in the valuationmarket, targets abound.
0
20
40
60
80
100
Post-mergerintegration
Obtainingregulatoryapproval
Determiningvaluation/purchase
price
Obtainingfinancing
Identifyingsuitablebuyers/targets
50%
40%
10%
23% 25%
55%
20%8%
54%
38%
60%
17%10%
60%
30% P e r c e n t a g e o
f r e s p o n
d e n t s
Extremelydifficult
Somewhatdifficult
Not difficult
wh ch h ll g arg ll pr h mchall g g d d l g c pr c r b y r v r h
x 12 m h ?
Unsurprisingly, privately held businesses present the most challengingobstacles during the due diligence process according to the surveyrespondents from the Asia-Pacific (40%), Europe (46%), and North America(50%) regions. Asymmetric information and disclosure remain the primaryreasons due diligence is often more costly and time consuming.
Carve-outs of larger businesses are also expected to have challenging duediligence processes. Respondents in both Europe (27%) and North America(28%) in particular have significant experience given the recent wave ofdistressed M&A and asset sales. As one explains, Its hard to allocate valuebetween the company being carved out and the parent.
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
40%
20%
30%
10%
2%
47%
22%
27%
2%
28%
8%
8%
50%
6%
P e r c e n t a g e o
f r e s p o n
d e n t s
Other
Privatelyheld businPrivateequityportfoliocompany
Publiclytradedbusiness
Carve-ouof largerbusiness
ob a g a c g hard.th r ar ma y p b l . F d
hav m y, c rp ra havm y, a d ba k ar l g r
r l c a l d.europ an r spond nt
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wha ld y d cr b a h pr mary c c r b y r a h m m ?
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
22%
22%
22%
22%
12%
38%
31%
24%
7%
18%
35%
42%
5%
P e r c e n t a g e o
f r e s p o n
d e n t s
Gainingshareholderapproval
Regulatoryissues/uncertainty
Economicconditions
Valuationclimate
Financingissues
Respondents believe that the valuation climate and related economicconditions are the primary concerns for both buyers and sellers But as theircommentary highlights, they view these issues from different perspectives.
According to overall respondents, buyers concerns are evenly split betweenthe valuation climate and economic conditions. Comments suggestvaluations must reflect current market conditions. Sellers, also focused onvaluations, are primarily concerned with getting fair value for their companyor assets, which many respondents say have received only lowball offers inthe years after the financial crisis.
In the recovering economy, with improved credit markets and plenty of cashon company balance sheets, buyers appetite for deals will increase, thushelping to improve the valuation climate for sellers.
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
30%
30%
25%
10%
5%
62%
51%
3%
15%
26%
7%
7%
7%
17%
5%
P e r c e n t a g e o
f r e s p o n
d e n t s
Regulatorissues/uncertain
Economicondition
Financingissues
Gainingshareholdapproval
Valuationclimate
wha ld y d cr b a h pr mary c c r ll r a h m m ?
i ll cl ar h r h mark g g, a d m p al
p rcha r ar a g r a b rl k h c my a d h r
b b r h y v r a acq .
North Am rican r spond nt
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PAGE Regulatory issues
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reGuLAtorY issues
i ach h ll g r g , d y xp c M&Ar g la g ca cha g v r h x12 24 m h ?
In countries where the financial crisis hit the hardest, governments haveworked diligently to reform banking and M&A practices through regulation.Most significant regulations have already been put into place, as expressedby the overall majority of respondents not expecting further regulation in thenext 12 to 24 months. One respondent from the US elaborates, I think theoverwhelming emphasis is going to be on stimulating activity and we havealready passed [the regulation] phase. The Dodd-Frank Act in the US hasalready undergone many provisions since being signed into law mid-2010;the pending update to the Basel Accords for cross-border banking, BaselIII, will take years before coming into effect; and Solvency II, the updatedregulatory requirements for insurance firms in the EU, will not come intoeffect until 2013.
A trend of increased sanctions to prevent anti-competitive behavior in Asiacan explain the Asia-Pacific region garnering the largest response (48%) forexpecting changes. In each of the last three years, China, India and Indonesiahave all introduced regulation focused on limiting or prohibiting largecompanies from engaging in monopolistic behavior. As a result, M&A dealswithin these markets have recently come under close watch.
0
20
40
60
80
100
North AmericaLatin AmericaEuropeAsia-Pacific
70%
30%
62%
38%
52%
48%
78%
22%
P e r c e n t a g e o
f r e s p o n
d e n t s
No
Yes
F r cr -b rd r M&A ra ac , h ch hll g l gal ar a d y xp c h mg ca r g la ry cha g v r h x 12 24
m h ?
Foreign investment law is the most frequently noted legal area where overallrespondents expect changes for cross-border M&A. With countries from allregions hoping to increase domestic growth, regulatory changes are expectedto attract foreign investment. After recently being crowned the worlds secondlargest economy, China announced plans late last year to entice foreign investorswhile also encouraging domestic companies to invest abroad.
Securities law is an area where respondents from North America are keepinga close eye to see how trading will be affected. Enforcement of the Dodd-Frank Act is not entirely clear to United States investors and many respondentsare waiting to see how the law is put into practice and further revised.
Half of Asia-Pacific respondents are split between antitrust and securitieslaw-no surprise as companies in the regions rapidly growing countrieshave become prime targets for multinational corporations. Emerging Asiancountries have tightened their own antitrust and securities laws preventinglarge foreign corporations from expanding in their markets.
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
37%48%
40%
36%
12%
3%
9%
14%
11%
19%
8%
26%
26%
11%
P e r c e n t a g e o
f r e s p o n
d e n t s
Labor/employmlaw
Intellectuproperty l
Securitieslaw
Antitrustlaw
Foreigninvestmenlaw
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i ach r g , h ch h ll g cr -b rd rra ac ll b h m d c l c mplr m a r g la ry a dp ?
Taking a company to the public market in a foreign country appears to bethe most difficult cross-border transaction. Reaction to the financial crisisbrought change in regulations regarding securities, financial/capital structureand accounting practices.
After IPOs, respondents from all regions expect strategic M&A to presentsignificant obstacles from a regulatory standpoint. Antitrust issues areparticularly challenging in strategic M&A, especially since increased marketshare is often a main objective of many acquisitions. One respondent pointsto the public nature of the deals, and the need to get shareholder approval.
0
20
40
60
80
100
North AmericaLatin AmericaEuropeAsia-Pacific
22%26%
22%
43%
32%
24%
15%
29% 30%
15%
20%
35%
9%10%
20%
48% P e r c e n t a g e o
f r e s p o n
d e n t s
StrategicM&A
Secondarybuyout
Privateequitybuyout ofpubiccompany
IPO
th r g la ry v r mrr d g c r g g
r c r day by day.Asia-Pacifc r spond nt
A r la r r . i h r h g h k ab a d h r q
a k b r r a d al.europ an r spond nt
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vALuAtion issues
M&A deals should be expected to increase in 2011 as respondents fromNorth America (75%), Europe (38%) and the Asia-Pacific (30%) expectvaluation gaps to narrow in the coming year. Many comment that bothparties will give a little as buyers are able to pay more given the improvingcredit markets. For their part, sellers got the message and realize they willnot be able to obtain pre-financial crisis price tags.
Respondents expecting valuations to improve explain that their predictionsare sector specific. One example is the energy sectoras revenue streamsincrease due to r ising oil prices and an improving economy, oil companiesvalue expectations will increase.
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
30%
35%
35%33%
29%
38%
75%
20%
5%
P e r c e n t a g e o
f r e s p o n
d e n t s
No change
Expanding
Narrowing
ov r h x 12 m h , h d y xp c hval a gap b b y r a d ll r d v l p?
ov r h x 12 m h , d y xp c val a av r g b y r r ll r ?
A relative split in responses suggests a slight shift in what has been largely abuyers market. In recent years financing issues dampened buyers ability tooffer premiums, while sellers were faced with poor economic conditions andlow valuations. But the trend of global convergence hints that valuations aremoving toward equilibrium. Expectations that private equity bidders will re-enter the bidding process alongside strategics adds competition, which mayultimately improve the sellers position.
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
42%
58%
56%
44%
59%
41%
P e r c e n t a g e o
f r e s p o n
d e n t s
Sellers
Buyers
i h k h y ll xpa d,p c cally r h l & ga
c mpa . o l pr c ll r ll r ld l k ha
r f c d cr a d val a ,b h b y r ll d agr .
Asia-Pacifc r spond nt
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wh ch h ll g d y h k hav g h mg ca f c h val a cl ma ?
Economic conditions/forecasts are significantly impacting the valuationclimate, according to most respondents. In recent years, valuations havebeen difficult, especially in terms of revenue forecasts, given the instability ofthe economy. As economies begin to stabilize, M&A professionals are able toobtain a clearer picture of potential earnings.
A targets recent financial performance is also influencing valuations. Mostcompanies have experienced their worst financial performance in recentyears and have been restructured as necessary. As a result, sellers tendto believe that recent performance is not an accurate measure of capabilitywhen valuing a company or asset.
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
50%
15%
15%
15%
5%
29%
51%
13%
25%
5%3%3%
24%
21%
10%
16%
P e r c e n t a g e o
f r e s p o n
d e n t s
Other
BiddercompetitionTargetsposition inmarket
Financingenvironment
Targetsrecentfinancialperformance
Economicconditions/forecasts
The role of overleveraging in the financial crisis is still present in the mindsof borrowers and lenders. Despite large cash balances and improvingcredit markets, only a few believe deal completion will remain unaffectedby financing issues. Asia-Pacific respondents are slightly more confident asnone in this group expect financing obstacles to block deals. One explains:Financing will be easy to obtain, but it will definitely have more covenants.
Keeping recent years in perspective, the results echo a cautious butoptimistic tone. Coming from an era in banking where leveraged buyoutswere not an option for many, the large majoritys thoughts of somewhatlikely at worst shows much progress.
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
20%
62%
18%21%
60%
65%
35%
19%
P e r c e n t a g e o
f r e s p o n
d e n t s
Unlikely
SomewhalikelyHighly lik
H l k ly ar a c g b acl pr v / all hcl g M&A ra ac v r h x 12 m h
F a c g ll b l ava lablha h pa , b h r a l
m y ar d a d ma y h ldk h g .
europ an r spond nt
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The results emphasize previous findings regarding financing trends. Theenvironment has clearly improved, but only relative to a historically dismalperiod. With increased regulation and scrutiny, the transaction agreementsare likely to be more complicated, thus a significant majority of overallrespondents expect more covenants.
Roughly one-fifth of all respondents still view financing as difficult to obtain.Again, referring to pre-credit crisis levels as a time when money and creditwent to nearly everyone who asked for it, a few have significant obstacles toclimb. In addition to government regulation, banking institutions themselveshave put in strict limitations to lending; and as a result, some firms mayhave difficulty proving their creditworthiness.
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
20%
75%
17%
83%
5%
27%
68%
5%
P e r c e n t a g e o
f r e s p o n
d e n t s
Financingwill go backto pre-creditcrisis levels
Financing iseasier toobtain, butwill havemanycovenants
Financing isstill difficultto obtain
wh ch h ll g a m b r f c y rv h l k r h a c g v r m ?
w hav h r ck b m hly ay g p.
North Am rican r spond nt
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eConoMiC ConDitions
wh ch h ll g b r f c y r v ha h gl bal c my h x 12 m h ?
ec m c c d ll:
Respondents are abundant with expectations of improvement in the globaleconomy. With almost three-quarters of all surveyed believing that economicconditions will at least improve moderately, one respondent from the USexplains: We have hit rock bottom so the only way to go is up. Others addthat fears of a double dip recession have abated.
Not everyone agrees that brighter days are in the near future. Manyexpect growth to take some time. A Canadian respondent asserts thatalthough a douple-dip is unlikely, We are not going to see dramatic growth.Unemployment will still remain high.
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
10%
75%
10% 21%
71%
74%
23%
3%
8%
5%
P e r c e n t a g e o
f r e s p o n
d e n t s
Declinesignificantly
Declinemoderately
Remainthe same
Improvemoderately
Improvesignificantly
Decision makers look to GDP growth as the main economic indicator indetermining M&A strategies. As the primary figure detailing the health of theeconomy, GDP growth rate is reflected in all markets and has the greatestimpact on the volume and value of M&A transactions.
Interest rates followed in respondents focus, a logical follow up indicator toGDP growth rate when considering M&A. Interest rates will likely continue to betightly watched as companies decide whether they can afford a proposed deal.
Unemployment is of large importance primarily in North America. In theUS, unemployment remains high and under constant scrutiny. While mosteconomic indicators show signs of improvement, the unemployment ratehas the farthest to go as many question whether pre-crisis employment (andthus domestic demand) will ever be attained again.
0
20
40
60
80
100
North AmericaEuropeAsia-Pacific
50%
25%
10%
10%
5%
59%
19%
7%
10%
5%
45%
20%
5%
23%
7%
P e r c e n t a g e o
f r e s p o n
d e n t s
Inflationrates
Unemploment rate
Exchangerates
Interestrates
GDP grow
wh ch h ll g c m c d ca r d yxp c ll m mpac M&A ra g /d c
mak g m v g r ard?
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Merrills Translations Services provide a range of translation options tohelp clients achieve the most efficient and cost effective approach to theirtranslation projects. Merrill Brink offers extensive legal translation servicesfor international litigation, intellectual property, patents, contractual matters,antitrust matters, mergers and acquisitions, arbitration and more.
www.datasite.com
About Merrill DataSiteRevolutionizing the due diligence process
Merrill DataSite is designed for rapid deployment and can be up and runningwithin two hours of a clients need. Our team can scan, upload and organizethousands of pages of content from any source in 24 hours or less. Everyaspect of the process, from document scanning to VDR hosting and projectmanagement is delivered by Merrills multilingual team, available around theclock worldwide.
With Merrill DataSite, all documents are captured and indexed to an onlinedatabase and because all rights are designated by the client, security andcontrol are guaranteed. Each users ability to view, print or access sourcedocuments is set up by the client administrator and can be changed at anytime. Merrill DataSite provides useful tools including full search, viewer auditcapability, Q&A, bulk uploads and detailed user activity tracking that helpclients maintain tighter control and have greater insight into reviewer behavior.
Merrill DataSite enhances transaction successMerrill DataSite is the industrys acknowledged leader. More than 61,000different private and public companies across the globe have leveragedMerrill DataSite to increase the value of the following types of transactions:
J Mergers, acquisitions and divestitures
J Private placement transactions
J Leveraged buyout transactions
J Bankruptcy and reorganization transactions
J Financial restructuring transactions
J Initial public offerings and dual-track processes
J Asset purchases and liquidations
J Post-merger integration
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www.mergermarket.com
Merrill DataSite built with the client in mindMerrill DataSite was created to meet its clients needs and built to their
specifications. Since 2002 we have consistently leveraged the experiences ofour clients to add leading-edge functionality to the available toolset. MerrillDataSite allows its users and administrators to:
Examine documents immediately. Patented technology ensures you neverhave to wait for a document to be downloaded. Because the data resideson Merrills servers, you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save to yourtemp file. When faced with hundreds of documents to review, this featuresaves significant time and expense.
Designate user permissions. Team administrators can control which userswill be able to view, print or download specific documents, folders or projects simply and quickly.
Search every word in every document. With large document collections,sophisticated search features are key to finding critical information andaccelerating the due diligence process. Merrill DataSite performs OpticalCharacter Recognition (OCR) on each and every letter in each and everydocument. Our search capabilities allow users to search tens if nothundreds of thousands of pages to find whats relevant to them. MerrillDataSites search capabilities ensure nothing is missed in any of theposted documents - regardless of where they may be organized withinthe index (e.g. find every instance of contract and termination within5 words of each other, etc.). Search results are returned much fasterand are unlimited in terms of document results and hits within a document.
Using wildcard, fuzzy, proximity, boosting, Boolean and grouping modifiers,you can search and find exact matches and near-matches, includingmisspelled words. Potential buyers will enjoy increased confidence knowingtheyve received and seen all materials and documents that are relevant totheir decision-making.
Protect confidential information. View-only documents are neverdownloaded. Merrill DataSite, not the computers browser, controls thecaching process providing unmatched security levels. Unlike other VDRproviders, images are never viewable on the PCs cache after the conclusionof a session.
Track all activity accurately. Auditing and reporting tools provide a verifiableaccount of each individuals time spent viewing both documents and specificpages information that adds negotiating leverage.
About MerriLL DAtAsite
Need to work remotely?No problem. Whether youre working in Beijing or New York, you can view
your documents online without having to navigate through internal firewallsand email restrictions that often exist for outside company connections andwhich delay the due diligence process.
Security is our highest priorityMerrill has been a trusted provider of secure information to the financialand legal industries for more than 40 years. Our employees execute lettersof confidentiality and we are audited annually (internal and third-party) tomake certain our IT infrastructure and processes remain sound. MerrillDataSite was the first virtual data room to receive the ISO 27001 certificationfor its comprehensive Information Security Management System (ISMS).The ISO 27001 standard, developed by the International Organization forStandards to establish international requirements for information securityand certification of ISMS, is designed to ensure effective protection ofinformation assets in foreign markets, as well as across national andregional boundaries.
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft and hardcopy documents to the electronic viewing platform. As a result, designatedadministrators are able to review documents the moment they are available.Through secure, simultaneous access, full text search capabilities and robustreporting tools, both archival and transactional due diligence processes arestreamlined. As a result, Merrill DataSite gives you more insight and control,and dramatically reduces transaction time and costs.
As a leading provider of VDR solutions worldwide, Merrill DataSite hasempowered nearly 2 million unique visitors to perform electronic duediligence on thousands of transactions totaling trillions of dollars inasset value.
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M rr ll Da as (D v M rr ll C rp ra )C ac
t l: +44 20 7422 6100 (e r p ) 1.888.867.0309 (us)
ExEcutivE ManagEMEnt
Ed B f kPresidentTel: +1 212 229 6563
P H r zeSenior Vice PresidentTel: +1 212 367 5950
ExEcutivE salEs
chr Be kmRegional Director, EuropeTel: +49 69 25617 110
a ro Or eRegional Director, EuropeTel: +44 20 7422 6100
M h e H h ffeRegional Director, EuropeTel: +44 20 7422 6100
Mer J. P eRegional Director, EuropeTel: +44 20 7422 6100Jrme Po erRegional Director, FranceTel: +33 (0) 1 40 06 13 12co s hopb hRegional Director, EuropeTel: +44 20 7422 6100
a s oRegional Director, EuropeTel: +44 20 7422 6100
a ro Or eRegional Director, EuropeTel: +44 20 7422 6100
sh h k JRepresentative, United Arab EmiratesTel: +52 55 9171 2237
M e Be o oRegional Director, MexicoTel: +52 55 9171 2237a P M dTvora de CastroRegional Director, South AmericaTel: +55 11 9908 0858chr Rob rdRegional Director, Australia &New ZealandTel: +612 8667 3064ar leeRegional Director, Greater ChinaTel: +852 9855 3758
v e lorkRegional Director, South AsiaTel: +65 6248 4602
Joh M E ro eRegional Director, New YorkTel: +1 212 229 6656
s e e P o eVice President, New YorkTel: +1 212 229 6883she e M rRegional Director, New YorkTel: +1 212 229 6613
W m Po e eRegional Director, New YorkTel: +1 212 229 6612
ad m K r zkyRegional Director, New YorkTel: +1 917 934 7340
Forre R. Do eRegional Director, New YorkTel: +1 917 934 7341
M hew Mezz e oRegional Director, New YorkTel: +1 917 934 7346M h e Ke edyRegional Director, BostonTel: +1 207 829 4369
Ro Wh kerRegional Director, New EnglandTel: +1 617 266 0189
M rk P ehRegional Director, ChicagoTel: +1 312 674 6527
a ho y cro byRegional Director, ChicagoTel: +1 312 674 6511
Ke y We e feRegional Director, ChicagoTel: +1 312 674 6508
P K e k fRegional Director, SoutheastTel: +1 404 602 3251
Br g bre hRegional Director, OmahaTel: +1 404 934 8085
n ho Re erRegional Director, DallasTel: +1 214 754 2100
D PheRegional Director, Los AngelesTel: +1 213 253 2139
J y loyoRegional Director, IrvineTel: +1 949 622 0663
M rk t yRegional Director, San FranciscoTel: +1 415 357 1400
a drew B o o roRegional Director, Palo AltoTel: +1 650 493 1400
Er k s d eRegional Director, Palo AltoTel: +1 650 493 1400
s o H eRegional Director, MinnesotaTel: +1 651 632 4375
Ry M M
Regional Director, CanadaTel: +1 416 214 2448
W BrowRegional Director, CanadaTel: +1 514 877 5177
H k gre orySV P, Western Canada & USTel: + 604 603 4360
Email:[email protected]
MerriLL DAtAsite ContACts
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www.mergermarket.com
About MerGerMArket
mergermarket is an unparalleled, independent mergers & acquisitions(M&A) proprietary intelligence tool. Unlike any other service of its kind.mergermarket provides a complete overview of the M&A market by offeringboth a forward-looking intelligence database and a historical deals database,achieving real revenues for mergermarket clients.
For more information please contact:
Erik WickmanManaging Director, RemarkThe Mergermarket Group
Tel: +1 212 686 3329Email: [email protected]
Remark, the events and publications arm of The Mergermarket Group, offersa range of publishing, research and events services that enable clients toenhance their own profile, and to develop new business opportunities withtheir target audience.
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D merThis publication contains general information and is not intended to be comprehensive nor to provide financial , investment,legal, tax or other professional advice or services. This publication is not a substitute for such professional advice or services,and it should not be acted on or relied upon or used as a basis for any investment or other decision or action that may affectyou or your business. Before taking any such decision, you should consult a suitability qualified professional adviser. Whilstreasonable effort has been made to ensure the accuracy of the information contained in this publication, this cannot beguaranteed and neither mergermarket nor any of its subsidiaries or any affiliate thereof or other related entity shall haveany liability to any person or entity which relies on the information contained in this publication, including incidental orconsequential damages arising from errors or omissions. Any such reliance is solely at the users risk.
P r of the Mer erm rke gro p
www.mer erm rke . om