Survey Says: 2009 MACs Didn’t Favor Buyers or Sellers

Law firm Nixon Peabody today released its 8th annual MAC Survey, which looks at material adverse change provisions in M&A deals worth $100 million or more. It found that while MAC provisions are more buyer-friendly today than they were five or six years ago, the current conditions are too “splintered” to accurately describe as buyer-friendly or seller-friendly.

The results show relatively little change between 2008 and 2009, except in two areas: First, there was a 24% increase in the number of MAC exceptions for “changes in trading price or trading volume of a company’s stock.” There also was an unspecified rise in MAC exceptions for changes in exchange rates and/or interest rates.

You can view the survey below:

MAC Survey 2009