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Secrets of the Activist Manager

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

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.
 

Private Equity and Digitization: The hidden equity story

August 2016

High prices, fierce competition and few opportunities for multiple arbitrage have made the going tough for private equity funds. Never mind buying at a low price and selling high – those days are gone, at least for now. What sets successful private equity managers apart?

Upcoming Webcast: Trends and Opportunities Shaping Today’s Deals Landscape

August 2016

Join us and The Conference Board on Thursday, September 1 at 3:00 PM ET for the webcast – Trends and Opportunities Shaping Today’s Deals Landscape. It’s a preview of what’s in store at the 2016 Corporate Development Conference.

Seven fundamental tenets of successful integration

August 2016

Delivering deal value is far from a mystery, even in today’s dynamic deal environment. The most experienced dealmakers say they know what to do—and are reporting success. But that success is getting harder to come by.

Strategy+Business: Deals that win

August 2016

In our schema of M&A, deals fall into three categories: leverage, enhancement, and limited fit.

US News and World Report: Nasdaq vs. NYSE: Why Companies Choose One Over the Other

August 2016

The exchanges have distinct histories, though both claim a substantial share of shareholder's dreams. PwC’s David Ethridge weighs in.

Electric Light & Power: PwC: North American Power & Utilities Deals Insights Q2 2016

August 2016

For deals over $50 million, Q2 2016 represented another robust quarter for deal activity in the power and utilities (P&U) sector.

Bloomberg: IBM Said to Be in Early Talks to Acquire Revel Systems

August 2016

Revel is latest startup to consider sale as funding wanes. Point-of-sale company last valued over $500 million last year.

The Construction Index: Size of mergers declines in engineering and construction

August 2016

Latest figures from PwC show a decline in the average size of mergers and acquisitions (M&A) in the global engineering and construction sector.

Upstart Business Journal: Last year's unicorns aren't selling as tech M&A picks up

August 2016

Twenty-one venture-backed tech companies have been acquired this year in deals worth more than $1 billion. But only two were part of the much-hyped unicorn herd.

Did you know: We have a team of dedicated crisis, restructurings and restatements professionals

August 2016

PwC’s Crisis, restructurings and restatements PwC is a global firm that advises clients in financial and operations restructurings, both in and out of court.

Seven fundamental tenets of successful integration

August 2016

Delivering deal value is far from a mystery, even in today’s dynamic deal environment. The most experienced dealmakers say they know what to do—and are reporting success. But that success is getting harder to come by.

Strategy+Business: Deals that win

August 2016

In our schema of M&A, deals fall into three categories: leverage, enhancement, and limited fit.

Do you know how to think like an activist investor?

July 2016

Companies that put themselves in an activist investor’s shoes, are most able to anticipate, prepare for and respond to an activist campaign.

Staying focused on solid valuation strategy in a field of unicorns

July 2016

Whether your company is a start-up or a mature business, good valuations ultimately depend on an understanding of the scope and limitations of various valuation methodologies and the ability to synthesize financial/theoretical knowledge.

PwC's 2016 mid-year deals outlook: slow start, but still active

June 2016

Can we expect a dealmaking turnaround in 2016?

New Mergercast episode: Strategy That Works – How winning companies close the strategy-to-execution gap

June 2016

In Mergercast 55 principals with PwC’s Strategy& J.Neely and Paul Leinwand, who is a co-author of Strategy That Works, discuss how winning companies close the elusive strategy-to-execution gap, and how these relate to choices about M&A.

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.

PwC Expands New Jersey Deals Business

February 2015

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

Upcoming Webcast: Trends and Opportunities Shaping Today’s Deals Landscape

August 2016

Join us and The Conference Board on Thursday, September 1 at 3:00 PM ET for the webcast – Trends and Opportunities Shaping Today’s Deals Landscape. It’s a preview of what’s in store at the 2016 Corporate Development Conference.

Seven fundamental tenets of successful integration

August 2016

Delivering deal value is far from a mystery, even in today’s dynamic deal environment. The most experienced dealmakers say they know what to do—and are reporting success. But that success is getting harder to come by.

Electric Light & Power: PwC: North American Power & Utilities Deals Insights Q2 2016

August 2016

For deals over $50 million, Q2 2016 represented another robust quarter for deal activity in the power and utilities (P&U) sector.

Bloomberg: IBM Said to Be in Early Talks to Acquire Revel Systems

August 2016

Revel is latest startup to consider sale as funding wanes. Point-of-sale company last valued over $500 million last year.

Upstart Business Journal: Last year's unicorns aren't selling as tech M&A picks up

August 2016

Twenty-one venture-backed tech companies have been acquired this year in deals worth more than $1 billion. But only two were part of the much-hyped unicorn herd.

The Construction Index: Size of mergers declines in engineering and construction

August 2016

Latest figures from PwC show a decline in the average size of mergers and acquisitions (M&A) in the global engineering and construction sector.

San Francisco Business Times: With tech M&A increasing, unicorns may be left in the lurch

August 2016

A report by CB Insights found that only 2 of the 21 $1B tech M&As this year have involved Unicorn companies.

Business Insider: Tech deals have hit a speed bump this year, but that's set to change

July 2016

Mergers and acquisitions in the sector reached about $83 billion in value in the second quarter of this year, down 3% from a year earlier, according to a report by PwC's Matthew Stumpf.

Chain Store Age: Report: Retail M&A activity strong in Q2

July 2016

Deal volume in the second quarter in the sector reached its highest level in the past 12 months, with 282 announced deals, up 5% over the first quarter.

Midland Reporter-Telegram: Wheeling and dealing makes a comeback

July 2016

Wheeling and dealing in the oil patch took an extended break as the industry copes with low oil and natural gas prices. Doug Meier interviewed.

PwC's 2016 mid-year deals outlook: slow start, but still active

June 2016

Can we expect a dealmaking turnaround in 2016?

Seven factors for successful alliances and joint ventures

June 2016

Strategic alliances are definitely on the rise but many companies can’t achieve the growth they want without the complementary capabilities of partners. We believe there are seven factors or steps that can help position your alliance or joint venture for success.

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's Deals practice reviews the landscape for JVs and alliances, factors motivating their use, associated challenges, and leading practices for executing successful arrangements.

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

August 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.

Private Equity and Digitization: The hidden equity story

August 2016

High prices, fierce competition and few opportunities for multiple arbitrage have made the going tough for private equity funds. Never mind buying at a low price and selling high – those days are gone, at least for now. What sets successful private equity managers apart?

US News and World Report: Nasdaq vs. NYSE: Why Companies Choose One Over the Other

August 2016

The exchanges have distinct histories, though both claim a substantial share of shareholder's dreams. PwC’s David Ethridge weighs in.

Considering an IPO? Have you thought about Sustainability Disclosures?

July 2016

Today’s investors have raised the bar on what they consider material to the performance of their investments. In addition to financial information, investors are calling for transparency on a host of issues—many of them in the area of sustainability.

Green shoots appear – US IPO market thaws: Q2 2016 IPO Watch

July 2016

Investors began to test the US IPO market in the second quarter after the slowest start to the year since 2009. However, June saw increased concern around the economy and geopolitical events.

PwC's 2016 mid-year deals outlook: slow start, but still active

June 2016

Can we expect a dealmaking turnaround in 2016?

The quarter close: Volatility and accounting impacts

June 2016

Hear Neil Dhar, Brian Ness, and John McKeever highlight the driving factors and discuss some of the accounting impacts.

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.

Which market? An overview of New York, London, Hong Kong and Singapore stock exchanges

May 2016

To help you determine which options are best for your company, this brochure identifies the main regulatory requirements involved in a listing in some of the current leading global stock exchanges: New York, London, Hong Kong and Singapore.

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.

10Minutes on hedge fund activism: Strategies for staying out of activist cross hairs

August 2016

To understand what's behind the rise in hedge fund activism, PwC has isolated six common company vulnerabilities that put a company at risk for an activist attack.

Taking a break: Megadeals and imposed divestitures in the Retail and Consumer sector

July 2016

Megadeals in the R&C sector have brought increased regulatory scrutiny resulting in many companies divesting assets. Learn about operational considerations that can help minimize complexity and accelerate the transition timeline.

3 tips to improving your options in dealmaking – Using divestitures to create “addition” by “subtraction”

July 2016

Clients need to thoroughly understand their divestiture options and realize how they play into the bigger picture of a deal or strategic direction of the business.

PwC's 2016 mid-year deals outlook: slow start, but still active

June 2016

Can we expect a dealmaking turnaround in 2016?

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.

Moving toward a permanent desire for deals?

December 2015

Top findings from PwC’s 2016 US CEO Survey.

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.

Did you know: We have a team of dedicated crisis, restructurings and restatements professionals

August 2016

PwC’s Crisis, restructurings and restatements PwC is a global firm that advises clients in financial and operations restructurings, both in and out of court.

PwC's 2016 mid-year deals outlook: slow start, but still active

June 2016

Can we expect a dealmaking turnaround in 2016?

Restructuring game

February 2016

How game theory is being applied in complex restructuring scenarios.

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.

US retail and consumer deals insights: Q2 2016 update

July 2016

Retail and consumer deal volume continued its positive trajectory, reaching its highest level in the past four quarters.

US technology deals insights - analysis and trends in US technology M&A - Q2 2016 update

July 2016

Despite global economic uncertainties, 2016 is keeping pace with 2015’s record-breaking year for tech M&A. Following a modest start to the year, dealmakers came alive late in Q2’16 with a handful of multi-billion dollar transactions.

Pharmaceuticals and Life Sciences Deals Insights Quarterly Q2 2016

July 2016

The Pharma and Life Sciences (PLS) sector saw a decline in deal volume but a rebound in deal value in the second quarter of 2016 when compared to the first quarter of 2016.

CNBC.com: What's in a name? For Trump, it could be $3.3 billion

July 2016

Because brands are intangible assets belonging to individuals and companies, there's a lot of disagreement on how to estimate brand valuation.

US Health Services Deals Insights - Q1 2016 update

May 2016

The first quarter of 2016 presented mixed results in deal volume and deal size across the Health Services sectors following a record breaking 2015 for mergers and acquisitions.

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.

Cross-sector valuation

December 2014

What non-tech companies should consider when acquiring tech targets

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