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COVID-19 as a Deal-Killer in Mergers and Acquisitions: A Case Study

Author

Listed:
  • Winkler, Matteo

    (HEC Paris)

  • Malta, Nicola

Abstract

This article offers an original case study of the failed sale of Victoria’s Secret’s business to examine the deep consequences of the COVID-19 pandemic in the context of M&A transactions. After presenting the case, it draws two lessons from it by: (1) proposing a multi-layered analysis of the effects of covid-19 depending on the type of event considered and on the contract language, and (2) exploring the possible reshaping of the termination right in connection with the dramatic variations of the target’s value during the interim period caused by COVID-19.

Suggested Citation

  • Winkler, Matteo & Malta, Nicola, 2020. "COVID-19 as a Deal-Killer in Mergers and Acquisitions: A Case Study," HEC Research Papers Series 1404, HEC Paris.
    • Handle: RePEc:ebg:heccah:1404
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    More about this item

    Keywords

    mergers; acquisitions; COVID-19; pandemic; business law;
    All these keywords.

    JEL classification:

    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)

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