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Mergers and acquisitions
In FTC v. Staples, Inc. and Office Depot, Inc.,
authored, presented, and defended in cross-examination testimony
trial exhibits and declarations pertaining to market share,
industry concentration, merger synergies, gross margins, and
product pricing. Case remains the state-of-the art in merger
antitrust enforcement.
In The Matter Of The Joint Petition Of Public Service
Electric And Gas Company And Exelon Corporation For Approval
Of A Change In Control Of Public Service Electric And Gas
Company, And Related Authorizations, prepared accounting,
economic, and financial studies, and provided expert analyses
and testimony, focusing on the identification, verification,
quantification, and realization of merger synergies; both
direct and indirect cost savings and revenue enhancements
focusing on sources of synergy, costs-to-achieve, timing,
underlying assumptions, allocations, and operating constraints
including scale, mix, and proximity
Directed the preparation of analyses of operating results,
financial position, cash flow, merger synergy, and failing firm
claims used to obtain Federal Trade Commission approval of
mergers, acquisitions, and joint ventures valued at $11.185
billion
Provided expert testimony in support of restraint of trade
and monopolization claims in litigation brought to block an acquisition.
Determined transaction objective, structure, valuation, and returns
through evaluation of asset purchase and sale agreements, financing,
valuation, and allocation of purchase price among tangible and
intangible assets, including goodwill and noncompete covenants.
Conducted event studies of merger announcements to isolate
and control for the influence of industry and market factors on the
price of a publicly traded stock; assessed the probability that
the observed change in the price of the stock was due to the subject
announcement, thus facilitating an objective quantification of the
change in stock price associated with the disclosure