The 25th annual Tulane Corporate Law Institute took place March 21 and 22 in New Orleans. The institute is known for being the pre-eminent annual conference for M&A lawyers. Coverage of the first day’s events follows. Complete coverage of the second day is available here.
The conference began with a presentation by Mark Shafir, global head of mergers and acquisitions at Citigroup, who provided a tepid forecast for the M&A market. The 2012 market continued at approximately the same overall volume as had been seen in 2010 and 2011, still well beneath the rate enjoyed in 2007. Shafir predicted that, a few years from now, the Federal Reserve will inevitably raise interest rates. Shafir labeled this prospect a "black cloud on the horizon," suggesting that historical records indicate that even small increases in interest rates following a low-rate period tend to have dramatic effects on the cost of borrowing. Shafir concluded: "The preponderance of the evidence suggests we are not at the start of a major M&A recovery."
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