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UID:20260705T063336EDT-9286LfxXjA@132.216.98.100
DTSTAMP:20260705T103336Z
DESCRIPTION:Alexander Edwards\n\nProfessor\, Joseph L. Rotman School of Man
 agement\n	University of Toronto\n\nPrivate merger negotiation responses to 
 ongoing tax legislation\n\nDate: Friday\, April 19\, 2024\n	Time: 10:30 AM 
 - 12:00 PM\n	Location: Bronfman building\, Room 210\n\nAbstract\n\nTarget v
 aluation is the cornerstone of merger negotiations and hinges on expectati
 ons of future after-tax cash flows. But how do buyers and sellers adapt to
  expectation and incentive differences with respect to tax policies under 
 development? Focusing on major corporate tax reform legislation in 2017 (i
 .e.\, TCJA) and using hand-collected data on private merger negotiations\,
  we examine the contemporaneous impact of tax policy developments on those
  negotiations. For deals negotiated during tax legislation\, the deal prem
 ium increases in the target’s expected gain from tax reform. Bidders and t
 argets meet soon after key legislation events\, especially when the target
 ’s expected gain from reform is high. The pre-announcement bid revision fo
 llowing a legislative event in-creases in the target’s expected gains from
  reform and is greater for a bidder that faces a higher cost of delaying n
 egotiations. Taken together\, legislative developments appear relevant to 
 the par-ties negotiating an acquisition.\n\n\n\n\nWe are proud to announce
  that our event has been awarded a Gold Sustainable Event certification by
  the 91ºÚÁÏÍø Sustainable Events program run by the 91ºÚÁÏÍø Office of Sustain
 ability. \n\n \n\n\n\nNous sommes fiers d’annoncer que notre événement a é
 té certifié comme événement D’Or par le programme Événements durables McGi
 ll du Bureau du développement durable de l’Université 91ºÚÁÏÍø\n
DTSTART:20240419T143000Z
DTEND:20240419T160000Z
LOCATION:Room 210\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Accounting Area Seminar Ernst & Young Speaker Series: Alexander Edw
 ards
URL:/desautels/channels/event/accounting-area-seminar-
 ernst-young-speaker-series-alexander-edwards-356524
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