COVID-19 M&A Post-Closing Scenarios

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While most M&A participants pay attention to the pre-closing and closing phases of an acquisition, post-closing can be a great source for stories. Experiences range from seller management being arrested by the FBI to buyers imploding just before a milestone or holdback payment is due. But the last few months are something altogether different. M&A trends have dramatically shifted, sometimes in unpredictable ways, and highly unusual world events are leading to uncommon indemnification claims or milestone issues. This article is a generalized discussion of the sorts of things we have been seeing on the post-closing side of the deal so far and include the following topics:

  1. 1. CARES Act NOL Carrybacks
  1. 2. Earnouts
  1. 3. Deal Litigation
  1. 4. Stock Settlements

Casey McTigue

Managing Director, Professional Services Group tel:415-363-6081

Casey is a managing director at SRS Acquiom and leads the Professional Services group. His team of lawyers, accountants, and other professionals is responsible for managing post-closing escrow claims, earnouts, working capital, tax, and other disputes on behalf of the company's clients, post-closing distribution of merger proceeds, and other activities related to serving as the shareholder representative. While at SRS Acquiom, Casey has represented shareholders’ interests on hundreds of deals, including defending claims up to $400 million and administering life sciences deals with as much as $1 billion in contingent consideration.

Before joining SRS Acquiom, Casey represented Fortune 50 clients as a litigation attorney nationally and internationally in a variety of fields. He acted as outside counsel on behalf of numerous parties, including SRS Acquiom and its clients, and took multiple cases to trial and appeal.

Casey frequently presents and writes on subjects of interest to those in the M&A field and is a core contributor to SRS Acquiom’s life sciences study. He is also an Eagle Scout and volunteers with San Francisco Bay Area youth sports. He holds a J.D. from the University of California, Berkeley (Boalt Hall) and a B.S. in economics from Arizona State University’s Barrett Honors College.

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