Material Adverse Change Provisions: Mergers and Acquisitions

Resource type: Practice Note

Status: Maintained

Jurisdiction: USA

This Note looks at the use of material adverse change (MAC) provisions to allocate risk in acquisition transactions and provides an overview of their typical structure and exclusions as well as relevant case law. It also discusses, from a buyer's perspective, potential modifications and supplements to a customary MAC provision.

Stephen M. Kotran, Lisa A. Murison and Allison H. MacDonald, Sullivan & Cromwell LLP

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Resource ID: 9-386-4019
Products: PLC US Corporate & Securities, PLC US Finance, PLC US Law Department, Practical Law The Journal (US)
This resource is maintained, meaning that we monitor developments on a regular basis and update it as soon as possible.

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Topics

Acquisition FinanceAcquisition Finance (http://us.practicallaw.com/1-380-7400)
Lending: GeneralLending: General (http://us.practicallaw.com/0-380-7405)
Private EquityPrivate Equity (http://us.practicallaw.com/6-380-7412)
Private M&APrivate M&A (http://us.practicallaw.com/1-380-7424)
Public M&APublic M&A (http://us.practicallaw.com/6-380-7426)

Practice Notes

In Dispute: Genesco/Finish Line In Dispute: Genesco/Finish Line (http://uslf.practicallaw.com/topic0-385-3647)
In Dispute: Hexion/Huntsman In Dispute: Hexion/Huntsman (http://uslf.practicallaw.com/topic5-384-1893)

Standard Documents

Asset Purchase Agreement (Pro-Buyer Long Form) Asset Purchase Agreement (Pro-Buyer Long Form) (http://uslf.practicallaw.com/topic6-384-1736)
Merger Agreement (Pro-Buyer) Merger Agreement (Pro-Buyer) (http://uslf.practicallaw.com/topic8-383-4693)
Stock Purchase Agreement (Pro-Buyer Long Form) Stock Purchase Agreement (Pro-Buyer Long Form) (http://uslf.practicallaw.com/topic4-382-9882)

Standard Clauses

Purchase Agreement: Antitrust Carve-outs to MAE Closing Condition Purchase Agreement: Antitrust Carve-outs to MAE Closing Condition (http://uslf.practicallaw.com/topic2-521-4636)
Purchase Agreement: Limits on Potential Divestitures Purchase Agreement: Limits on Potential Divestitures (http://uslf.practicallaw.com/topic7-521-5313)

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