September 16, 2008
RiskMetrics Begins Advising on Tender Offers
Last Friday, RiskMetrics’ ISS Division broke with tradition and advised its clients not to tender Longs Drug Stores’ shares into CVS’ tender offer. Historically, RiskMetrics has only made recommendations on shareholder votes and left tender offers alone. So changing the structure of a deal from a merger to a tender offer will no longer have the incidental effect of removing RiskMetrics from the equation…
Yes, I know the world is falling apart and I’m not blogging about it. Too depressing to face the music. I do note that there is plenty of solid commentary out there – for example, “The Deal Professor” blog with its latest installment garnering over 200 comments and “The D&O Diary” blog which is following AIG closely and linking to many other notables.