BLB&G Partner Mark Lebovitch Quoted in IFLR Article Covering How Recent Rulings the Inevitable Conflict of Interest Between Shareholders and Sponsors
February 3, 2022
Partner Mark Lebovitch was quoted in an International Financial Law Review (IFLR) article, "US shareholder litigation threatens SPAC dilution practice," which discusses the firm’s leadership of the MultiPlan case, which asserts that the 2020 acquisition of data analytics company MultiPlan arose from an unfair process, and the case’s likely role in setting precedent for providing better protection of shareholders’ rights among SPACs.
We're going to start seeing SPACs make some very basic steps like getting independent directors who are paid in cash rather than sponsor shares, or retaining getting independent nancial advice on deals and then disseminating that analysis to shareholders. These steps are fundamental to a typical operating company merger but haven’t been the norm in de-SPAC mergers.- Mark Lebovitch
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