Nixon Peabody 2020 MAC Survey

January 14, 2021

Author(s): Christopher P. Keefe, Richard F. Langan, Jr., David A. Martland, John C. Partigan, Philip B. Taub

The Nixon Peabody MAC Survey is our study of negotiation trends involving material adverse change (MAC) clauses on M&A transactions. We are pleased to present our latest findings. 

Download the 2020 MAC Survey

Press release

As we analyzed the deal landscape, we faced a challenge unique in the 18-year history of the NP MAC Survey: the combination of the global coronavirus pandemic and economic and political uncertainty in the United States and abroad.

Despite these factors, we found that mergers and acquisitions remain a favored approach to growth—and material adverse change (MAC) clauses continue to play an important role in M&A agreements.

We continue to observe trends in MAC clauses that demonstrate a heightened awareness of geopolitical and legal developments as they affect the dealmaking environment.

  • For the first time, our survey tracked exceptions relating to pandemics or COVID-19, beginning in February 2020 when the virus began drawing worldwide attention.
  • The U.S. presidential election, cross-border tariffs, and Brexit and are among the other sources of uncertainty that influence the use of MAC clauses and affect the way bidders and targets allocate risk.

Download the Nixon Peabody 2020 MAC Survey for more information on the deals influencing this year’s survey and insights into dealmaking trends.

Nixon Peabody will continue to closely observe how the dealmaking market responds to the next stages of the pandemic and other potential developments in the months and years to come.

The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

Back to top