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Corporate analysis: Will we see an increase in the number of M&A/IPO dual-track processes in 2015? George Swan, a corporate partner at Freshfields Bruckhaus Deringer LLP, gives an overview of what is involved in the process and the benefits and pitfalls practitioners should consider.
A dual-track involves running an M&A sale track alongside an IPO track, so the owner company only has to make a final decision on its preferred exit strategy late in the process.
It is sometimes run simultaneously with a third refinancing track, for example through a high yield bond—this is referred to as a triple-track process.
Potential benefits include:
The key challenges are that:
In many ways, 2014 has seen the dual-track become the preferred exit strategy, especially for private equity exits.
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