M&A Disclosure Schedules

This CLE course will examine the role of disclosure schedules in U.S. and cross-border M&A transactions, review buyer and seller perspectives on updating disclosures, and explain best practices for tailoring disclosures to related provisions of the purchase agreement. The panel will also discuss current "hot issues" in M&A disclosures.

Disclosure schedules, which outline the seller's significant contracts, employee information, and IP, are critical to an M&A purchase agreement. Counsel should tailor disclosure schedules to the terms of the purchase agreement, particularly the representations and warranties provisions.

Disclosures, which may be affirmative or negative, can provide buyers with an opportunity to renegotiate the deal price, require sellers to correct a deficiency, or allow parties to terminate the purchase agreement. Disclosure schedules may require updating after the purchase agreement is signed prior to the closing, in which case, the failure to so update may constitute a breach of the purchase agreement, potentially resulting in significant liability for the seller or its stockholders.

In cross-border M&A transactions, disclosures must consider U.S. privacy laws as well as the foreign country's approach to such issues.

Listen as our authoritative panel discusses the purpose and use of disclosure schedules in U.S. and cross-border M&A deals. The panel will review the legal benefits of disclosures to the seller and buyer, the differences in disclosure approaches in cross-border M&A, and best practices for preparing disclosures.