At AZ nu viser seg å ha vært under dd med en gigadeal under covid 19 samtidig som PCIB satte hardt mot hardt og ville ha deal passet sannsynligvis svært dårlig. Kunne ikke ha vært dårligere kombinasjon for en deal med AZ for PCIB når det var gigadeal under working OG covid 19 fokus.
Jeg håper og tror det uten disse forhold ville ha vært en PCIB og AZ deal på en eller annen kommersiell skala. Skikkelig uheldig timing og stang ut ble fasit. Hva bygger slik spekulasjon på, jo, uttalt svært gode resultater og som skal utformes i journal med AZ!
Så vil det kunne spekuleres videre om dette øker en liten sannsynlighet for at AZ igjen vil foreslå et mulig samarbeid med PCIB? Jeg ble mindre sikker i min sak nu om at det var helt usannsynlig. Heller mer mot en liten mulighet fortsatt. En eller annen form for samarbeid? Tja, hvem vet.
2. Timing and Delay in M&A Deals
For both existing M&A deals that survive the pandemic and new deals entered into during the pandemic, it is expected that deal timelines will be significantly extended. Each stage of a typical transaction, including preliminary discussions between the parties, the negotiation of letter of intent or term sheet, the negotiation of a definitive acquisition agreement, and the pre-closing period, will likely take longer to accomplish. These delays will result from a number of pandemic-related factors, including the following:
- Negotiations will take longer: the overused adage of “getting everyone in the room” to get a deal agreed is not currently possible.
- Due diligence will take longer, and new M&A due diligence issues will need to be addressed.
- Third-party consents (such as from landlords, customers, and intellectual property licensors) will take longer to obtain.
- There will be delays in obtaining any necessary antitrust or other regulatory approvals. The Department of Justice has asked firms involved in mergers and acquisitions to add 30 days to their deal timing agreements, and European competition regulators have suspended investigations of a number of proposed deals.
- Buyers and their boards of directors are going to be much more cautious, and internal justifications for dealmaking in this environment will need to be more compelling.
- M&A agreement terms will take longer to negotiate as buyers will want to shift more closing risk and (where applicable) indemnity risk to sellers, and sellers will seek comfort that the persistence of the pandemic will not permit buyers to walk away from deals based on “buyer’s remorse.”
- Buyers will have concerns about their ability to properly value a seller in this environment. Valuations from comparable transactions, even those entered into very recently, will likely be no longer applicable.
- Buyers requiring financing will encounter delays resulting from the unsettled state of debt markets and available liquidity, and M&A lenders may seek closing conditions that are even more stringent than those sought by buyers, increasing closing risk for both buyers and sellers.
Disse ovennevnte punkter i dd under covid som vurderes og i tillegg megadeal for AZ gjorde deal med kort frist satt fra en biotekmygg tilnærmet umulig. Skikkelig uflaks for PCIB?
