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Learn about Richard Arnholt's diverse government contracts practice and why he chose to pursue a career in the legal field. Read more>

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In June 2017, Pinnacle Financial Partners, Inc. (NASDAQ: PNFP) closed a $1.9 billion merger with BNC Bancorp (NASDAQ: BNCN) pursuant to which BNC merged with and into Pinnacle. With the completion of the transaction, Pinnacle becomes a Top 50 U.S. Bank. The merger will create a four state footprint concentrated in 12 of the largest urban markets in the Southeast. 

Bass, Berry & Sims has served Pinnacle as primary corporate and securities counsel for more than 15 years and served as counsel on the transaction. Our attorneys were involved in all aspects related to the agreement, including tax, employee benefits and litigation. 

Read more details about the transaction here.

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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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GovCon Blog: Revisions to Tennessee Bid Protest Procedures and Other Procurement Provisions Introduced by State Legislature

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January 22, 2015

A bill to revise certain provisions of Tennessee's procurement code has been introduced in both the House and the Senate of the Tennessee General Assembly. The bill comes from the central procurement office with the Governor's support and is expected to pass rather quickly. The legislation, if passed by both houses and signed by the Governor, will:

  • Re-write the protest procedure statute (Tennessee Code Annotated, Section 12-3-512) to provide more detail with regard to a party's standing to protest and to the calculation of the protest bond. The amount of a protest bond will be
    • 5% of the lowest bid or cost proposal,
    • 5% of the maximum or estimated maximum liability,
    • 5% of the estimated maximum revenue if the contract at issue will be revenue producing to the state, or
    • In the case of a no-cost contract, an amount to be determined by the chief procurement officer. Authorize the promulgation of rules by the procurement commission with regard to protest procedures.
  • Authorize the Tennessee Department of General Services and Tennessee public institutions of higher education to participate in cooperative purchasing agreements relating to maintenance and management of real property and construction, engineering and architectural services. Construction materials will be able to be procured cooperatively with other states or local governments.
  • Finally, rewrite the authority of the Chief Procurement Officer to authorize limitation of liability clauses in state contracts (Tennessee Code Annotated, Section 12-3-701).

The legislation is Senate Bill 95 (Norris) and House Bill 84 (McCormick).

Read more about government contracts on www.bassberrygovcon.com.


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