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Venture Briefing: Do I Really Need to Read That? YES! Venture Briefing: Do I Really Need to Read That? YES!

Venture Briefing: Do I Really Need to Read That? YES!

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2014 IPO Market on Tap to Be Biggest Since 2000
The stage is set for a "robust autumn" in the U.S. initial public offering market, according to Renaissance Capital -- so robust that it will easily make 2014 the biggest year for IPOs since 2000. Alibaba -- China's Internet giant -- will lead the headlines with its estimated $20 billion IPO, of course, but plenty of other industries and sectors are lined up to debut on the U.S. stock market.
(Source:, 2014-09-03) Read the full article
Report Warns Corporate Tax Inversions Could Harm Credit Ratings
American companies shifting their headquarters overseas to reduce taxes face a potential downside -- lower credit ratings, Standard & Poor's warned in a new report. So-called inversions, which have been on the rise, involve a U.S. firm buying a smaller rival in a foreign country with a lower corporate tax rate and moving its headquarters there.
(Source: Los Angeles Times, 2014-09-10) Read the full article
Number of 'Fundless Sponsor' Deals Growing in PE Market
A growing number of private equity executives without capital of their own to invest are finding deals and shopping them to other private equity firms. And private equity firms are buying.
(Source: Pensions & Investments, 2014-09-15) Read the full article
Wall Street Firms Reducing Number of 'Take-Private' Deals
The private equity firms of Wall Street have all but stopped taking companies private. Firms like Kohlberg Kravis Roberts and the Blackstone Group -- known for using billions of dollars in capital and large amounts of debt to buy publicly traded companies -- have virtually ceased such "take-private" transactions this year, Goldman Sachs analysts noted in a research report.
(Source: The New York Times, 2014-09-09) Read the full article
Investment Community Making Changes in Use of Proxy Advisers
From the moment they arrived on the scene en masse after the Enron crisis, proxy advisers have been stirring up controversy. In the interest of demonstrating diligence vis-à-vis governance issues for the companies they own, money managers have hired proxy advisers with strong views.
(Source: IR Magazine, 2014-09-04) Read the full article
Number of Startup Companies Beginning to Drop Off
The image of the U.S. as bursting with entrepreneurial zeal, it turns out, is more myth than reality. In truth, the rate at which new companies are being formed has fallen steadily for more than three decades.
(Source: Los Angeles Times, 2014-09-07) Read the full article
Growing Number of Female Angel Investors Aiding Women-Run Firms
Women are running an increasing number of America's startups, and they make up a growing share of the angel investors funding them. Today women make up about 20 percent of both the entrepreneurs and the investors involved in angel deals, up from single-digits a decade ago, according to the University of New Hampshire's Center for Venture Research.
(Source: Bloomberg Businessweek, 2014-09-10) Read the full article Establishes $100 Million Venture Capital Fund
To help make sure that can compete for the interest of mobile app developers, the corporate software powerhouse is taking an unusual step: setting up a special venture capital fund. The company announced that its existing investment arm had set up the Salesforce1 Fund, a $100 million pool of money earmarked for start-ups creating apps for mobile phones.
(Source: The New York Times, 2014-09-08) Read the full article
Private Equity, V.C. Firms Betting on Strong Latin American Market
Private equity and venture capital firms are setting up for more bets in Latin America after strong fundraising this year. Some $3.5 billion earmarked for the region was collected during the first half of 2014, according to new data from the Latin American Private Equity & Venture Capital Association.
(Source: CNBC, 2014-09-08) Read the full article
Do I Really Need to Read That? YES!




Edward Braum Stephen B. Edwars

It is easy to get sellers to focus on the numbers driven economic terms of an acquisition agreement. If nothing else, the principals of the seller will almost certainly review and comment on the purchase price, escrowed amounts, and indemnification baskets, caps and limitations. Sellers want to know what they are going to receive and when, and they also want to know what their continuing exposure will be following the closing of the transaction. Read full article online.


By The Numbers

When Microsoft first offered its shares to the public in 1986, an event known as an initial public offering, it was valued at just $1.1 billion ($2.3 billion in 2014 dollars). In contrast, Facebook didn't have an IPO until 2012, when the company was worth $104 billion.
Source: Vox


Services Group

Ice Miller has been one of the most active law firms in the private equity industry over the last decade, representing both entrepreneurs building great companies and the private equity firms and individuals that invest in them. We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financing; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies. In addition, over the past 10 years, Ice Miller has represented hundreds of emerging growth businesses in various industries on such matters as entity formation, capitalization, capital raising, alternative financing, intellectual property rights and protection, growth and exit strategies, corporate governance, tax matters, and many other legal issues that are critical to the growth and success of an emerging company.

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This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.

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