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Secrets of the Activist Manager

Outside investors have their megaphones. But insiders have a more powerfull tool for creating value...

2015 Annual US Capital Markets Watch

Our publication identifies and assesses activity and trends in both the US equity and debt capital markets in 2015.
Learn more

PwC's 2016 US CEO Survey

46% of US CEOs plan to complete a domestic M&A

Joint Ventures and Strategic Alliances: Examining the keys to success

The paper discusses the current landscape for JVs and alliances, factors motivating their use, associated challenges, and leading practices for executing successful arrangements.


PwC's Deals Practice provides in-depth insights on critical M&A issues gleaned from advising many of the world's leading corporations and private equity firms.
 

Considering an IPO? Insight into the mindset of institutional IPO investors in the US

May 2016

We recently surveyed 150 institutional investors that invested in IPOs in 2015. Sophisticated investors are asserting more control over the information flow during the IPO process and have access to more information than before.

IPO Market Improving in Q2, But Not by Much

May 2016

Neil Dhar provides insight on the current state of the IPO market and his outlook for Q2.

IPO Market Improving in Q2

May 2016

Neil Dhar provides insight on the current state of the IPO market and his outlook for Q2.

The top 3 considerations for your deals playbook

May 2016

By Andrew Miller, Deals Partner Unease around risk and market volatility is at an all-time high, but that hasn’t slowed companies’ enthusiasm for growth.

M&A when the target is digital

April 2016

Last year represented a record for M&A transactions globally, with blockbuster deals in healthcare, consumer products, chemicals, and many other industries.

The Wall Street Journal: "Is the IPO Market Beginning to Thaw?"

April 2016

Daniel Klausner provides insight on the IPO market and how some companies are waiting to see stability before launching their offerings period

Reuters: “MGM Growth raises $1.05 billion in IPO”

April 2016

Daniel Klausner provides insight on the IPO pricing for real estate investment trust MGM Growth Properties LLC.

Martyn’s Corner: After 2015, what’s the appetite for deals among CEOs?

April 2016

Last year was a robust year for M&A in terms of both scale and ambition. And although the pace of deal-making paused early this year as executives took stock of both last year’s activity levels and renewed choppiness in the global economic environment, the appetite for new deals and strategic alliances remains as strong.

Checking for a pulse: Q1 2016 IPO Watch

April 2016

The equity and high-yield markets nearly ground to a halt in 1Q16 as volatility spiked in the first half of the quarter due to persistent challenges to growth forecasts. Slumping oil prices, uncertainty around the Fed’s interest rate policy, and continued China economic concerns took markets sharply down, however they have climbed back to a point where issuers and investors may feel confident enough for a constructive rebuilding of the IPO market.

The Restructuring Game–our thoughts on how game theory is being applied in complex restructuring scenarios

April 2016

The markets in 2016 have started this year very differently to the same period in 2015. Uncertainty has meant that many companies are waiting for the IPO window to open and while the S&P500 and Dow Jones Industrial Average are both in positive territory for the year, this contrasts sharply from the position in February, where both the DJIA and the S&P500 were down by more than 10% against the end of 2015.

The top 3 considerations for your deals playbook

May 2016

By Andrew Miller, Deals Partner Unease around risk and market volatility is at an all-time high, but that hasn’t slowed companies’ enthusiasm for growth.

M&A when the target is digital

April 2016

Last year represented a record for M&A transactions globally, with blockbuster deals in healthcare, consumer products, chemicals, and many other industries.

PwC year-end deals outlook for 2016: Dealmakers are running with the bulls

December 2015

It’s full steam ahead for deals with record-breaking activity including a recent frenzy of megadeals. A low growth environment coupled with disruptive forces are fueling this hyper mega deal environment momentum going into the New Year.

Shareholder Activism: Strategies for mitigating risk and responding effectively

March 2015

Today's activist shareholders are ramping up pressure on companies and their boards to demonstrate clear strategic vision and a roadmap for maximizing value. The increase in shareholder activism has motivated many companies to become more proactive about examining their portfolios and capabilities and determining what fits both strategically and financially. PwC takes a hard look at a number of important questions for any company that finds itself the object of a shareholder activist's advances.

PwC Expands New Jersey Deals Business

February 2015

Firm adds new positions to support growing New York Metro Deals team

US technology deals insights - analysis and trends in US technology M&A

May 2016

Despite a mild slow down during mid-2015, the fourth quarter surpassed expectations. Consolidation in the Semiconductor sector contributed the most to deal values, while the Software and IT Services sectors led overall deal activity.

US Entertainment, Media and Communications Deal Insights: First quarter 2016

May 2016

Coming off the second consecutive quarter of decline, deal volumes improved during Q1’16, increasing by 6% to 183 deals.

Alliances: Planning and governance – the keys to success (M&A snapshot)

May 2016

When pursuing a joint venture or alliance, establishing a proper governance structure is critical for success. Learn more in our new M&A snapshot.

Banking & Capital Markets Deals Insights

May 2016

In the first quarter of 2016, M&A in the banking sector started very slowly, with valuation multiples staying steady. The equity markets began the year even slower, with the IPO slow down hitting all sectors, including banking, which had no IPOs in the first quarter for the first time since the Financial Crisis.

M&A when the target is digital

April 2016

Last year represented a record for M&A transactions globally, with blockbuster deals in healthcare, consumer products, chemicals, and many other industries.

The top 3 considerations for your deals playbook

April 2016

By Andrew Miller, Deals Partner Unease around risk and market volatility is at an all-time high, but that hasn’t slowed companies’ enthusiasm for growth.

US retail and consumer deals insights: Q1 2016 update

April 2016

In the retail and consumer sector, Q1 2016 deal activity fell below expectations. Both deal volume and value decreased in the sector during the quarter compared to Q4 2015 and Q1 2015. The decline from Q1 2015 was mostly driven by The Kraft Heinz Company merger for $53.1 billion in Q1 2015, the largest deal in the sector’s history.

Alliances: Innovative transaction structures in a changing economic environment (M&A snapshot)

April 2016

Alliance and joint ventures are on the rise. When should you consider partnering and what are the potential accounting implications? Read more here

Resetting the compass: How high growth market buyers are moving M&A in a new direction

March 2016

We investigate what High Growth Market buyers are looking for in mature market targets; including how buyers and sellers can manage deals successfully.

Automotive M&A Insights – Mid Year Review 2013

March 2016

This PwC quarterly publication reviews the status of global automotive deal activity among vehicle manufacturers, suppliers, financiers, and other related sectors, as well as key trends that impacted the deal market in the first half of 2013, transaction activity by sector and region, and PwC's perspective on the road ahead

Alliances: Planning and governance – the keys to success (M&A snapshot)

May 2016

When pursuing a joint venture or alliance, establishing a proper governance structure is critical for success. Learn more in our new M&A snapshot.

Joint Ventures and Strategic Alliances: Examining the keys to success

April 2016

PwC lays out the current landscape for JVs and alliances, factors motivating their use, associated challenges, and leading practices for successful execution.

Alliances: Innovative transaction structures in a changing economic environment (M&A snapshot)

April 2016

Alliance and joint ventures are on the rise. When should you consider partnering and what are the potential accounting implications? Read more here

PwC year-end deals outlook for 2016: Dealmakers are running with the bulls

December 2015

It’s full steam ahead for deals with record-breaking activity including a recent frenzy of megadeals. A low growth environment coupled with disruptive forces are fueling this hyper mega deal environment momentum going into the New Year.

Courting China Inc: Expectations, pitfalls and success factors of Sino-foreign business partnerships in China

June 2015

Forming business partnerships through joint ventures remains an attractive way to do business in China. However, establishing and operating a successful business partnership is not getting easier, and the ability to anticipate, prevent and resolve challenges associated with partnerships is more important than ever.

Capital Markets Watch weekly

May 2016

This report is a snapshot of the IPO market in the US including pricing, withdrawals, headlines for the week and a look forward to next week.

Considering an IPO? Insight into the mindset of institutional IPO investors in the US

May 2016

We recently surveyed 150 institutional investors that invested in IPOs in 2015. Sophisticated investors are asserting more control over the information flow during the IPO process and have access to more information than before.

Checking for a pulse: Q1 2016 IPO Watch

April 2016

The equity and high-yield markets nearly ground to a halt in 1Q16 as volatility spiked in the first half of the quarter due to persistent challenges to growth forecasts. Slumping oil prices, uncertainty around the Fed’s interest rate policy, and continued China economic concerns took markets sharply down, however they have climbed back to a point where issuers and investors may feel confident enough for a constructive rebuilding of the IPO market.

Navigating Your IPO

April 2016

Most private companies are likely unprepared to be public. PwC’s thorough IPO services bring together an integrated set of capabilities to help companies as they prepare for the public markets.

Cross-border IPOs: Choice in an uncertain world

March 2016

The cross-border IPO is here to stay. This in-depth report from PwC and Baker & McKenzie, supported with data and interviews with capital markets players, explores how we got here, what’s driving the growth, and where this important trend is leading.

How Will a Cooling Finance Market Impact Deals? - February 9, 2016

February 2016

2015 saw a record number of mega deals, however the financing fuel may be starting to fizzle with many banks building up their reserves on loans and the recent volatility in the global equity markets impacting investor strategy.

US capital markets remained vibrant in 2015 - January 26, 2016

January 2016

Despite slowing down, the US capital markets raised more funds in 2015 than in 2014 making the year an attention-grabber with noteworthy trends.

2015 US Capital Markets watch - analysis and trends

January 2016

2015 Annual US Capital Markets Watch: Analysis and trends

2016 US CEO Survey: Moving toward a permanent desire for deals?

December 2015

US business leaders will be working hard on two fronts to grow in 2016: Taking on new deals (acquiring and selling) and successfully integrating deals already done.

Q4 IPO Watch: Investors Pressure IPOs, Returning Market to a More Normalized Pace - December 17, 2015

December 2015

Investor demand for IPOs decreased in the fourth quarter characterizing it by declines in filings and weaker pricing, however a hot M&A market drove fierce competition with record high deal value.

Divesting with style

May 2016

A multi-branded fashion retailer relied on perfectly tailored financial analysis and operational execution to sell two of its brands quickly for the most attractive price.

A billion dollar successful separation

May 2016

A multi-billion-dollar energy company successfully launches an MLP IPO and separates into two new companies that are ready to run on Day One.

2016 US CEO Survey: Moving toward a permanent desire for deals?

December 2015

US business leaders will be working hard on two fronts to grow in 2016: Taking on new deals (acquiring and selling) and successfully integrating deals already done.

PwC year-end deals outlook for 2016: Dealmakers are running with the bulls

December 2015

It’s full steam ahead for deals with record-breaking activity including a recent frenzy of megadeals. A low growth environment coupled with disruptive forces are fueling this hyper mega deal environment momentum going into the New Year.

Stakeholder Management for Divestitures and Separations

November 2015

Stakeholder management is a catalyst for many important divestiture activities. Active stakeholder engagement throughout the deal lifecycle will help companies maximize deal value.

Facilities Separation

July 2015

Facilities separation is a highly cross-functional activity and should begin early in the divesture planning process, and its impacts on operations, transaction value, employee culture, and productivity should not be underestimated.

Transition Cost Management

June 2015

See how a systematic approach to transition cost identification and management helps articulate the value of the separated business, drives informed decision making, enables fruitful negotiations, and positions the remaining business for success.

Divestiture Management Office

May 2015

A well-defined divestiture process and set of fundamental activities rolled out by the Divestiture Management Office (DMO) helps achieve early wins, build momentum, and instill confidence among stakeholders.

Shareholder Activism: Strategies for mitigating risk and responding effectively

March 2015

Today's activist shareholders are ramping up pressure on companies and their boards to demonstrate clear strategic vision and a roadmap for maximizing value. The increase in shareholder activism has motivated many companies to become more proactive about examining their portfolios and capabilities and determining what fits both strategically and financially. PwC takes a hard look at a number of important questions for any company that finds itself the object of a shareholder activist's advances.

Spin-off transactions - creating a new public entity

September 2014

Spin-offs represent a growing trend in recent years. Is there one in your future? Gain insight into the spin-off process including developing carve-out financial statements and creating a sustainable stand-alone entity.

The Restructuring Game

February 2016

Game theory is found in many places in the financial world, but there are few interesting examples in the financial restructuring space. But with increasingly complex stakeholder dynamics in large restructuring cases, there are some noteworthy cases.

Business Recovery Services industry insights – Retail

December 2014

For many companies in the retail industry—a sector of the U.S. economy already facing significant uncertainty and growing distress—the holiday shopping season is causing anxiety.

Companies in distress - Bankruptcy process and reporting consideration (M&A snapshot)

November 2014

Overview of the bankruptcy process and key financial reporting considerations in bankruptcy.

Companies in distress - A successful turnaround requires decisive decision (M&A snapshot)

October 2014

Signs your company might be in distress and actions it can take to turn the business around.

Investing in distressed: Not for all: PwC

May 2008

From retail to consumer cyclical to restaurants to automotive to financial services, the number of business restructuring announcements has increased. Stock prices have plummeted. Margins are being squeezed. The signs are all around us: excess leverage, operating losses, weak management and strategy or operations not built for a downturn. Now may be the right time for investing in distressed.

US technology deals insights - analysis and trends in US technology M&A

May 2016

Despite a mild slow down during mid-2015, the fourth quarter surpassed expectations. Consolidation in the Semiconductor sector contributed the most to deal values, while the Software and IT Services sectors led overall deal activity.

Banking & Capital Markets Deals Insights

May 2016

In the first quarter of 2016, M&A in the banking sector started very slowly, with valuation multiples staying steady. The equity markets began the year even slower, with the IPO slow down hitting all sectors, including banking, which had no IPOs in the first quarter for the first time since the Financial Crisis.

US retail and consumer deals insights: Q1 2016 update

April 2016

In the retail and consumer sector, Q1 2016 deal activity fell below expectations. Both deal volume and value decreased in the sector during the quarter compared to Q4 2015 and Q1 2015. The decline from Q1 2015 was mostly driven by The Kraft Heinz Company merger for $53.1 billion in Q1 2015, the largest deal in the sector’s history.

Cross-sector valuation: What entertainment, media & communications companies should consider when acquiring tech targets

December 2014

As entertainment, media & communications (EMC) companies continue transforming themselves through technology-focused acquisitions, unique valuation issues can challenge deal success.

The valuation impact caused by changing times: Why economic obsolescence matters for retail companies

June 2014

Economic obsolescence can become a significant issue when a company has or is acquiring assets – such as store or restaurant locations – that generate separate identifiable streams of cash flows. This publication discusses factors that typically cause economic obsolescence and the potential impact, including illustrative examples and case studies.

Valuing consumer brands

March 2013

Mergers and acquisitions for retail and consumer product companies can be influenced by the brands involved in the transaction. Such "brand-rich" transactions can bring accounting complexities that requires close attention to the valuation and purchase accounting process.

Entertainment & Media asset valuation in the Digital Age

July 2012

PwC believes that the traditional methods employed to value intangible E&M assets — while still valid — may ultimately need to evolve in the interest of improved reporting. This new publication, Why Entertainment and Media companies should reassess asset valuation in the Digital Age, discusses some timely valuation issues for E&M companies