NEW YORK—The international M&A process is becomingincreasingly homogenous, but American publishers looking to buy or sellabroad still need to be prepared for some distinct differences,according to a panel of publishing deal experts at the AmericanBusiness Media/International Federation of the Periodical Press WorldConference today.The auction process that typifies manyAmerican publishing deals is an anathema abroad, particularly in GreatBritain and Western Europe, according to Charlie Engros, managingpartner of law firm Morgan Lewis. “There is a lingering discomfort withthe American auction style of M&A,” he said. “Europeans prefer todevelop relationships with sellers and they want exclusivity in theearly stages of the process. In an auction, European buyers feel likethey aren’t fairly treated and they want the chance to convey that theymight be a more trustworthy buyer than a financial company, even thoughthey may not be.”Due diligence with foreign publishers can be aconfusing and laborious process. “Europeans often have a huge duediligence team of 20 or 30 people and an approach that’s not alwaysconducive to getting a deal done,” said Engros. “They may bringchecklists that aren’t applicable to U.S. businesses and they may havesome misconceptions about U.S. business. British buyers often thinklong-term indemnity is part of the U.S. process when that’s not thecase.”Debit financing in Europe is also more complicated and athird-party is often required to conduct due diligence, while in theU.S. it’s typically done in-house, according to Veronis SuhlerStevenson co-CEO Jeffrey Stevenson. Due Diligence MinefieldsCompaniesin emerging markets are often attractive to U.S. buyers because topline growth is often more than 20 percent—much greater than top linegrowth for publishers in mature markets (and foreign sellers will oftendemand higher multiples than a U.S. seller because of it). However,watch out for the bottom line. “Top line growth is great with thesecompanies but the bottom line is never what you think it is,” saidScott Mozarsky, executive vice president and chief strategy anddevelopment officer with UBM’s PR Newswire. “We bought a company inMexico but didn’t factor the rise of kidnappings into the P&L andtook a hit because we had to add so much security.” Liveevents are booming abroad as well but beware of how they are evaluated.In China and Japan, attendees who leave the exhibit hall then returnare counted as new attendance. Lost in Translation Other cultural factors are less ominous but can still be a headache.Mozarsky said its common practice in Latin America for companies toclassify actual employees as outsourced. The employees receive minimalwages as employees but are paid much more as outside staff, whichenables the companies to avoid taxes.WhileMozarsky says a typical deal in the U.S. can take two to three monthsto close, in Latin America it can take six months to a year. “Often thefinancials are not audited and the businesses are based on cash,” says Mozarsky. “It can take a while to figure out what is what.You need to be careful because if something goes wrong after the dealis done, you have little in the way of recourse.” In 2016, theInternational Financial Reporting Standards will go into effect,replacing GAP, which should make the international M&A processeasier. “Twenty years ago there were really unique differences in theway business was done,” said Wilma Jordan, founder and CEO of TheJordan, Edmiston Group. “That’s still true today but it’s less and lessso each year. After the standard accounting practices go into effect,the differences will be even less.”
DOD’s program for supporting communities coping with the cancellation of a defense contract or a major reduction in defense spending would not be eliminated under the conference report for the fiscal 2016 defense authorization bill released Tuesday.The Senate version of the measure called for stripping out $33.1 million from DOD’s $110.6 million FY 2016 budget request for the Office of Economic Adjustment (OEA) that would fund the agency’s defense industry adjustment program. The House version of the authorization bill, however, left the $110.6 million request for OEA intact, requiring House and Senate conferees to resolve the dispute.The Senate Armed Services Committee had recommended slashing OEA funding by a total of $53.1 million, as it also had called for stripping out $20.0 million from the agency’s request for civilian water and wastewater infrastructure improvements needed on Guam to accommodate an influx of Marines. Ultimately, conferees left OEA’s $110.6 million request intact, retaining the funding for the defense industry adjustment program and for civilian water and wastewater infrastructure improvements on Guam.An attempt on the House side to augment OEA funding to benefit defense communities still coping with mission growth stemming from BRAC 2005 was overturned in House-Senate negotiations. Conferees stripped out an amendment added to the House version that would have authorized an additional $25 million for transportation infrastructure improvements in mission growth communities.That amendment, sponsored by Democratic Reps. Denny Heck (Wash.) and Don Beyer (Va.), would have allowed OEA to award grants through a competitive process for transportation upgrades “associated with congestion mitigation in urban areas” related to the last BRAC round.“The Defense Access Road program provides such funds around military installations where warranted,” the conferees wrote in the joint explanatory statement accompanying the conference report. The text of the conference report and a summary are available on the House Armed Services Committee website. Dan Cohen AUTHOR
WILMINGTON, MA — At this Saturday’s Town Election, two candidates — Jonathan Eaton and Rob Fasulo — will vie for one open seat on the Wilmington Board of Selectmen.Have you been paying attention to the race? If not, Wilmington Apple has you covered!Read Campaign Announcements:Jonathan Eaton Announces He’s Running For Wilmington SelectmenRob Fasulo Announces He’s Running For Wilmington SelectmenRead Weekly Candidate Q&As:Affordable Housing & Sciarappa FarmEconomic Development, Analog TIF & Detox Facility ProposalGrade The Town Manager & Current Board Of SelectmenFire Substation, New Town Hall & Hypothetical $2 Million WindfallAccomplishments In Year #1, Being Responsive To ResidentsCLOSING ARGUMENT: Rob Fasulo Asks For Your VoteCLOSING ARGUMENT: Jonathan Eaton Asks For Your VoteRead Letters To The Editor/Endorsements:Jonathan EatonSelectman Mike Champoux Endorses Jonathan EatonSelectman Greg Bendel Endorses Jonathan EatonSelectman Ed Loud Endorses Jonathan EatonFormer Selectman Lou Cimaglia Endorses Jonathan EatonSchool Committee Chair Steve Bjork Endorses Jonathan EatonWilmington Finance Committee Chair Endorses Eaton For SelectmanEaton Is ‘Most Qualified Candidate’ For SelectmenEaton Has Shown A Commitment To The CommunityEaton Embodies Wilmington’s Volunteer SpiritEaton’s Experience & Credentials Make Him An Ideal Selectman CandidateEaton A ‘Bright & Thoughtful Fiscal Conservative,’ An ‘Independent Voice of Reason’Eaton Will Move The Town In The Best DirectionEaton Will Make Wilmington ProudResident Endorses Eaton After Watching Him Grow Up In TownRob FasuloGovernor Charlie Baker Endorses Rob Fasulo For SelectmanSelectman Mike McCoy Endorses Rob FasuloFormer Selectwoman Suzanne Sullivan Endorses Fasulo, Says He Best Understands Residents’ ConcernsConcerned Citizens of Wilmington Endorses Rob Fasulo For SelectmanRetired Wilmington Police Officer, Former Selectman Candidate Endorses FasuloFasulo Will ‘Keep Wilmington A Town’Fasulo Has The Qualities To Be An Effective SelectmanFasulo Is “Committed To Accountability Within Our Local Government,” Won’t “Sugarcoat The Bad”Fasulo Is Honest & Straight Shooting, Listens To People’s ConcernsA Father Endorses His Son For SelectmanWatch WCTV Candidate Conversations:VIDEO: Jonathan Eaton Discusses His Campaign For Selectmen With WCTVVIDEO: Rob Fasulo Discusses His Campaign For Selectmen with WCTVWatch WCTV Candidates Night (with Recap):SELECTMEN CANDIDATES DEBATE: Eaton & Fasulo Debate The IssuesRead Coverage From Crier, Advocate, Patch, SunProfile: Eaton Brings Financial Savvy To Selectman’s Race (Wilmington Patch)Profile: Fasulo Calls For Smart Growth In Run For Selectman (Wilmington Patch)Profile: Eaton, FinCom member, seeks selectmen seat (Wilmington Town Crier)Profile: Fasulo seeks Board of Selectmen seat (Wilmington Town Crier)Debate Recap: Wilmington housing, detox centers are hot topics in debate (Lowell Sun)Read Lowell Sun’s EndorsementTo Be AnnouncedCandidates On Facebook:Jonathan Eaton For SelectmanRob Fasulo For SelectmanPast Campaign Events:Selectman Candidate Jonathan Eaton To Hold Campaign Rally On March 16Selectman Candidate Rob Fasulo Invites Voters To ‘Meet & Greet’ On March 31Selectman Candidate Rob Fasulo Invites Voters To ‘Meet & Greet’ On April 21Joint Statement: Fasulo & Eaton Denounce Campaign Sign StealingPolls will be open this Saturday, April 28, from 8am to 8pm, at the Boutwell Early Childhood Center, Wildwood Early Childhood Center, and Town Hall. Not sure where you vote? Click HERE.Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email firstname.lastname@example.org.Share this:TwitterFacebookLike this:Like Loading… RelatedLETTER TO THE EDITOR: Selectman Mike McCoy Endorses Rob Fasulo For SelectmanIn “Letter To The Editor”SELECTMEN NEWS: New Board Has First Disagreement When Choosing Its Representative To Town Ice Rink CommitteeIn “Government”LETTER TO THE EDITOR: Selectman Mike McCoy Endorses Rob FasuloIn “Letter To The Editor”
Oil prices rose in early trading on Monday, lifted by reports of renewed talks by some members of the Organisation of the Petroleum Exporting Countries (OPEC) to restrain output.U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $42.01 per barrel at 0022 GMT (08:22 p.m. EDT), up 21 cents, or 0.5 percent, from their last close.Brent crude futures LCOc1 were trading at $44.40 per barrel, up 13 cents, or 0.29 percent.Analysts said that the price rise came on the back of renewed calls by some OPEC members to freeze production in a bid to rein in output consistently outpacing demand.”OPEC members including Venezuela, Ecuador and Kuwait are said to be behind this latest reincarnation. But just like previous endeavours, it seems doomed to fail, given key OPEC members (think: Saudi Arabia, Iraq, and Iran) persist in their battle for market share, ramping up exports apace,” said Matt Smith of U.S.-based ClipperData in a note.Yet in the absence of an agreement, a fight for market share via high output and price discounts is still weighing on oil markets.Iraq has dropped the September official selling price (OSP) for Basra Light crude to Asia by $1.00 to minus $2.30 a barrel against the average of Oman/Dubai quotes from the previous month, the State Oil Marketing Organisation (SOMO) said on Monday, making it the latest exporter to drop its prices.Meanwhile, oil drilling in the In the United States keeps increasing.”Another increase in the rig count in the U.S. also weighed on sentiment. The Baker Hughes data show rigs operating in the U.S. are the highest since March (at 381),” ANZ bank said on Monday.On the demand side, analysts at AB Bernstein said that oil demand growth had been strong in 2015 and the first half of this year, at 2.0 and 1.5 percent respectively, but that the outlook was weakening.”In July following the UK Brexit vote, the IMF downgraded global growth by 10 basis points (bp) in 2016 and 20 bp in 2017. This has negative implications for (oil) demand,” the analysts said.”We expect that demand growth could slow in the second half of 2016 to around 1.1 percent and slow further in 2017 to a below consensus 1.0 percent on the current global growth outlook,” AB Bernstein added.
Bangladesh Nationalist Party (BNP) on Saturday alleged that ruling Awami League is ‘spitting venom’ on chief justice SK Sinha with a motive to cement one-party rule in the country by weakening the judiciary.”I think what Awami League is saying and what they’re doing over the 16th amendment verdict are against the rule of law and tantamount to contempt of court. Their all leaders are making indecent comments targeting the chief justice, committing the contempt of court,” said BNP secretary general Mirza Fakhrul Islam Alamgir.Fakhrul came up with the comments while talking to reporters after placing wreaths at BNP founder Ziaur Rahman’s grave in the capital, marking the release of party vice chairman Barkatullah Bulu from jail.Bulu was freed on bail on 18 August nearly three months after he was sent to jail in 13 violence cases.The BNP secretary general said, “The main motive behind their comments and activities is to restore one-party rule by destroying the independence of the judiciary. But, the country’s people will never accept it.”He said ruling Bangladesh Awami League (AL) has no legitimacy to stay in power after the observations of the 16th amendment verdict. “The government should quit immediately.”About Awami League general secretary Obaidul Quader’s comment that BNP’s dream of putting the government in trouble following the apex court verdict has dashed, Fakhrul said the ruling party leaders are now making ‘reckless’ remarks as the verdict has exposed the government’s ‘true face’.Fakhrul said their party is not hopeful of getting any solution to the country’s main crisis over the nature of election-time government from the election commission’s current talks with different stakeholders, including the political parties.Sought his reaction to Awami League’s stance on the apex court’s 16th amendment verdict, BNP standing committee member Moudud Ahmed said it is unprecedented that the government or the ruling party hold meeting with the chief justice over any verdict of the court.”We can say they’re trying to influence the judiciary and the chief justice which is unconstitutional. What example they’re setting now will remain as a serious stigma for the country in the future,” he observed.