When multiple public and private suitors are competing to buy the same company, the increased competition means clients are in need of attorneys who can make their offer look more appealing than the proposals being put forth by rival bidders.
Many industries have undergone major consolidation in the past few years, and the megamergers and multibillion-dollar deals have made it more difficult to find attractive assets at reasonable prices. Nowadays, most asset sales attract a bevy of prospective suitors, so attorneys who know how to sweeten an offer in ways aside from just outbidding the competition are in high demand.
“At the end of the day, in trying to position a client as the preferred buyer, you have to know what really is motivating the seller and what he or she is truly interested in,” explained Howard Berkower, a corporate attorney with McCarter & English LLP. “You have to know what their ultimate goal is.”