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The M&A Exclusivity Trap That Cost a Buyer $50 Million
Episode 132 of The Acquisition Talk dives into the no-shop clause — a standard fixture in M&A exclusivity agreements that nearly cost a serial acquirer $50 million. Lucas and Luna break down a real 2023 deal where a buyer signed a 90-day exclusivity period without a fiduciary-out provision, only to have the target's key customer sue mid-exclusivity, cratering the valuation. They explain how the buyer got trapped into closing on unfavorable terms because the no-shop prevented them from walking without forfeiting a massive deposit. Listeners learn the specific contractual language to watch…
The skinny
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