skip to main content

Our M&A lawyers are among the most experienced and effective in the world. We represent many of the world's largest publicly traded and privately held companies, as well as leading private equity firms on their most important mergers, acquisitions and takeover transactions.

MACs – Some Observations

October 31, 2007 Full PDF

As credit markets continue to be roiled by the subprime mortgage crisis and the illiquidity of highly leveraged loans, buyers in some high profile M&A transactions have claimed the right to exit deals based on the assertion of a "material adverse change" or "MAC" in the target's business. This memo discusses some of the reasons driving these MAC assertions and highlights some issues to consider when drafting a MAC and more generally, a merger agreement.

© 2024 Paul, Weiss, Rifkind, Wharton & Garrison LLP

Privacy Policy