Last month, I asked where the terminations were. Now, they’re here. Sixty-six mergers and acquisitions deals have been terminated since the March 11 World Health Organization pandemic declaration—more than the combined terminations of January and February. Most were all-cash deals and involved Asia Pacific and North America targets. They include the terminated $3 billion WeWork-Softbank tender offer that is now subject to a lawsuit and the $7.5 Billion Hexcel Corp-Woodward Inc. all-stock aerospace deal.
Regarding the handful of terminated deals for which publicly filed agreements are available, none excluded outbreak of disease, epidemics, or the like from the scope ...