Bloomberg Law
April 8, 2020, 8:16 PM

ANALYSIS: M&A Terminations Are Here, Mostly of All-Cash Deals

Grace Maral Burnett
Grace Maral Burnett
Legal Analyst

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 ...

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