Getting On Track With A Multi-Track Process

In the current economic landscape, it is increasingly difficult to persuade prospective buyers to enter into large, all-cash transactions on an accelerated basis. It is increasingly the case that interested strategic acquirers with sufficient resources to make all cash bids may be unable to participate in the acquisition of an entire business due to antitrust or other regulatory restrictions, while parties that are free of such restrictions may not possess sufficient resources to be serious bidders for all of the properties. In addition, other parties may be interested in certain portions of a business and may be willing to pay a premium, but only for selected assets. How to best structure a proposed sale can be, at best, unclear at the commencement of the sale process.