Mergers Acquisitions and International Financial Regulation Analysing Special Purpose Acquisition Companies 1st Edition by Daniele Alvia ISBN 1000507912 9781000507911

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Product details:

ISBN 10: 1000507912

ISBN 13: 978-1000507911

Author:  Daniele D’Alvia 

Mergers, Acquisitions and International Financial Regulation: Analysing Special Purpose Acquisition Companies 1st Edition: This is a much-needed work in the financial literature, and it is the first book ever to analyse the use of Special Purpose Acquisition Companies (SPACs) from a theoretical and practical perspective. By the end of 2020, more than 240 SPACs were listed in the US (on NASDAQ or the NYSE), raising a record $83 billion. The SPAC craze has been shaking the US for months, mainly because of its simplicity: a bunch of investors decides to buy shares at a fixed price in a company that initially has no assets. In this way, a SPAC, also known as a “blank check company”, is created as an empty shell with lots of money to spend on a corporate shopping spree.

Could the trend be here to stay? Are SPACs the new legitimate path to traditional IPO? This book tackles those questions and more. The author provides a thorough analysis of SPACs including their legal framework and how they are used as a risk mitigation tool to structure transactions. The main objectives of the book are focused on finding a working definition for SPACs and theorising on their origins, definition, and evolution; identifying the objectives of financial regulation within the context of the recent financial crisis (2007–2010) and the one that is currently unfolding (Covid-19); and also describing practical examples of SPACs through a comparative study that, for the first time, outlines every major capital market on which SPACs are listed, in order to identify a possible international standard of regulation.

The book is relevant to academics as well as policymakers, international financial regulators, corporate finance lawyers as well as to the financial industry tout court.

 

Mergers, Acquisitions and International Financial Regulation: Analysing Special Purpose Acquisition Companies 1st Edition Table of contents:

1. Against Debt: The Remarkable Story of SPACs
1.1 An Introduction to SPACs
1.2 The Financial Crisis (2007–2010): The Welfare Price of Under-priced Private Debt
1.3 SPAC: A New Alternative to Private Equity
1.4 Methodology
1.5 Chapters Overview

2. Towards a Definition of SPACs: Origin, Limits, and Perspectives of SPACs in the US
2.1 The Origin of SPACs: A US Innovation
2.2 From Blank Check Companies to Modern SPACs
2.3 The Codification of Uncodified Market Practices in SPACs
2.4 The International Corporate Features and Listing Standards of SPACs
2.5 Conclusions

3. SPACs Between Risk and Uncertainty, and the Role of the Law
3.1 An Introduction to the Essence of Risk
3.2 Financial Risk
3.3 Financial Markets and Complexity
3.4 SPACs as Money Creation Vehicles
3.5 SPACs, Systemic Failure, and the Law
3.6 Conclusions

4. The International Financial Regulation of SPACs
4.1 The Regulation of SPACs at International Level
4.2 SPACs and the Conflicts with National Corporate Law Frameworks
4.3 The Multilevel SPAC Definition
4.4 The Soft Law Regulation of SPACs
4.5 SPACs: A ‘By-Law Approach’
4.6 Conclusions

5. De-SPAC: M&As, Regulatory Oversight, and Securities Litigation
5.1 Structuring the Deal at De-SPACing: The M&A Aspects
5.2 Structuring the Deal at De-SPACing in the US: The Regulatory Challenges
5.3 Disclosure Duties of the Sponsor and Underwriters in the US
5.4 SPAC Securities Litigation in the US
5.5 Conclusions

6. SPACs: Law, Uncertainty, and the Market
6.1 Financial Markets as Financial Systems
6.2 The Phenomenology of Contemporary Financial Systems
6.3 Law and Globalisation
6.4 SPACs as a Non-legal Instance
6.5 Conclusions

 

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