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12/01/2008Publication

For a market to function properly, consumers must be able to properly judge the inherent value (risk vs. reward) of goods brought to the marketplace. This is true whether a product, service or financial instrument. Because the trade-off between risk and reward was obscured by government subsidy and an implicit government guarantee—as exemplified by Fannie Mae and Freddie Mac—the consequences have proven dire.

05/30/2008Publication

Many owners believe their companies are worth more than what buyers are prepared to pay. This generally is due to differing perceptions regarding the selling company’s ability to realize its projected financial performance. Sellers do not want to leave money on the table related to anticipated future value, and buyers want to avoid overpaying for as yet unrealized value. Instead of an otherwise valuable transaction for both parties collapsing due to such valuation gap, creative transaction structuring can be employed to create a win-win situation for both buyer and seller.

04/23/2008Press Release

SunLink Health Systems, Inc. (AMEX:SSY) today announced that it has acquired Carmichael’s Cashway Pharmacy, Inc., for a purchase price of approximately $24.0 million, consisting $19.0 million cash, seller subordinated debt of $3.0 million and $2.0 million of SunLink shares (334,448 shares). Carmichael’s, with annual revenues of approximately $42.2 million, has been in business for over 30 years and is recognized as a leader in the provision of infusion therapy, specialty and institutional pharmacy services, enteral products, respiratory medications, medical equipment and retail pharmacy services to rural communities in southwest Louisiana and eastern Texas.

03/22/2008Publication

Last issue’s column, “Orthopedic Market toContinuetoAppreciateand Consolidate” (January/February issue), summarized the various factors driving merger-and-acquisition (M&A) activity within the orthopedic market. In the current environment,many orthopedic companies will be looking to augment growth and enhance value through acquisitions.

02/05/2008Publication

While the broader markets have experienced systemic turbulence stemming from the credit crisis that began last summer, the orthopedic sector has remained largely unshaken and is strongly positioned for another solid year.

01/30/2008Press Release

Helsinki, Finland and Armonk, NY - 21 Dec 2007: IBM (NYSE: IBM) today announced it has entered into an agreement to acquire Solid Information Technology, a privately held company based in Cupertino, California, and Helsinki, Finland, that provides in-memory database software. Financial details were not disclosed.

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