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Selling the Cake and Eating It Too

Quarles & Brady represented a company engaged in an auction, which sought a buyer for the entire organization rather than its separate assets. Nevertheless, the most likely high-bidder told the client that there was a part of the existing business in which they were not interested. At the time, the economy was weakening and both we and our client realized it, so fast action was needed to salvage the deal. In order to secure a path to the best price for the company, we helped the client carve out and spin off the unwanted business unit, preserving as much of its individual value as possible without diluting any of the value of the remaining business. As a result, the company sold for a healthy $125 million. Meanwhile, the remaining business unit attained independent viability, so our client held on to it and has since then built it into a separate success of its own.