Fox Rothschild congratulates Partners Phillip B. Martin and Timothy J. Scallen, who were selected to Minnesota Lawyer’s 2024 POWER 30 Mergers and Acquisitions list.
The POWER 30 highlights those “whose mere presence on a case signifies the stakes, who have influenced the direction of the law, whose leadership in the community is pervasive and whose respect within the bar is undeniable.”
As Co-Chair of the Fox’s Private Equity & Investment Management Practice Group, Martin represents a wide variety of clients in acquisitions, divestitures and joint ventures, and advises public clients in securities and corporate governance matters.
In an interview, Martin notes a trend with buyers doing more due diligence. He notes that buyers are really diving into the inner workings of the company and want to get their arms around as much of the unknowns as they can.
On the other hand, he notes, the competition is fierce for the sale of a good company, which means buyers might have to move faster and take risks to get deals done. But the due diligence process is a “necessary evil” to most sellers.
"It almost becomes a full-time job, and they have to run their company. We take as much of the heavy lifting [at Fox Rothschild] as we can," he said.
Scallen, who serves as Co-Chair of the firm’s Mergers & Acquisitions Practice Group, represented Prime Therapeutics in its recent $1.35 billion acquisition of Magellan Rx Management.
He noted in an interview that clients of their caliber are always looking for strategic investments, while private equity businesses tend to slow down in an uncertain economy.
"The scales are going to turn in favor for buyers' non-financial terms, such as equity. Buyers will be able to have more leverage and do more diligence. With more limited buyers, they will take their time to do things right," Scallen said.
Original source can be found here.