日時：2022年5月12日（木） 10:00〜11:15
会場：ウェブセミナー（ライブ＋オンデマンド配信）
主催：K&LGates外国法共同事業法律事務所、一般財団法人海外投融資情報財団（JOI)
Time and Date: Thursday, May 12, 2021 10:00h-11:15h (JST)
Location: Webinar (Live and On-demand streaming)
Sponsors: K&L Gates, Japan Institute for Overseas Investment (JOI)

The Private Target Deal Points Study is a publication of the Market Trends Subcommittee of the American Bar Association’s M&A Committee. The Study examines the prevalence of certain provisions in publicly available private target mergers and acquisitions transactions during a specified time period. The Private Target Deal Points Study is the preeminent study of the key, negotiated contractual terms in M&A transactions, widely utilized by practitioners, investment bankers, corporate development teams, and other advisors.

Program

1. Introduction and Background – the ABA Private Target Study and the M&A Committee
2. User’s Guide – how to use this and other studies effectively
3. Study sample / process – where the study data originates and how it is gathered
4. Study results – discussion of selected data points from the study, to be from among the following categories:
　a. Financial provisions ：purchase price adjustments, earnouts, termination fees
　b. Pervasive Qualifiers：material adverse effect and knowledge
　c. Representations and Warranties：10b-5 representations, COVID representations, privacy and cybersecurity representations
　d. Closing Conditions：degree of accuracy of representations and warranties at closing, material adverse effect condition, absence of stand-alone pandemic-related conditions

5. Indemnification
　a. Sandbagging and Non-reliance provisions
　b. Representations and Warranties Insurance prevalence
　c. Limitations – time periods, caps, and thresholds
　d. Exclusive remedy provisions – relationship to “fraud”
　e. Scope – diminution in value, incidental damages, punitive and consequential damages, claims “if true”
　f. Escrows – percentages v. actual dollars

Speaker

ジェシカ・パールマン（K&L Gates　シアトルオフィス　パートナー）
Jessica Pearlman, Partner, K&L Gates Seattle

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