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THE MERRILL CORP. LOGO SHOULD GO HERE. and. welcome you to our webcast: Riding the Chinese M&A wave in the U.S. Introduction Moderator : Mary Kathleen Flynn Senior Editor/Video Producer The Deal LLC.

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And

THE MERRILL CORP. LOGO SHOULD GO HERE

and

welcome you to our webcast:

Riding the Chinese M&A wave in the U.S.


And

Introduction

Moderator:

Mary Kathleen Flynn

Senior Editor/Video Producer

The Deal LLC


And

REMINDER:Listeners will be in listen-only mode. We encourage you to e-mail questions via the Q&A panel box to the right of your screen. Select questions will be answered during the last 10 minutes of the program.

We will be providing several poll questions throughout the discussion. These questions will also appear in a panel box on the right of your screen.

If you are having technical difficulties, please call customer support at866-229-3239.


And

EXPERT PANEL

Monish Bahl

Senior Vice President, Business Development and M&ACDC Corp.

Gene RamirezManaging DirectorMorgan Joseph TriArtisan Inc.

Lance GillilandManaging DirectorTudor, Pickering, Holt, & Co.


And

EXPERT PANEL

Charles ComeyPartnerMorrison & Foerster LLP

Todson Page Transaction Services PartnerPricewaterhouseCoopers


And

  • China’s annual real GDP growth has averaged 9.9% from 1980 t0 2010, triple the worldwide rate of 3.3%

  • The Chinese government has supported outbound M&A. The China Development Bank, for example, has loaned $30 billion to state-owned China National Petroleum Corp. for more overseas M&A in energy resources

  • Source: Robert W. Baird Co.


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What conditions are currently encouraging Chinese-based companies to pursue U.S. assets?


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Values are stabilizing, with technology and energy sectors leading the way

VValue trends

CChina into U.S. - $ in millions

2010

VVolume trends

CChina into U.S. - No. of deals

Q1 ‘11

SSource: Thomson Reuters 4/15/2011


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The coveted targeted sectors: Energy and tech


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  • Computers and electronics has been the leading outbound target sector over the past 10 years. Lenovo acquired IBM’s personal-computer business for $1.75 billion in ’04.

  • U.S. companies have become the most frequent targets by Chinese firms. Firms headquartered in the U.S. have accounted for 18% of outbound targets since 2001.

  • Source: Robert W. Baird Co.


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AUDIENCE SURVEY QUESTION:

What do you believe is the biggest factor driving increased Chinese M&A activity in the U.S.?

A. Strength of the Chinese yuan vs. U.S. dollar

  • B. Strengthening of global economy

  • C. Increased demand in China for U.S. products and services

  • D. Political and financial instability in other global economies

  • E. Other


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Challenges for

China-based acquirers in the U.S.


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Deal structure trends of Chinese acquirers: Minority stakes and joint ventures


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AUDIENCE SURVEY QUESTION:

  • What effect do you believe increased Chinese M&A activity will have on the pricing of U.S. acquisition targets?

    • A. Greatly increased prices

    • B. Somewhat increased prices

    • C. None

    • D. Somewhat decreased prices

    • E. Greatly decreased prices


And

Attributes Chinese-based acquirers bring to table besides capital


And

The effects of turmoil in the Middle East and nuclear crisis in Japan on Chinese acquirers in the U.S.


And

Closing remarks:

Outlook for Chinese acquirers in the U.S.


The deal webcast series upcoming events

THE DEAL WEBCAST SERIESUpcoming Events

Brought to you by The Deal LLC and Bank of America Corp., this complimentary event on April 28 showcases the best ways to navigate new rules and trends in deal financing in the middle market and beyond. Reserve your seat:

https://thedeal.webex.com/thedeal/onstage/g.php?t=a&d=666331375


And

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