In the News November 16, 2007

The Guardian Quotes Mark Kelly on Cerberus Buyout of United Rentals

Mark Kelly was quoted in the November 16 issue of The Guardian in an article titled “Cerberus tried to revise United Rentals offer.”  The article discusses Cerberus Capital Management's efforts to renegotiate its buyout of United Rentals Inc. According to the article, some observers think the most United Rentals is likely to get from Cerberus is a break-up fee or a lower offer. Mark thinks that, “Cerberus is on the hook for the fee, known in M&A terms as ‘the reverse break-up fee,’ but not much else. In these large LBOs, the quid pro quo for the reverse break-up fee was 'that was all.' In other words, that was all the target would get if the private equity group couldn't get the proceeds of the financing that was committed at signing or otherwise breached its contract."
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