We represented a client company which is 100% owned by an employee stock ownership plan (ESOP). The company acquired a competitor that was also 100% owned by an ESOP. The consideration for the acquisition included both cash and client company stock.
The transaction required negotiation between the client and the competitor and also the trustees for both ESOPs, all of which had separate counsel. The transaction also required a merger of the competitor's ESOP into the client company’s ESOP, which required an analysis of the two plans for the go-forward plan terms and significant administrative work with the ESOP record keepers to process the merger.
The transaction required negotiation between the client and the competitor and also the trustees for both ESOPs, all of which had separate counsel. The transaction also required a merger of the competitor's ESOP into the client company’s ESOP, which required an analysis of the two plans for the go-forward plan terms and significant administrative work with the ESOP record keepers to process the merger.
