®

New York City, January 15-16, 2015Boston, Cleveland, Columbus, and New Brunswick Groupcast Locations, January 15-16, 2015

Live Webcast, January 15-16, 2015 — www.pli.edu

Mergers & Acquisitions 2015:Trends and Developments

• NEW! “Representation and Warranty Insurance” sessionwill explore benefits/uses of policies in a transaction andtypes of policies

• Witness a hypothetical acquisition, from negotiationsthrough closing, followed by a critical analysis of the key issues

• Watch a mock Board of Directors meeting and a mocknegotiation of a purchase agreement

• Learn the federal tax considerations of dealmaking at the extended “Federal Tax Considerations” session

• Hear the latest trends in deal protection, financingconditions and “MAC” outs, including the impact ofrecent Delaware decisions

• Earn one hour of Ethics credit at the “Ethical Traps forthe M&A Practitioner” session

Satisfy Your CLE, CPE and CPD Requirements!

Register Today at www.pli.edu/KHG5 or Call (800) 260-4PLI

Why You Should AttendSpawned by strength in the debt markets, a strong stock market, and plentiful levels of cash, merger andacquisition activity has been robust in 2014. The ability to be an effective negotiator in an M&A transactionrequires staying abreast of the latest deal trends. This program will help you stay up-to-date on recent trendsin dealmaking, such as developments regarding material adverse change provisions, lessons in addressingadvisor conflicts, the use of representation and warranty insurance, and the increasing use of stock ascurrency for transactions. A team of top industry professionals will walk you through each step in structuring,negotiating and consummating a transaction, with an emphasis on these and other developments.

What You Will Learn• How to structure an acquisition• The latest trends in deal protection, financing conditions and “MAC” outs, including the impact of recent

Delaware decisions• Understanding tax considerations• The role of reverse break-up fees• The impact on deals of foreign buyers and strategic buyers• Financing trends, including the rate environment, Dodd-Frank impact, and “covenant lite” availability• The use of representation and warranty insurance• What to look for in due diligence• The impact of recent Delaware decisions on settlement of strike suits and on investment banker conflicts;

efforts to insure a friendly litigation jurisdiction through bylaw amendments • How to advise a board of directors• The latest developments in public disclosure requirements affecting the deal environment• How to navigate the regulatory landscape• Financing commitment letter issues, including SunGard provisions• How to draft and negotiate the purchase agreement and financing agreements• Special areas to watch out for, such as ethical issues, environmental issues and antitrust issues• How to prevent a “market check” from being second guessed by a Delaware court• The role of “go shop” provisions• Special provisions in the purchase agreement and much, much more . . .

Who Should AttendAttorneys who counsel corporations (both inside and outside), corporate board members, investment bankersand other M&A advisors.

Special FeatureAn outstanding panel of M&A experts will engage in a critical analysis of a hypothetical acquisition, fromnegotiations through closing. You will witness, through an actual example, how a transaction develops andhow commonly encountered issues are resolved. The program will include role playing to illustrate keyelements of the transaction. You can also earn one full hour of ethics credit with our segment titled “Ethical Traps for the M&A Practitioner.”

Mergers & Acquisitions 2015:Trends and Developments

Register Today at www.pli.edu/KHG5 or Call (800) 260-4PLI

Please plan to arrive with enough time to registerbefore the conference begins. A networkingbreakfast will be available upon your arrival.

Day One: 9:00 a.m. – 5:15 p.m.

Morning Session: 9:00 a.m. – 12:00 p.m.9:00Chairman’s Overview of the Hypothetical TransactionR. Goldberg9:15Planning the Transaction• Confidentiality agreements; letters of intent• Structuring: one step vs. two step• Transaction timetable• Use of special committees• Management role• Fairness opinionsK. Parker10:15Federal Tax Considerations• Taxable acquisitions• Tax-free reorganizations• Asset vs. stock acquisitions• Merger of equals• Spin-offs and split-offs• Section 382 and NOL rights plansS. Finkelstein11:00 Networking Break

11:15Federal Tax Considerations (continued)S. Finkelstein12:00 Lunch

Afternoon Session: 1:00 p.m. – 5:15 p.m.1:00Advising the Board of Directors • Directors’ fiduciary duties – trends in the Delaware case law• Business Judgment Rule• Importance of independent directors• Reliance upon third-party advisors and fairness opinions• Need for special committees• Enhanced scrutiny• Considerations applicable to financially distressed companiesC. Ball, R. Goldberg, E. Simonson2:00Ethical Traps for the M&A Practitioner• Clearing conflicts in an M&A transaction• Where do ethical duties lie in a management buy-out?• Ethical issues arising in the representation of a special committee• Negotiating with in-house counsel and moreJ. Walker3:00 Networking Break

3:15Specialized Areas of Concern Applicable to the Transaction• Due diligence• Confidentiality agreements• Environmental issues, e.g., CERCLA, ECRA, etc.,

phase one studies• Antitrust and other regulatory issuesE. Simonson4:15Role Playing – Board of Directors Meeting• Role playing to illustrate key elements of the

hypothetical transaction• Board fiduciary duties in auction process• Comparing strategic alternatives• The role of the financial advisor at a board meetingD. Cohen, R. Goldberg, K. Parker, E. Simonson, J. Walker5:15 Adjourn

Day Two: 9:15 a.m. – 4:45 p.m.

Morning Session: 9:15 a.m. – 12:30 p.m.9:15Legal Issues Involved in Financing the Transaction• Commitment letters, including SunGard and Xerox

provisions, MAC and diligence conditions, etc.• Syndication issues, including flex and marketing periods• Fraudulent transfers and financing structures• Loan documentation issues, including covenant lite, equity

cures, incremental facilitiesJ. Kim, D. Morse 10:15Representation and Warranty Insurance• Purpose and scope• Benefits/uses of policies in transaction• Types of policies – protection against unknown issues and

known issues• Pricing and terms• Customary exclusions• Dispelling myths regarding policies• TrendsR. Goldberg, J. Kim, C. Schioppo 11:15 Networking Break

11:30Investment Banking Considerations• Valuation and structuring• Auction tactics• Form and mix of financing• Fairness opinionsD. Cohen12:30 Lunch

Afternoon Session: 1:30 p.m. – 4:45 p.m.1:30Negotiating the Purchase Agreement• Tailoring representations and warranties to fit the deal• Latest covenant trends• Deal protections – termination fees, no-shop and “go shop”

provisions, matching and topping provisions, stockholder“lock-ups”

• Indemnification issues – baskets, caps and set-offs • Termination provisions, including MAC clauses, financing

outs and other escape hatchesR. Goldberg, E. Wechsler2:30Role Playing – Negotiating the Purchase Agreement• Role playing to illustrate key elements of negotiating a

purchase agreement• Short cuts in negotiations• Negotiating deal protections• Taking advantage of Delaware Section 251(h)R. Goldberg, E. Wechsler3:30 Networking Break

3:45Disclosure Matters and Other SEC Considerations• When must disclosure be made prior to signing a

definitive agreement?• Public filing of post-announcement shareholder

communication materials• A review of the impact on a transaction of the

Form 8-K rules• Tender offer vs. merger• Registration issues when securities are the consideration• Sarbanes-Oxley related issuesD. Connolly4:45 Adjourn

Program Schedule

Location/Hotel Information: Visit us on the Web atwww.pli.edu or call us at (800) 260-4PLI for information aboutseminar locations and hotel accommodations for this program.Payment Policy: Registration fees are due in advance.Attendees may pay by check, Visa, MasterCard, AmericanExpress or Diners Club.Cancellations: All cancellations received 3 business days priorto the program will be refunded 100%. If you do not cancelwithin the allotted time period, payment is due in full. You maysubstitute another individual to attend the program.CLE/CPD Credit: PLI programs offer CLE credit in all U.S.jurisdictions that have mandatory CLE requirements and someforeign jurisdictions with CPD requirements. Please checkwww.pli.edu/credit for credit details, eligibility and approvalstatus for your particular jurisdiction(s). New York:In accordance with the requirements of the Continuing LegalEducation Board, this transitional continuing legal educationcourse has been approved for a maximum of 15 credit hours,

of which 14 credit hours can be applied toward the ProfessionalPractice requirement and 1 credit hour can be applied towardthe Ethics requirement. California: This activity is approved forMCLE credit in the amount of 12.5 hours, of which 1 hour willapply to legal ethics.CPE Credit: Recommended CPE Credit: 14.5 credit hours (12 Specialized Knowledge & Application, 1 Behavioral Ethics,1.5 Taxes). Program Level: Update. Practising Law Institute isregistered with the National Association of State Boards ofAccountancy (NASBA), as a sponsor of continuing professionaleducation on the National Registry of CPE Sponsors. For PLI’sofficial National Registry Statement, please visitwww.pli.edu/credit.Special Needs: If you have special needs as addressed by theAmericans with Disabilities Act, please notify Customer Serviceat least two weeks prior to your program.Email: info@pli.eduVisit Us On The Web: www.pli.edu/KHG5

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PLI’s Nationally Acclaimed Course Handbooks – Now Available OnlineOur Course Handbooks represent the definitive thinking of the nation’s finest legal minds, and are consideredthe standard reference in the field. The Handbook is prepared specifically for this program and stands alone asa permanent reference. The Course Handbook will be available online several days prior to the program!

Log in to www.pli.edu, go to My Online Library and click on the Course Materials tab. You can review thematerial or prepare questions to raise at the program. You will have access to the Course Handbook for oneyear from the program date. All attendees at the live program and Groupcast locations will also receive abound or flash drive copy.

Doing Deals 2015: The Art of M&A Transactional Practice, March 11, 2015 – New York City and Live Webcast

For a complete list of PLI offerings, visit www.pli.edu

Save the Dates — Upcoming 2015 Seminar!

FACULTY

Richard A. GoldbergDechert LLPNew York City

Chair:

Corinne BallJones DayNew York City

David CohenManaging DirectorInvestment Banking, Healthcare M&AOppenheimer & Co. Inc.New York City

David ConnollyShearman & Sterling LLPNew York City

Stuart M. FinkelsteinSkadden, Arps, Slate, Meagher &

Flom LLPNew York City

Jonathan C. KimDechert LLPNew York City

David W. MorseOtterbourg P.C.New York City

Kelley D. ParkerPaul, Weiss, Rifkind, Wharton &

Garrison LLPNew York City

Craig A. SchioppoManaging DirectorMarsh USA, Inc. New York City

Eric SimonsonBlank Rome LLPNew York City

James Q. WalkerRichards Kibbe & Orbe LLPNew York City

Ernest S. WechslerKramer Levin Naftalis & Frankel LLPNew York City

Program Attorney: Lauren E. Nochta

PLI’s Unconditional GuaranteeIt’s simple: if you are not completely satisfied with the return on your investment from any PLI program,we will refund your money in full.

Pro Bono Efforts & ScholarshipsAs a nonprofit organization, PLI is deeply committed to the public service work of the legal profession.

We invest heavily in pro bono activities, including: full and partial scholarships to our institutes and programs • assisting public interest organizations with their legal training needs • free lectures for law students on ourwebsite, and • free programs in low-income areas where there is an urgent need for legal help.

In 2013, PLI awarded over 42,000 scholarships in all programs to judicial law clerks, law professors, law students,attorneys 65 or older, law librarians, judges, attorneys who work for nonprofit organizations, and attorneys in transition.

PLI also partners with Privileged Member firms and organizations to offer free CLE training to their pro bonoclients. The selected nonprofit organizations, legal aid organizations and other pro bono groups have unlimitedaccess to PLI live seminars and On-Demand Learning content.

For more information on our pro bono initiatives, or to apply for a scholarship, please visitwww.pli.edu/probono

Register for our live Webcast – attend from your location!

The New York City session of this program is available as a live Webcast,streamed simultaneously on your PC or tablet.

Reserve your front-row seat to watch PLI’s acclaimed faculty as they discussthe hottest legal trends, developments, case law and regulations. . . .View all supporting material. . . . And earn CLE credit. It’s all part of PLI’scommitment to deliver an outstanding learning experience!

Register today at www.pli.edu/KHG5 to reserve your place. Then log in atwww.pli.edu to print the Course Handbook and submit questionselectronically to the faculty.

PLI’s Customer Service Department is also available to assist with anyquestions. Please contact us at (800) 260-4PLI.

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