Working Capital Adjustment M&A Checklist and Guidelines

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Working capital purchase price adjustments are a part of most M&A merger agreements. M&A deal parties, as well as their accounting and legal advisors, can use this working capital adjustment checklist in anticipation of their next M&A deal closing.

Topics covered include:

  • Pre-Closing Negotiation of the Net Working Capital Target
    Definition of net working capital and key aspects that can impact that definition.
  • Estimated Closing Statement Preparation and Delivery
    Tips on identifying accounting and legal resources, recommended pre-closing activities of the seller’s accounting team, and suggested information to make available to seller counsel and the shareholder representative.
  • Considerations for Merger Agreement Provisions
    Tips from the experienced team at SRS Acquiom to ensure that working capital adjustments are managed smoothly in the negotiation process.

Download the checklist above.

Christopher Letang

Managing Director, Escrow & Payment Solutions and Deputy COO tel:303-957-2855

Chris is the managing director, escrow & payment solutions and deputy COO. In this capacity, Chris manages our relationship manager, relationship associate, and deal intake teams, and works to ensure that our clients are able to navigate the closing and post-closing escrow and payments process as easily as possible.

Chris also has deep expertise in shareholder representation. For over a decade, Chris worked in the SRS Acquiom Professional Services Group where he led the teams that handled post-closing escrow claims, earnouts, purchase price adjustments, distributions of shareholder proceeds and other activities related to serving as shareholder representative.

Before joining SRS Acquiom, Chris practiced corporate law in the Colorado office of Cooley LLP, where he focused on venture capital transactions and mergers and acquisitions. He began his legal career at Cravath, Swaine & Moore LLP in New York City. At Cravath, he primarily represented underwriters in initial public offerings and high-yield debt offerings and lenders in commercial banking transactions.

Chris is a frequent contributor to M&A thought leadership via work on SRS Acquiom’s data studies, articles and speaking presentations. Chris holds a J.D. from Harvard Law School and a B.A. from Rice University.

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