Xerox Gains on Pro-Rata Warrant Distribution to Shareholders

The company said Wednesday that shareholders would receive one warrant for every two shares they hold, rounded down. The warrants expire two years after they are distributed, unless an early ...
JD Supra

Watch Your Language! Non-Pro Rata Uptier Transactions and the Serta and Mitel Decisions

Among the many financial innovations that came out of the COVID era, non-pro rata uptier transactions as a liability management exercise (“LMEs”) are among the more controversial. While lawsuits ...
JD Supra

The End of Non-Pro Rata Uptiers? Fifth Circuit Rules that Serta Exchange was Not an “Open Market Purchase”

The United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) ruled on December 31, 2024 that Serta Simmons Bedding’s (“SSB”) 2020 uptier exchange included a transaction that, ...