Acquisitions of Publicly Traded Corporations: A Cure for the Two-Step in Texas
Delaware recently adopted amendments, effective August 1, 2016, to an oft-used statute that streamlines the acquisition of a Delaware public corporation structured as a tender offer followed by a back-end merger. Since its adoption, this statute has been welcomed by buyers, targets and their stockholders, as well as the lawyers who work on these transactions. The effectiveness of the Delaware amendments presents an opportunity to highlight the fact that Texas adopted a statute in its last legislative session that permits the same transaction structure and carries many of the same advantages.






