Media Mentions
2010
Dennis White was quoted by Marketwatch.com on May 5 regarding merger and acquisition trends shown in the latest Association for Corporate Growth (ACG) – Thomson Reuters survey. Mr. White, who is ACG chairman, said that dealmakers are more positive about the M&A environment, noting that “the pervasive sense of frustration among M&A professionals is lifting as they become increasingly occupied sourcing and evaluating potential deals.” He added that “there is always a bit of a time lag between the time company owners decide to sell, when the investment bankers and business brokers organize the sales process, and when the private equity firms or strategic acquirers bid and then close the deals.”
, Corporate, Mergers & Acquisitions, Private Equity
Dennis White spoke to Financier Worldwide (April 2010) concerning 2010 mid-market merger and acquisition trends according to the latest survey of deal professionals by the Association for Corporate Growth, which Mr. White chairs. The survey “seems to lend credence to the fact that strategic investors and distressed sales will lead the way,” Mr. White said. “But as the credit and lending markets continue to strengthen in the wake of the crisis, increased leverage should be available, though not likely at the levels seen pre-crisis.” He added that “there is now a realization by most sellers that their expectations need to be lowered from the go-go days of pre-2008.”
, Corporate, Mergers & Acquisitions
Dennis White is quoted in a March 4 Business Wire dispatch about the Association for Corporate Growth’s new officers and Board of Directors. Mr. White was 2009-2010 Chairman of ACG during what he called “an extraordinary year” with a “challenging financial climate.” For 2010-2011, Mr. White will become ACG’s Immediate Past President.
Dennis White spoke to dBusinessNews on February 11 (in a story also carried February 12 on CarolinaNewswire.com) about a new report by the Association for Corporate Growth (which Mr. White chairs) concerning middle-market deal activity. The report “highlights the vibrancy of middle-market private equity deals,” Mr. White said. “In the most difficult capital market in decades, private investors continued to find values and value in the middle market.” He added that through such deals, middle-market private equity firms “are growing the economy and creating new job growth, one investment at a time.”
, Mergers & Acquisitions, Private Equity
Dennis White was quoted by Mergers and Acquisitions: The Dealmakers Journal (February 1) concerning the findings of the 2009 year-end M&A dealmakers survey conducted by the Association for Corporate Growth (which Mr. White chairs). “Dealmaking continues to be caught in the doldrums, with limited activity outside of distressed sales and select strategic investments,” Mr. White said, “but the fact that merger professionals express heightened optimism about 2010 [in the ACG survey] is a hopeful sign that a freshening wind will arise.”
, Corporate, Mergers & Acquisitions
Dennis White was quoted by CarolinaNewswire.com on January 4 in a story concerning the latest survey of merger and acquisition activity by the Association for Corporate Growth, for which he serves as Chairman and Senior Counsel. “Dealmaking continues to be caught in the doldrums with limited activity outside of distressed sales and select strategic investments,” Mr. White said of the new survey results. But, he added, “the fact that merger professionals express heightened optimism about 2010 is a hopeful sign that a freshening wind will arise.”
, Corporate, Mergers & Acquisitions
2009
Dennis White commented December 14 for Mergers & Acquisitions Report regarding the latest bi-annual survey of M&A professionals made by the Association for Corporate Growth (which Mr. White chairs). He noted that the survey showed it is “difficult for buyers and sellers to come to agreement on value and see eye-to-eye” regarding transactions in today’s market conditions. “Sellers are pretty cautious these days and don’t want to overpay,” Mr. White said, adding that private equity firms are devoting “quite a bit of their time to pursuing distressed deals.”
, Corporate, Mergers & Acquisitions, Private Equity
Dennis White spoke to CFO.com on December 11 concerning the new survey of merger and acquisition activity by the Association for Corporate Growth (which he chairs). He said that strategic buyers of companies “for the moment have a strong advantage over private equity firms, who have to round up bank financing to get their deals done,” adding that these strategic buyers “are sitting on cash or have pre-negotiated lines of credit” and are often looking for “niche, synergistic businesses, particularly in technology and clean tech.” Mr. White also said sellers and buyers of companies are having difficulty agreeing on valuations. “Sellers try to argue that you shouldn’t look at the current environment when valuing their company, … [b]ut buyers are reluctant to buy that argument,” he noted.
, Corporate, Mergers & Acquisitions, Private Equity
Dennis White was quoted by Private Equity Professional Digest on December 9 regarding the Association for Corporate Growth’s new survey of merger and acquisition activity. “Deal making continues to be caught in the doldrums with limited activity outside of distressed sales and select strategic investments, but the fact that merger professionals express heightened optimism about 2010 is a hopeful sign that a freshening wind will arise,” Mr. White declared.
, Corporate, Mergers & Acquisitions, Private Equity
Dennis White was interviewed December 9 on CNBC’s Power Lunch concerning a new Association for Corporate Growth survey of dealmakers involved in M&A activity. “Buyers are in the driver’s seat in M&A deals according to the survey, and right now they are largely corporate buyers who are looking for strategic opportunities to purchase companies that have synergistic fit with their existing business,” Mr. White stated. He noted that up to 9 percent of current M&A deals are by such corporate buyers, because private equity firms are having difficulty raising cash for their own deals. “Cash is king right now,” Mr. White added, “as virtually all M&A deals are being done as cash transactions – particularly those involving distressed companies that need cash to pay off their creditors.”
, Corporate, Mergers & Acquisitions, Private Equity
Dennis White was quoted by Boardmember.com on October 8 in an examination of what company director and officer (D&O) liability insurance policies may or may not cover. “Many lawyers don’t fully understand the intricacies” of such policies, Mr. White stated, adding that he sees many directors and officers who “hold all too common a misconception that D&O insurance policies are standard. Nothing can be further from the truth.” One proactive strategy that Mr. White suggested is reviewing the indemnification provision in the company’s charter documents. “The charter [often] goes back 10 or 20 years and is not necessarily updated,” he warned. “Be sure the corporate charter provides indemnification to the maximum amount allowed by law.”
Dennis White was cited in a Plain Dealer story also carried on Dow Jones Factiva (September 10) concerning a two-day conference of six Midwest chapters of the Association for Corporate Growth. The conference brought together executives from private equity firms and investment banks, and Mr. White, global chairman of ACG, said that generating leads on private equity transactions was one purpose of the gathering.
Dennis White gave PEI Manager (August 2009) a detailed analysis of new accounting standards for the “earnout” method of supplemental payments to bridge a pricing gap between buyer and seller. Previously earnouts were booked at the time of payment, but under the new standard the buyer has to record the fair value at the time of closing. “The rationale is that it affords a more accurate picture of the real economic impact of doing these transactions and provides more transparency,” Mr. White said. He added, however, that “earnouts are difficult to do to begin with,” and the new standards might make accounting for earnouts so complex that “many buyers are saying [that] … it’s more trouble than it’s worth” to close a valuation gap.
Dennis White discussed in The New York Times “Deal Book” (August 20) a variety of issues that principals of private equity firms should consider if they serve as directors of portfolio companies that the firms wish to sell. Mr. White examined a recent Delaware Chancery Court case in which the court ruled in favor of common shareholders suing directors who had approved the sale of a company in a deal that benefitted only preferred shareholders, holding that the directors were not shielded by the business judgment rule because they were employees of private equity firms that were preferred shareholders. “Private equity designees to portfolio company boards should recognize that they represent deep pockets for litigious … shareholders,” Mr. White stated, “and, given the potential for conflicts of interest arising from their positions, they are vulnerable to suit and potential personal liability.”
Dennis White commented for Forbes.com (July 14) concerning likely trends in merger and acquisition transactions. He stated that he foresaw potential activity in such business sectors as health care, life sciences and manufacturing, with numerous sales of distressed assets to firms that have the capital in-house to make the acquisition. Mr. White also noted that credit markets have stabilized, if not loosened, which will also support M&A activity.
, Corporate, Mergers & Acquisitions
Dennis White was quoted by VC Experts on May 27 on a survey of the M&A environment by the Association for Corporate Growth and Thomson Reuters. He stated that "the credit crunch remains a major roadblock to economic growth and an uptick in M&A volume. [But] with the bank stress tests behind us, there is guarded optimism that the worst is over and that in the coming months credit will at least begin to start flowing again." Mr. White noted that currently many PE firms "do not want to abandon their investment discipline by doing deals with troubled companies that turn out to be fundamentally flawed. [However], the current economy almost demands that PE firms take a more hands-on approach with their portfolio companies, … coming to difficult decisions as to what companies they will continue to actively support and those they will leave to their own devices. This phenomenon will ease once the economy improves."
, Corporate, Mergers & Acquisitions
Dennis White commented in SNL Financial (May 21) on a survey of the merger and acquisition environment by the Association for Corporate Growth and Thomson Reuters. Mr. White said the M&A market is "bottoming out," particularly with regard to middle-market companies, and added: "There is at least a guarded optimism that things are going to improve, at least in terms of deal volume, in the next six months."
, Corporate, Mergers & Acquisitions
Dennis White was quoted in a story that appeared in several city versions of The Business Journal (May 13) and other publications concerning the current merger and acquisition outlook. Commenting on a survey by the Association for Corporate Growth and Thomson Reuters, Mr. White said that "the M&A environment is clearly stalled, but there is a growing sense that we are at or near the bottom." He added that an anticipated increase in activity "will be led by sales of distressed companies to bargain-seeking private equity firms and strategic buyers. Deal normalcy will have to await a genuine loosening of the credit markets an overall improvement in the economy."
, Corporate, Mergers & Acquisitions, Private Equity
Dennis White was quoted by the CFO.com on May 13 regarding the slowdown of deals. Mr. White said that some companies have few options for getting on their feet beyond selling in a distressed state or liquidating. He told CFO.com that reasons for the slowdown in deals include buyers' ability to get financing and price. According to the Association for Corporate Growth and Thomson Reuters biannual survey the industry expects merger and acquisition activity to increase in 2009.
, Corporate, Mergers & Acquisitions, Private Equity
Dennis White was quoted in Business Week and by the Business Wire (May 13) in response to a biannual survey of private equity firms, law firms, and investment banks by the Association for Corporate Growth and Thomson Reuters. Of those surveyed, more than 50 percent expect the merger and acquisition activity to increase this year. "Dealmakers are cautiously optimistic," Mr. White told Business Week. He elaborated for the Business Wire, "The M&A market is clearly stalled, but there is a growing sense that we are at or near the bottom….The anticipated increase in activity will be led by sales of distressed companies to bargain-seeking private equity firms and strategic buyers. Deal normalcy will have to await a genuine loosening of the credit markets and an overall improvement in the economy."
, Corporate, Mergers & Acquisitions, Private Equity
Dennis White was quoted by the Wall Street Journal on May 12 regarding the Association for Corporate Growth and Thomson Reuters biannual survey. According to the survey results, more than half of private equity firms have portfolio companies that have violated loan covenants. "These are really extraordinary times," Mr. White said. "Private equity firms find it necessary to exercise more supervisory power."
, Corporate, Mergers & Acquisitions, Private Equity
Dennis White was mentioned on February 25 in The Deal/Daily Deal regarding his appointment as the Association for Corporate Growth's (ACG) 2009-2010 Board Chairman after serving as ACG Vice Chairman. Mr. White will assume the role as Board Chairman on July 1, 2009. Mr. White is a partner in the Firm's Corporate Department based in the Boston office. His appointment was also mentioned in Investment Business Weekly, Investment Business News, Business & Finance Week, Hedgeweek, Marketing Business Weekly, Real Estate & Investment Business, Real Estate & Investment Week and Mergers & Acquisitions Business.
, Corporate, Corporate Responsibility and Governance
Dennis White was mentioned on February 19 by the Business Wire regarding his appointment as the Association for Corporate Growth's (ACG) 2009-2010 Board Chairman after serving as ACG Vice Chairman. Mr. White will assume the role as Board Chairman on July 1, 2009. ACG is the premier professional organization focused on corporate growth, corporate development, and mergers and acquisitions. "I look forward to serving as the ACG Chairman," said Mr. White. "ACG is a thriving organization offering its members truly unparalleled value. I look forward to working with the Board of Directors and Gary [LaBranche, ACG President & CEO] to continue to create opportunities for ACG members around the world to network, share best practices, source deals and grow their businesses."
, Corporate, Corporate Responsibility and Governance
Den White was quoted on February 7, 2009 in Middle East and Africa Pharma and Healthcare Insights on an article regarding the resilience of the pharmaceutical sector in terms of M&A, with corporate activity continuing in spite of the global financial situation. "In healthcare and life sciences there are still some positive things happening. We have an ageing population and so favorable demographics continue to drive healthcare, and then on top of that we have the Obama administration, looking to roll out universal healthcare in the US," said Mr. White. "There continue to be breakthrough advances in medical devices that are impacting the delivery of medical care and impacting information technology in the healthcare industry," he added.
, Corporate, Life Sciences - Corporate
2008
Den White was interviewed live on the Closing Bell program that aired on CNBC December 9. As vice chairman of the Association for Corporate Growth (ACG), Mr. White discussed the outlook for M&A deals in 2009 based on a recent ACG/Thomson Reuters survey that discussed dealmakers confidence reaching an all time low. In response to the possibility of a comeback in the first quarter of 2009, he stated, "I think that's possible. I think the first deals that are likely to emerge are distressed sales. There are a lot of companies that are hitting the wall with lack of liquidity, and with the lack of debtor-in-possession financing available, there's really no opportunity to reorganize and so the only option is to hold a distressed sale." To hear Mr. White's perspective on the current and future M&A environment click here.
, Corporate, Mergers & Acquisitions
Den White was quoted in the October 3 issue of the Boston Business Journal regarding how the recent credit crunch and current market conditions are making it harder for prospective borrowers to get loans. "Nine months ago, there was a sense the crunch was impacting the mega-deals, but now it has definitely found its way down the food chain," Mr. White said. "Businesses may have to knock on more doors. Even within traditional banks, they need to make sure that they're knocking on the right door within the right bank for their situation. It pays to do your homework in terms of being sure you’re calling on the right banker."
Den White was quoted on July 23 in PEI Online regarding the latest results of the bi-annual survey of middle market merger professionals by the Association for Corporate Growth (ACG) and Thomson Reuters. "Even though the market has cooled, you still have roughly 90 percent of respondents indicating that the M&A market is good to fair," he said. Mr. White also noted, "We're clearly not in a hot phase but we're clearly not dormant either."
, Corporate, Mergers & Acquisitions, Private Equity
Den White was quoted on July 22 by the Business Wire regarding the dissatisfaction of middle market merger professionals with the present M&A market which was concluded by the recent bi-annual survey conducted by the Association for Corporate Growth (ACG) and Thomson Reuters. In the private equity space, respondents see the best investment opportunities in the United States, China, Latin America, India and Eastern Europe. "To an ever-increasing degree buyers and sellers are looking beyond the water's edge for opportunities," said Mr. White. "The U.S. downturn and depressed dollar make everything from New York condos to U.S. companies seem like bargains to foreign buyers. Conversely, U.S. buyers are drawn to the attractive upside opportunities and less competitive investment environment that prevails in many markets overseas. As a result, "cross-border" has become a permanent part of everyone's deal vocabulary."
, Corporate, Mergers & Acquisitions, Private Equity
Den White was interviewed for the June 2008 edition of Mergers & Acquisitions Magazine regarding how he became involved in M&A transactions, recent trends and challenges in the transactions industry as well as common pitfalls in M&A transactions. The interview also addressed Mr. White's history with the Association for Corporate Growth, an 11,000 member organization focused on corporate growth and M&A. He is currently Vice Chairman of ACG's Global Board of Directors.
Link to: Den White, Corporate, Mergers & Acquisitions
, Corporate, Mergers & Acquisitions
2007
Dennis J. White was mentioned in a November 8 article published by Business Wire regarding the Association for Corporate Growth’s (ACG) naming of a new chairman as well as new directors. Mr. White was elected as Vice Chairman of the ACG, which is a premier professional organization focused on corporate growth, corporate development, and mergers and acquisitions.
, Corporate, Mergers & Acquisitions
Dennis J. White was quoted in the October 1 article published by Mergers and Acquisitions Journal regarding the current rise in cross border acquisitions by executives and merger professionals and the barriers faced in this process. The biggest of these barriers are said to be inadequacies around legal environment/dispute resolutions, questionable protections around intellectual property, cultural issues, a non-conducive regulatory environment and an inability to perform due diligence. "In the U.K. and European Union, due diligence is more exhaustive than in the U.S." Mr. White said. "The European Union countries are generally less litigious societies, and in those countries it is presumed that the buyer has the responsibility to adequately kick the tires."
Den White and Joel Rubinstein co-authored an article entitled "SPAC 2.0" that appeared in the October 1 issue of The Deal. The article focuses on the recent rapid growth for initial public offerings by special purpose acquisition companies.
Dennis J. White was quoted in the July 17 article published by Bloomberg regarding the rise in LBO financing costs expected in 2008 and the anxiety among buyout executives as investors eject high-yield debt. "It makes people a little nervous on whether the good times are going to roll for a while, or come to an end,'' Mr. White said. "Lenders tend to act in a herd."
Den White was quoted by CFO on January 10 in regard to anticipated corporate activity in 2007. Mr. White commented that more deals were made with cash than stock in 2006, and 2007 may see more of private equity firms' growing trend of selling to each other.
, Corporate, Mergers & Acquisitions
2006
Den White was quoted in the January 23 issue of Financial News regarding the surge in transatlantic M&A transactions.
, Corporate, Mergers & Acquisitions
2005
Den White was quoted in the March 29 issue of the Boston Herald in an article reporting on the increase of tech mergers. Mr. White commented that private equity firms have raised billions of dollars in recent years, with few places to invest the cash amidst a lackluster IPO market. He continued by saying that the telecommunications and information technology fields have " a lot of room" for consolidation. "There's forward momentum," of mergers. "This all adds up to heightened (chances) for more consolidations."
Den White was quoted in the February 13 issue of The Boston Globe in regard to New England seeing a higher share of foreign deals. "New England is a significant spawning ground for new technology," commented Mr. White. "Foreign companies view this region, along with Silicon Valley, as places where they can acquire technology they can use in their operations worldwide. Boston is also seen as the most European city in the United States and an easy segue into the American market."
, Corporate, Mergers & Acquisitions
Den White was quoted by Dow Jones News on January 18 in an article discussing the optimistic view of deal makers for the coming year. "This past year saw a real surge as lots of marquee names were bought and sold," commented Mr. White. This was a comment Mr. White made at a roundtable hosted by the Association of Corporate Growth in Boston.
