IFAs 'don't know how' to carry out platform due diligence

February 8, 2006

From IFAonline.co.uk:
The majority of advisers do not know how to undertake due diligence on their prospective platform providers, a new study has found.

Although the FSA’s platform discussion paper calls for IFAs to thoroughly screen the different platforms, a CWC Research survey has found many advisers are unsure where to start.

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Due-Diligence Firm to Aid New York Subprime Probe

January 28, 2006

From The Wall Street Journal Online:
New York state prosecutors have secured cooperation from a company that analyzes mortgages for banks, aiding an investigation into the role of Wall Street banks in the subprime-mortgage-market turmoil.

Clayton Holdings Inc., which reviews loans for investment banks before they are turned into securities and sold to investors, reached an agreement last week to provide information and testimony to the office of New York Attorney General Andrew Cuomo. His office had subpoenaed several such businesses, known as due-diligence firms, last year.

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The Due Diligence Derby: Barclays (BCS) Sues Bear Steans (BSC)

December 20, 2006

From 24/7 Wall St.:
Barclays (BCS) has sued Bear Stearns (BSC) over the failure of two of the US companies hedge funds. In particular, the bank says that BSC dumped $500 million of risky investments into one of the funds just before it failed.

The reaction of the US company, according to Reuters, was "While we do not like to see investors or counterparties lose money, we believe this lawsuit is an attempt by Barclays to avoid taking responsibility for its own actions."

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10 Keys for acquisition due diligence

December 18, 2006

From AccountingWeb.com:
The amount of global deals is growing at a staggering rate, increasing the need for thorough diligence. In 2006, global deal value surpassed the $4 trillion mark, up from $3 trillion in 2005. The number of transactions increased globally from 35,329 in 2005 to 39,120 in 2006.

Last year, U.S.-focused funds raised an incredible $252 billion - $80 billion more than the amount raised in 2005, according to Thompson Financial. This amount includes the $130 billion raised by U.S. venture capital, buyout and mezzanine funds.

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Due diligence, by the dozen

December 9, 2006

From The Hindu Business Line:
Before you invest in a company, there are at least a dozen factors to consider, says Mr Sandeep Shenoy, Strategist, PINC Research, Mumbai. “Whenever an investor forays into stock markets, he is faced with more questions than answers, and feels intimidated by the sheer scale and dynamics of data around him,” he adds.

To help arrive at a proper decision, he emphasises the need to take into account aspects about a company’s working, the financial and business environment. The 12 factors, according to Mr Shenoy, are as follows: Addressable markets, business model, promoter ability, operating margins, growth or scaling up, operating leverage, asset sweating, debt equity ratio, cash flows, dividend and taxes, value proposition, and cyclicality and dependency.

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Due diligence, liquidity key to credit market unfreezing

December 3, 2006

From Reuters:
Further deterioration of global credit markets can be avoided if ratings agencies perform more due diligence on loans that are securitized and liquidity returns to the secondary market, a panel of financial services executives said on Monday.

"The models at the ratings agencies did not work and they did not appropriately price the risk inherent in the underlying mortgages that were being securitized," Michael O'Hanlon, senior managing director at Marathon Asset Management LLC, said on a panel hosted by the Office of Thrift Supervision.

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‘Brand-asset due diligence needed in acquisitions’

October 8, 2006

From Sify.com:
Hutch became Vodafone through a series of high-voltage ads across media, recently.

The pug has been retained, assures Vodafone, as an ‘endearing symbol’ that signals the continuation of ‘the good things’ even as the new company builds on ‘strong fundamentals’. But it may be some time before the new brand name gets etched in the minds of people, and the customers connect with the old pug in its new house. For, rebranding is always a major exercise, especially in the context of big-ticket acquisitions that result in brand changes, as happened in the case of Hutch.

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Human Due Diligence

October 2, 2006

From The Wall Street Journal Online:
Someone may soon buy the European bank giant ABN AMRO Holdings. The Royal Bank of Scotland and Barclays are each offering more than $80 billion and investors are waiting to see if a sale goes through.

But if the past is a guide, markets will focus on assets, portfolios and business synergies and overlook a key to whether the deal is successful: people.

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ALTERNATIVE INVESTMENTS: Alt-investment due diligence entails heavy lifting

August 6, 2006

From InvestmentNews:
Investing client assets in alternative products and strategies can expose financial advisers to a whole new set of challenges for due diligence.

While some alternative investments, such as hedge funds, will introduce risks associated with a less regulated marketplace, other products that fall under more stringent regulatory scrutiny can also introduce potential pitfalls due to their unique structures and investing strategies, according to industry sources.

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Volkswagen to conduct due diligence on Malaysia's Proton - report

August 6, 2006

From ABCMoney.co.uk:
Volkswagen AG (VW) is expected to conduct a due diligence on certain assets of Malaysia's national carmaker Proton Holdings Bhd sometime this month, the Edge Weekly reported on Monday, citing unnamed sources.

Proton's senior management has been informed of the due diligence and has been instructed to facilitate and accommodate it, according to the report.

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Giving diligence its due

August 1, 2006

From Financial Times:
In 2005 Refco, one of the largest US futures brokerages, went bankrupt after Phillip Bennett, its chief executive, was arrested on fraud charges.

As investors lost millions of dollars, there was embarrassment on Wall Street, beginning with the investment banks that had taken Refco public in a much-hyped listing a few months earlier.

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Due diligence report advised for offplan investment success

July 24, 2006

From London Stock Exchange:
Investors considering buying property in emerging markets have been urged to consider due diligence reports in order to minimise the risks involved, one expert has warned.

The director of offplan specialist firm property-abroad.com, Les Calvert, said there are "always" potential benefits when it comes to offplan property investment.

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If you're considering hedge funds, diligence is due

May 6, 2006

From PalmBeachDailyNews.com:
I've been stand-offish toward hedge funds, which are loosely regulated pools of money limited to the high net worth.

These funds invest with few limitations on strategies they may use.

I don't like the idea of paying a lot for investments — particularly for investments that lack liquidity, as hedge funds often do. There are just so many attractively performing, transparent liquid investments with low fees!

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The Basics of Mergers & Acquisitions Due Diligence

May 3, 2006

From American Venture Magazine:
In advising companies that are acquisition candidates, two of the questionts that I most frequently receive are:

1. What should I expect from the due diligence process?

and

2. How can I best protect my confidential information while still moving the process forward?

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ABN set to allow RBS group due diligence - source

April 27, 2006

From Reuters Africa:
ABN AMRO is likely to modify a "standstill" condition attached to opening its books to a group of suitors led by Royal Bank of Scotland, a source familiar with the situation said on Friday.

The RBS-led group on Thursday called on ABN to drop the clause, which would prevent them from making an unsolicited approach for ABN for 12 months. ABN had agreed to give the banks access its books if they agreed to the condition.

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CIR's Sogefi, Bain Capital in due diligence to acqure Dayco Europe - report

April 27, 2006

From Forbes:
Compagnie Industriali Riunite SpA unit Sogefi SpA and its partner US fund Bain Capital are conducting due diligence as part of acquiring auto component firm Dayco Europe, from US's Mark IV, Il Mondo said.

In an unsourced report, the weekly said Sogefi/Bain is the only consortium in advanced talks with Mark IV, whose shareholders include ABN Amro (nyse: ABN - news - people ), Italy's Hopa SpA and cooperative banks' ARCA.

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Pioneer Hires New Due Diligence Head

January 10, 2006

From FINalternatives:
Dublin, Ireland-based Pioneer Alternative Investments has appointed Vincent Vandenbroucke as global head of operational due diligence, responsible for analyzing and assessing the operational risks of all investments for the firm's fund of hedge funds portfolios.

Previously, Vandenbroucke served as an operational risk analyst and a member of the investment committee at Axa Investment Managers UK.

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Vodafone CEO says due diligence started for Hutchison Essar

January 10, 2006

From MarketWatch:
U.K.-based Vodafone Group PLC (VOD.LN) Chief Executive Officer Arun Sarin Wednesday said that his company has begun due diligence for acquiring Hutchison's 67% stake in Indian mobile phone service provider Hutchison Essar Ltd.

Sarin said that Vodafone's plan to buy Hutchison Essar made "great economic sense" and was also a way to expand operations in India.

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Conducting Due Diligence into Private Equity Funds is More Important Now than Ever

October 30, 2006

From TransWorldNews:
IncreMental Advantage will run the first conference ever on Private Equity Funds Due Diligence in New York City on December 7, 2006. This conference is designed to help senior managers from pension funds; insurance companies; foundations; funds-of-funds; and, family offices improve their returns by ferreting out the most promising private equity funds in which to invest.

David Wanetick, Managing Director of IncreMental Advantage said, “Private equity funds are on track to raise more than $200 billion in investments in 2007. The capital pouring into the private equity industry is outpacing investors’ ability to evaluate the funds entrusted to make private equity investments.”

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Australia: Vendor Due Diligence Shifts The Burden

October 29, 2006

From Mondaq.com:
Vendor due diligence is increasing in popularity in Australia after many successes in the UK, Europe and the USA, smoothing the pathways of an M&A transaction with multiple bidders while shifting the burden of due diligence to the selling party. This Legal Update explains what a vendor due diligence is all about and how the advantages outweigh the disadvantages for some transactions.

Due diligence in an M&A transaction has ordinarily been undertaken by the purchaser on the caveat emptor principle, but recent trends both here an overseas has seen that burden shifting to the vendor.

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Investors' due diligence falls short

October 13, 2006

From BusinessEdge.ca:
Most Canadian investors know what they should be doing but a majority still aren't doing the right thing when it comes to their investments and financial planning - making them more vulnerable to fraud, a new study suggests.

The report by the Canadian Securities Administrators (CSA) found that one in three of those surveyed said they have been approached with a fraudulent investment opportunity.

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RCF carrying out due diligence at Madras Fertilizers

October 13, 2006

From MoneyControl.com:
Efforts to revive Madras Fertilizers Ltd (MFL) continue with the option to merge it with a cooperative or public sector fertiliser unit under study.

According to information provided by the company to the stock exchange, Rashtriya Chemicals and Fertilizers Ltd (RCF) is engaged in a due diligence at MFL.

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AXA begins Winterthur due diligence

September 22, 2006

From The Age:
Financial services firm AXA Asia Pacific Holdings Ltd began due diligence on Winterthur Group's Asian life insurance assets, with the company saying the Hong Kong business represented the most logical fit.

While it has already decided not to acquire the Japanese operations of global insurer Winterthur, AXA is reviewing an opportunity to buy the other Asian life insurance assets in Hong Kong, Taiwan, Indonesia and China.

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Coles briefing does the due diligence for the raiders

September 22, 2006

From The Australian:
READING between the lines, Coles Myer (CML) and its advisers value the company in the context of a takeover in the range of $17 to $20 a share.

That's a long way north of the indicative bid price of $14.50 a share that the KKR-led private equity consortium put to CML last month and which was rejected on the grounds that it substantially undervalued the company.

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NHI - Bahamas Government flunks ‘due diligence’ test

September 14, 2006

From Cayman Net News:
It is reported that the Bahamas Government intends to table in Parliament its proposed National Health Insurance plan (NHI) before yearend. Let us “examine the deal” as if it were a private investment proposal in the securities market.

NHI and the worker.
The Government will provide residents…both legal and illegal…with healthcare that is to be “funded” by a tax on workers’ income and a tax on the companies that employ them. The Government without exception will take money equally out of every worker’s paycheck (and out of his employer’s income) with the promise to deliver healthcare as needed by the worker and his family.

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DUE DILIGENCE: Problematic BP's A Buy, For Some

September 12, 2006

From Easy Bourse:
BP plc has a busted pipeline in Alaska.

It's facing probes into a shoddy safety record and allegations of trading manipulations, has a lame-duck chief executive and generates a quarter of its annual production from a country that has seized one rival's assets and allegedly forced BP to invest in another.

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NHI - Bahamas Government flunks ‘due diligence’ test

September 14, 2006

From Cayman Net News:
It is reported that the Bahamas Government intends to table in Parliament its proposed National Health Insurance plan (NHI) before yearend. Let us “examine the deal” as if it were a private investment proposal in the securities market.

NHI and the worker.
The Government will provide residents…both legal and illegal…with healthcare that is to be “funded” by a tax on workers’ income and a tax on the companies that employ them. The Government without exception will take money equally out of every worker’s paycheck (and out of his employer’s income) with the promise to deliver healthcare as needed by the worker and his family.

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Nigeria: Due Diligence Process in Mergers And Acquisitions

September 5, 2006

From AllAfrica.com:
The coming together of two or more separate existing businesses or undertakings, to operate as a single business unit or related business undertaking is know as a business combination. The International Financial Repordng Standard (IFRS) number 3 defines a business combination as the bringing together of separate entities or businesses into one reporting entity with one entity, the acquirer obtaining control of one or more other businesses and is called the Acquiree.

The level of business combination in Nigeria has been relatively low, but peaked with the directive from the Central Bank of Nigeria (CBN) that banks operating in Nigeria must increase their shareholders* funds base, to a minimum of N25billion. In making the pronouncement, the CBN specifically mentioned the merger option as one of the acceptable or viable options of achieving this. The recent directive by the National Insurance Commission (NAICOM), on the need for Insurance companies to also increase the share capital will also bring about further merger activities. You can compare the level of merger activities in Nigeria with that of the US, where in the mid 1990s' payments in respect of mergers between 36 companies involved the payment of about 146billon dollars to the selling or acquired companies. We can distinguish between a merger and an acquisition. Merger is said to occur when two or more companies combine to form a new company.

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The Process of Due Diligence

August 30, 2006

From Best Syndication:
A business which wants to attract foreign investments must present a business plan. But a business plan is the equivalent of a visit card. The introduction is very important - but, once the foreign investor has expressed interest, a second, more serious, more onerous and more tedious process commences: Due Diligence.

"Due Diligence" is a legal term (borrowed from the securities industry). It means, essentially, to make sure that all the facts regarding the firm are available and have been independently verified. In some respects, it is very similar to an audit. All the documents of the firm are assembled and reviewed, the management is interviewed and a team of financial experts, lawyers and accountants descends on the firm to analyze it.

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Freightways to conduct due diligence on Origin

August 14, 2006

From The New Zealand Herald:
Ailing airline Origin Pacific has granted listed freight operator Freightways exclusive rights to conduct due diligence on Origin's air-freight business, The Dominion Post reports.

Nelson-based regional airline Origin closed its passenger services on Thursday after time ran out to find more than $5 million in capital to keep flying.

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CAs must do due diligence, wherever their clients trade

August 2, 2006

From The Vancouver Sun:
What would happen if a bunch of Howe Street guys staged a stock promotion and their auditors didn't show up? That's the quandary facing the promoters of De Beira Resources and Tora Technologies, both of which trade on the dreadful OTC Bulletin Board in the United States.

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Onyx negotiating with CDC; due diligence demanded

July 24, 2006

From Puget Sound Business Journal:
CDC (NASDAQ: CHINA) is offering $5 a share for the Bellevue company (NASDAQ: ONXS), which is 20 cents more per share than an offer made by M2M Holdings. Onyx is recommending that its shareholders accept the M2M offer, which will be discussed at a special Aug. 1 shareholders' meeting.

CDC officials have said they're going to require that due diligence be finished before a sale is completed. Onyx officials requested that the due diligence requirement be waived but according to Onyx, "CDC has refused to waive this condition."

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New mantra: Cultural due diligence

July 19, 2006

From The Financial Express:
With Indian corporate houses going on an overseas acquisition spree, the challenges of managing a global workforce have intensified.

Top management of large companies and corporate houses like the Tata and the Mahindra groups are opting for intensive training to integrate overseas business into the culture of the company.

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DUE DILIGENCE: Bausch & Lomb Keeps Investors Waiting, Watching, Wondering

July 14, 2006

From Easy Bourse:
This earnings season marks the one-year anniversary since Bausch & Lomb Inc. last filed audited financial results. It's been just a single year in the eye-care company's 153-year history, but it is one investors will be happy to put behind them.

Two internal accounting probes, a major product recall, a higher-than-expected tax bill estimate and a handful of smaller restatements have slashed the S&P 500 component's market value almost in half.

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Due Diligence: The power of knowledge

July 14, 2006

From LegalIT:
Making a detailed analysis of the transactions a company makes can prove invaluable when measuring its worth, particularly in a merger situation, writes Martin Baldock

Victor Kiam, the American entrepreneur who made his fortune with Remington electric razors, was widely known for his quote that "he liked the product so much, he bought the company". One of his lesser-known quotes was "information is a negotiator’s greatest weapon." In the world of mergers and acquisitions (M&A), business valuations often become the subject of negotiation as actual value and perceived value can differ widely.

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Banks failing to perform due diligence on IT outsourcing deals

July 11, 2006

From finextra.com:
A survey of 38 financial institutions found that almost half recognise IT outsourcing as a way to achieve business transformation, but banks are not treating IT outsourcing deals like other areas of the business, such as mergers and acquisitions, and are failing to perform adequate due diligence.

The majority - 72% - of clients wished they had increased focus on ability to deliver on promises at the outset.

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Column: Investor Due Diligence 101

July 7, 2006

From TechJournal South:
As a potential investor in a company, do you and your team know what questions to ask?

When you ask the questions, do you probe beyond the surface to verify the elements of the answers? Are there areas which could potentially put your investment at risk that you don’t know how to assess? How familiar are you with the following financial, operational, and strategic areas that many technology, biotechnology, and human health industry companies are involved in:

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Ongoing M&A Market Boom to Spur Due Diligence, Tax Consulting Services

June 15, 2006

From AccountingWeb:
An ongoing strong market for corporate mergers and acquisitions (M&As) should mean continued steady business for CPA firms providing due diligence and related M&A and tax consulting services, according to a report from KPMG.

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Parliament shows due diligence to those in debt

June 15, 2006

From Scotsman.com:
IN November 2005, the Bankruptcy and Diligence (Scotland) Bill was introduced to the Scottish Parliament. The Bill's aim is to "help make bankruptcy a more humane option for people who need debt relief" and it proposes significant changes to sequestration and protected trust deeds (PTDs).

The changes to sequestration will bring the sequestration procedure into line with England and Wales. Like our neighbours, Scotland is experiencing record levels of personal insolvency. The parliament recognises that the Bill's impact must be measured in the context of consumer credit over-indebtedness, rather than business restart.

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Rudy 45 Begins Due Diligence on Natural Products Company

June 5, 2006

From Black Enterprise:
RUDY 45 (PINKSHEETS: RDYF), a business development company (BDC), today announced that the company has begun exploring a potential transaction with a publicly traded natural products company.

In line with the company's vision of seeking acquisition candidates that offer a reasonable and likely return on investment, management has identified a natural products company that appears well positioned for growth. Initial discussions between the two companies expressed a positive interest on both sides, and management believes it is now prudent to begin formally conducting due diligence as an acquisition candidate. This process will ensure any proposed transaction is in the best interest of Rudy 45 shareholders, and should be completed no later than (45) calendar days.

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02-06-2006: Kulim to start due diligence upon taking control of QSR

June 2, 2006

From The Edge Daily:
Kulim (Malaysia) Bhd intends to start the financial and legal due diligence of QSR Brands Bhd upon taking control of the board of the latter.

In a statement on June 2, QSR said this was stated in a letter addressed to several current and past directors of the company.

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Italy's Padoa-Schioppa sees public finance due diligence completed next week

June 1, 2006

From Forbes:
Economy minister Tommaso Padoa-Schioppa said he expects the due diligence on the country's public finances to be completed next week to determine the government's budgetary policy.

Speaking at a press conference after the cabinet meeting, Padoa-Schioppa however said that without adjustment measures, he cannot cut the public deficit to less than 4.1 pct of GDP.

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Cultural due diligence and takeover strategy

April 27, 2006

From Financial Express:
M&A activity has clearly moved to the next level, whether it is the aggressive entry by global majors who are acquiring sizeable stakes in leading Indian companies—in sectors as diverse as cement, software and investment banking—or the moves being made by Indian business houses to take over companies abroad.

An interesting aspect of some recent acquisitions has been the penchant for the foreign entrant to retain—in fact, insist on—the existing top management at the companies which are being acquired.

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Due Diligence, Quick and Clean

April 27, 2006

From CFO.com:
Before the Internet became widely used, companies on the selling block hired outside lawyers to store the documents needed for due diligence in rooms at their firms. Representatives of prospective suitors often traveled great distances to view the documents during allotted, separate times. The courting process was costly and time consuming.

The old storage method involved cumbersome tasks that ranged from keeping prospective buyers separate to ensuring that no one stole documents from the room. To be sure, many companies still host physical rooms. But by the mid-1990s, technology companies began to offer the "virtual-deal room," also known as a "data room" or a "clean room," and the process began to change.

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Oversight at Pitt: Whither due diligence?

April 26, 2006

From Pittsburgh Tribune:
A superstar at the University of Pittsburgh was not subjected to commonsensical oversight by his institution.

Gerald Schatten was senior author on a paper describing patient-matched stem cells created through human embryonic cloning.

The research, conducted by Hwang Woo-Suk in South Korea, later was proven an extraordinary fraud.

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Making the Most of Due Diligence

April 14, 2006

From The St. Petersburg Times:
With the development of the market in Russia, ever more foreign investors are beginning to look at the country as a viable investment opportunity. More and more foreign firms are attempting to break into the Russian market, while others are attempting to cut their costs by setting up production or local branches here in order to promote themselves and gain an advantage over the competition.

Among the various ways for foreign companies to enter the Russian region, a favorite among investors is to acquire a working production source such as a factory or to buy a plot of land on which to build a new facility.

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Telecom Communications Says Alpha Century Holdings Received Due Diligence Package From Wukuang

April 7, 2006

From Trading Markets Live!:
Telecom Communications, Inc. (TCOM.OB) said on Friday, its subsidiary, Alpha Century Holdings Ltd. received the first scheduled materials concerning due diligence of the Wukuang IE Limited purchase. As part of the agreement and schedule, Alpha has received the first scheduled installment of the suppliers' database property, logistic system, main markets contacts and suppliers contacts.

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Wind Point Partners Completes Due Diligence for Knape & Vogt Acquisition

April 5, 2006

From Yahoo! Finance:
Knape & Vogt Manufacturing Co. (Nasdaq: KNAP - News) today announced that Wind Point Partners has completed its due diligence process and is proceeding with its previously announced acquisition agreement.

Knape & Vogt ("KV"), the Grand Rapids, Mich.-based manufacturer and distributor of drawer slides, shelving, storage and ergonomic office products, announced in February 2006 that its board of directors approved an offer by private equity firm Wind Point Partners to acquire KV for $19 per share in cash.

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Due Diligence in Business Transactions gives you a Detailed Overview of the Case Law and Statutes Governing Due Diligence

April 4, 2006

From BusinessWire:
Research and Markets (http://www.researchandmarkets.com/reports/c35122) has announced the addition of Due Diligence in Business Transactions to their offering.

Due Diligence in Business Transactions brings you detailed guidance on who makes up the due diligence team and what role these various experts play; why due diligence is a "zero defects" business and what you can do to help limit your risk of liability for inadequate or incomplete due diligence; what the courts have to say about what constitutes "adequate due diligence" under the federal securities laws and how effective due diligence investigations can limit your exposure thereunder; what information you need to create a "data trail" to document the investigation; strategies and techniques that can help you uncover more and better information at every step in the investigation process; how to meet the special requirements of international and intellectual property due diligence; how the due diligence investigation process varies for different types of companies, and what are the appropriate procedures to follow in each case.

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