10+ hours of podcasts, in 5 minutes.
6 quotes from 1 episode on M&A Science, each with a timestamped link to the source.
Bill Stone notes that strategic buyers defeat private equity firms in contested takeovers by cutting corporate overhead. Inside private equity deals, founders lose all control over liquidity timing when sponsors hold a 70% stake against a 30% founder share.
Public market volatility destroyed almost half of a secondary offering value, dropping the stock price from $34 to $19.50 per share.
“The last time I went to Wall Street to do a secondary, when we announced our secondary, our stock was at $34 a share. And when we priced it, we got 19.50. I didn't like that, so we lost not quite half of our value in that process.”
Canadian takeover rules stipulate that an interloping bid exceed a signed deal by 20%, allowing strategic buyers to force open bidding.
“Canadian takeover rules, a superior bid is I think 20%…”
From How Bill Stone Outbids Private Equity in Contested Takeovers
Strategic acquirers win contested deals by cutting public company costs. Eliminating redundant legal departments, chief financial officers, and auditor retainers allows buyers to compress high entry multiples rapidly.
“Usually against private equity, I can always win…”
From How Bill Stone Outbids Private Equity in Contested Takeovers
Holding 30% of a company leaves founders powerless on sponsor-level decisions. A private equity firm with a 70% stake controls liquidity timing, rendering formal board votes entirely irrelevant.
“Okay, Bud, I got it. Let's vote. Okay, you got 70. I got 30. I think I lose.”
“Well, I'm still the smartest kid in the room, right?”
“You know, they were traded on the Toronto Stock Exchange…”
From How Bill Stone Outbids Private Equity in Contested Takeovers
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