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Side Letter: MAC clauses and virtual meetings, Golden Gate's secondaries play, Actis's impact

Mar 11, 2020 - Private Equity International

Just happenedReturn of the MAC

It's little surprise that coronavirus brought Chinese dealmaking to a halt for the foreseeable, but the impact could now extend to deals that have already been signed. Some PE funds are considering whether it's a valid ground for triggering the material adverse change (MAC) clauses in transaction documents, meaning they could end up walking away from what they now consider a "bad deal", according to a client alert from law firm Morrison & Foerster in late Feb...