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BRUNSWICK GROUP
8th Annual Global
M&A Survey
2015
Presented at theTulane University Law School
27th Annual Corporate Law I...
Brunswick Group is the leading global M&A communications firm.The 2015 survey included the
views of 115 leading M&A lawyer...
8TH ANNUAL BRUNSWICK GROUP M&A SURVEY
GLOBAL M&A OUTLOOK:
After a banner year for merger and acquisition activity
in 2014,...
Increase 30%
Stay the same 69%
Decrease 1%
compared to 2014,
do you expect the level
of antitrust scrutiny for
deals in no...
what are the key factors that will drive m&a in 2015?
North America
•	 The majority of dealmakers in North America (62%)
p...
what types of deals do you expect to drive m&a in 2015?
North America
•	 In 2015, over two-thirds (68%) of dealmakers in N...
SAN FRANCISCO
One Bush Street
Suite 1400
San Francisco, CA 94104
Tel 415 671 7676
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BEIJING
BERLIN
BRUSSELS
DALLAS...
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8th annual Brunswick M&A survey

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Confidence in global M&A activity endures but dealmakers less bullish.

After a banner year for merger and acquisition activity in 2014, leading dealmakers expect sustained strong volume in 2015, but are less optimistic than they were a year ago, according to the 8th Annual Brunswick Group M&A Survey. Fewer dealmakers expect global M&A activity to reach new heights, with just over half (54%) of respondents predicting it will increase in 2015, compared with 78% of those surveyed in 2014.

The survey polled 115 top M&A practitioners from North America, Europe and Asia. Results were released ahead of the Tulane University Law School 27th Annual Corporate Law Institute, an annual gathering of the M&A community that draws lawyers, bankers, Delaware judges and other market participants.

For more information please contact our New York office: http://www.brunswickgroup.com/contact-us/new-york/

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8th annual Brunswick M&A survey

  1. 1. BRUNSWICK GROUP 8th Annual Global M&A Survey 2015 Presented at theTulane University Law School 27th Annual Corporate Law Institute
  2. 2. Brunswick Group is the leading global M&A communications firm.The 2015 survey included the views of 115 leading M&A lawyers,bankers and advisors from Brunswick’s proprietary database of M&A practitioners across North America,Europe and Asia,and was conducted February 17 – March 2,2015.The results were analyzed by Brunswick Insight,the firm’s specialist opinion research and consulting practice,which focuses on understanding the views of opinion formers around the world.
  3. 3. 8TH ANNUAL BRUNSWICK GROUP M&A SURVEY GLOBAL M&A OUTLOOK: After a banner year for merger and acquisition activity in 2014, leading dealmakers around the globe expect sustained strong volume in 2015, but are less optimistic than they were a year ago, according to the 8th Annual Brunswick Group M&A Survey. Fewer dealmakers expect global M&A activity to reach new heights, with just over half (54%) of respondents predicting it will increase in 2015, compared with 78% of those surveyed in 2014. The survey polled 115 top M&A practitioners from North America, Europe and Asia. Results were released ahead of the Tulane University Law School 27th Annual Corporate Law Institute, an annual gathering of the M&A community that draws lawyers, bankers, Delaware judges and other market participants. While deal activity in 2012 and 2013 did not meet optimistic predictions by dealmakers who responded to Brunswick’s M&A Survey in those years, it matched high expectations in 2014. Global M&A activity in 2014 reached $3.5 trillion, up 47% from the prior year. Given the recent announcements of major transactions such as AbbVie’s $21 billion planned acquisition of Pharmacyclics, Pfizer’s $17 billion agreement to acquire Hospira and NXP Semiconductors’ $17 billion proposed merger with Freescale, this year has the potential to be another solid one for deals. According to a plurality (44%) of North American dealmakers, the level of mega-deals and leveraged buyouts is likely to remain the same in 2015, as compared to 2014, while 24% expect it to decrease. Additionally, a majority (55%) see the level of corporate spinoffs and divestitures in North America increasing in 2015, while 36% see it staying the same. compared to 2014, do you expect the level of global m&a will increase, decrease or stay at the same level in 2015? Increase Stay the same Decrease 53% 81% 78% 54% 23% 20% 2% 16% 3% 32% 14% 2012 2013 2014 2015 2012 2013 2014 2015 Shareholder activism/pressure from investors CEO/Board confidence Availability of credit/low interest rate environment Improving economy what are the key factors that will drive m&a in 2015? 70% 64% 63% 62% 49% 42% 33% 40% 46% 47% 45% 53% 44% 28% 61% 63% In North America, the influence of shareholder activists is growing. Nearly three-quarters (73%) of dealmakers in North America believe shareholder activism will increase in 2015. Additionally, a majority of dealmakers (62%) in North America cite shareholder activism or pressure from investors as the number one factor that will drive M&A activity in their region. This focus on activism has more than doubled since 2012, when only 28% of dealmakers cited activists as the main driver of M&A activity in North America. It has also grown significantly from last year. In 2014, confidence among CEOs and Boards of North American companies was predicted to be the key driver of deal activity by 63% of M&A practitioners, whereas activism was cited to a lesser degree (47%). Unchanged from last year’s survey, North American dealmakers expect the most active sector for consolidation in 2015 will be healthcare (65%), followed by energy (59%). European-based dealmakers expect to see the most deal activity in technology and telecom (81%) as well as the healthcare industry (75%) in 2015. Among dealmakers in Asia, the consumer goods and retail industry (65%) is at the top of the list for consolidation this year. Also, across the globe, a majority of dealmakers in North America (63%), Europe (88%) and Asia (55%) predict that merger activity in the energy and petroleum sector will increase over the next year. Influence of Shareholder Activism Growing in North America
  4. 4. Increase 30% Stay the same 69% Decrease 1% compared to 2014, do you expect the level of antitrust scrutiny for deals in northamerica to increase, decrease or stay the same in 2015? compared to 2014, do you expect the level of antitrust scrutiny for deals in europe to increase, decrease or stay the same in 2015? Increase 65% Stay the same 35% compared to 2014, do you expect the level of antitrust scrutiny for deals in asia to increase, decrease or stay the same in 2015? Increase 71% Stay the same 29% Notably, the activism trend is limited to North America – only 9% of dealmakers in Asia and 19% of those in Europe believe activism will drive deal activity in their respective regions. Continuing the trend from 2014, one-third (34%) of dealmakers in North America expect that activist shareholders are most likely to demand spinoffs, sales or divestitures in 2015 over any other type of activist demand, such as Board representation (28%) or share buybacks or dividends (25%). As compared to 2014, roughly the same percentage of dealmakers in North America expect activists to demand Board representation this year. Additionally, expected demand for share buybacks or dividends is down from last year, while expected demand for mergers and acquisitions is up. As shareholder activism activity is expected to rise and increasingly drive deal activity in 2015, more than eight in ten (85%) dealmakers in North America also predict that the level of engagement between Boards of companies in the region and investors will increase. Influence of Shareholder Activism Growing in North America (continued) Antitrust Concerns Growing in Europe and Asia Nearly two-thirds (65%) of dealmakers in Europe predict the level of antitrust scrutiny for deals in their region will increase relative to 2014, while 71% of dealmakers in Asia believe the same for deals in their region. On the other hand, the level of antitrust risk is expected to remain unchanged in North America, according to a majority of dealmakers (69%) in the region. In North America, technology and telecom (57%), healthcare (48%) and media (43%) are the industries that dealmakers believe will receive the most antitrust scrutiny in 2015. While concerns persist about antitrust issues in technology and telecom, they have significantly decreased since 2014, when 77% of dealmakers expected it to be a key industry for regulatory review. Dealmakers are also less concerned this year over antitrust scrutiny in the media industry – last year, more than half (61%) expected it to increase. However, concerns about the healthcare industry have slightly increased from last year, when 39% of dealmakers expected antitrust scrutiny to increase. do you expect the level of shareholder activism activity to increase, decrease or stay the same in 2015? Increase 73% Stay the same 25% Decrease 1% do you expect the level of engagement between company boards and investors to increase, decrease or stay the same in 2015? Increase 85% Stay the same 14% Decrease 1% what do you expect will be the most recurring demand among shareholder activists in 2015? Board Representation 27% 28% Mergers & Acquisitions 3% 11% Spinoffs, sales, or divestitures 39% 34% Share buybacks or dividends 32% 25% 2014 2015
  5. 5. what are the key factors that will drive m&a in 2015? North America • The majority of dealmakers in North America (62%) predict that shareholder activism or pressure from investors will be the key factor that drives M&A in 2015, ahead of CEO / Board confidence (49%) and a low interest rate environment and easy access to credit (42%). • Since 2014, shareholder activism has traded places with confidence among CEOs and Boards as the top expected driver of deal activity. Last year, confidence among CEOs and Boards was predicted to be the key driver by 63% of dealmakers in North America, whereas activism was only cited by 47%. Asia • More than half (52%) of dealmakers in Asia believe that strategic repositioning by companies, such as expansion into new lines of business and geographies, will be the key driver for deal activity by Asian companies in 2015. Of note, this has more than doubled since last year, when only 23% of dealmakers in the region cited strategic repositioning as a deal driver. • The second most critical deal driver for 2015, cited by 43% of dealmakers in Asia, is expected to be easy access to credit and a low interest rate environment. This is up from 20% in 2014. • Of note, in 2014, more than half (53%) of Asia-based dealmakers said appetite for outward expansion by privately-owned Chinese companies would drive deal activity, but this number is down considerably in one year, with only 17% predicting the same for 2015. Europe • In Europe, a strong majority (69%) of dealmakers agree that easy access to credit and a low interest rate environment will be the most critical driver for deal activity by European companies in 2015, up from 50% last year. • The second most significant driver of deal activity is expected to be confidence among CEOs and Boards of European companies, according to 63% of dealmakers. This is slightly down from 2014, when 75% of dealmakers predicted it to be the top driver. • Additionally, fewer dealmakers in Europe (25%) cited the improving economy as a deal driver for 2015, relative to 2014 (54%). 62% 49% 42% 33% 31% 31% 24% 11% 11% 4% Shareholder activism/pressure from investors CEO/Board confidence Availability of credit and low interest rate environment Improving economy Strategic repositioning (new lines of business, geographic expansion) Cost cutting/synergies More cash on balance sheets Equity market rebound in U.S. Currency fluctuations Other 69% 63% 38% 38% 31% 25% 19% 13% 6% 0% Availability of credit and low interest rate environment CEO/Board confidence More cash on balance sheets Strategic repositioning (new lines of business, geographic expansion) Cost cutting/synergies Improving economy Shareholder activism/pressure from investors Equity market rebound in U.S. Currency fluctuations Other 52% 43% 26% 22% 22% 17% 17% 17% 17% 9% 9% 9% 4% Strategic repositioning (new lines of business, geographic expansion) Availability of credit and low interest rate environment More cash on balance sheets CEO/Board confidence Cost cutting/synergies Improving economy Equity market rebound in U.S. Currency fluctuations Growing appetite among privately-owned Chinese companies for outward expansion Shareholder activism/pressure from investors Opportunities in struggling Western economies Other Growing appetite among Chinese SOEs for outward expression
  6. 6. what types of deals do you expect to drive m&a in 2015? North America • In 2015, over two-thirds (68%) of dealmakers in North America expect domestic transactions among strategic buyers to make up the majority of deal activity within the region, while only 10% see North American companies looking abroad. • A smaller amount (18%) of dealmakers expect private equity deals to drive the North American M&A market. • Very few (5%) dealmakers expect inbound foreign acquirers to play a major role in deals in North America in 2015. Europe • Dealmakers in Europe (72%) expect inbound deals to drive M&A by European companies in 2015. These inbound deals are expected by 88% of European dealmakers to come primarily from North America. • Very few dealmakers in Europe (11%) predict outbound activity by European companies and even fewer (6%) expect to see domestic transactions among strategic buyers to drive deals in the region. Similarly, very few (6%) dealmakers expect private equity deals to drive M&A in Europe. Asia • Nearly half of dealmakers in Asia (43%) predict M&A activity by companies in their region will be focused on outbound deals, with domestic companies making acquisitions of companies outside of Asia. Those outbound deals are expected by 67% of Asian dealmakers to be directed toward North America and, to a lesser degree (19%), toward Europe. • Domestic transactions among strategic buyers (24%) and inbound deals by foreign acquirers (19%) are expected to play a relatively smaller role in terms of driving M&A activity in Asia. • Only 14% of dealmakers in Asia expect deal activity to be driven by private equity. NOTE: In some charts, percentages do not total 100 due to multiple response options what types of deals do you expect to drive the european m&a market in 2015? INBOUND Foreign acquirers into North America 5% OUTBOUND Domestic acquirers into other markets 1­­0% Domestic transactions among strategic buyers 68% Private equity 18% INBOUND Foreign acquirers into Europe 72% OUTBOUND Domestic acquirers into other markets 1­­1% Domestic transactions among strategic buyers 6% Private equity 6% INBOUND Foreign acquirers into Asia 19% OUTBOUND Domestic acquirers into other markets 43% Domestic transactions among strategic buyers 24% Private equity 14% what types of deals do you expect to drive the northamerican m&a market in 2015? what types of deals do you expect to drive the asian m&a market in 2015?
  7. 7. SAN FRANCISCO One Bush Street Suite 1400 San Francisco, CA 94104 Tel 415 671 7676 ABU DHABI BEIJING BERLIN BRUSSELS DALLAS DUBAI FRANKFURT HONG KONG JOHANNESBURG LONDON MILAN MUMBAI MUNICH NEW YORK PARIS ROME SAN FRANCISCO SAO PAULO SHANGHAI SINGAPORE STOCKHOLM VIENNA WASHINGTON, DC www.brunswickgroup.com OUR GLOBAL OFFICES DALLAS 200 Crescent Court Suite 225 Dallas, TX 75201 Tel 214 254 3790 NEW YORK 245 Park Avenue 14th Floor New York, NY 10167 Tel 212 333 3810 WASHINGTON, D.C. 1099 New York Avenue, NW Suite 300 Washington, DC 20001 Tel 202 393 7337 BRUNSWICK OFFICES IN THE U.S.

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