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The M&A Advisor Winner 2017The M&A Advisor announced the winners of the 16th Annual M&A Advisor Awards on Monday, November 13 at the 2017 M&A Advisor Awards. Bass, Berry & Sims was named a winner in the two categories related to the following deals:

M&A Deal of the Year (from $1B-$5B) – Acquisition of CLARCOR Inc. by Parker Hannifin Corporation

Corporate/Strategic Deal of the Year (over $1B) – Acquisition of BNC Bancorp by Pinnacle Financial Partners

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Regulation A+

It seems that lately there has been a noticeable uptick in Regulation A+ activity, including several recent Reg A+ securities offerings where the stock now successfully trades on national exchanges. In light of this activity, we have published a set of FAQs about Regulation A+ securities offerings to help companies better understand this "mini-IPO" offering process, as well as pros and cons compared to a traditional underwritten IPO.

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Antitrust Agencies Challenge Another Healthcare Provider Acquisition - Update

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April 3, 2013

Last summer we issued an alert regarding the FTC and Nevada AG's challenge to Reno, Nev.-based Renown Health's acquisition of two cardiology practices.[1] The challenge ensued because the acquisition at issue resulted in Renown allegedly having 88 percent of the cardiologists in the Reno area. At the time, we reported that Renown entered into a consent decree that required Renown to suspend non-compete agreements until a certain number of cardiologists in the acquired practices left Renown's employment. In addition, Renown was required to notify the agencies of any future cardiology-related acquisitions, and to reimburse the investigation costs of the State of Nevada (something state AG's frequently demand).

After an internal investigation by outside antitrust counsel, Renown Health announced yesterday the immediate departure of four executives, including Renown's CEO, its general counsel, VP of system development, and business development administrator. As stated by Renown's board of directors in the announcement:

"There is no question that things did not go as planned," said Renown Health board chairman David C. Line, "and for that we are sincerely sorry. As an organization, we have been committed to taking whatever steps are necessary to make sure that our policies, procedures and communications are as world-class as the health care we provide. If the execution of the SNCA transaction had been as solid as our intentions, none of this would have occurred."

This is another example not only of the increase in antitrust enforcement in the healthcare industry by the federal and state antitrust authorities, but the collateral consequences that can follow an enforcement action. This also demonstrates the need for an effective compliance program.

If you have any questions about the content of this alert or antitrust issues, please contact one of the Bass Berry & Sims' attorneys listed here.

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[1] A copy of the prior alert can be found here.


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