Bell Nunnally Partner J. Jeffrey Cash authored The Texas Lawbook article “Mergers & Acquisitions in a Pandemic.” In the article Cash reflected on how dealmaking has changed during the COVID-19 pandemic. He starts by noting that travel for deal attorneys had already dropped dramatically prior to shutdowns and social distancing, but that the “biggest change” is now time – with all aspects of deals being scrutinized more closely, including expiration dates, exclusivity periods and termination provisions in Letters of Intent.
Due diligence time has also lengthened, partially as a result of widespread work-from-home. Beyond these elements the sheer issue of running a business while it is being sold is already hard and time-consuming, but “Running a business in a pandemic has cranked that variable up considerably.” Cash adds deals are also taking longer to close, due in large part to rapidly changing market conditions. He comments, “The good news is deals are getting done,” while also acknowledging one notable change from pre-pandemic times – no closing dinners.
Cash is a member of the firm’s Mergers and Acquisitions practice. He collaborates with client teams negotiating securities offerings (public and private), structures and negotiates mergers and acquisitions, and advises in-house counsel and management regarding general corporate matters.