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M&A Brokers Update

by Regina M. Joseph
Shumaker, Loop & Kendrick, LLP - Toledo Office

February 18, 2014

Previously published on February 13, 2014

Brokers that facilitate the purchase and sale of privately held companies usually seek to be compensated by a percentage of the transaction value if the transaction is consummated. For a transaction structured as a sale of equity securities, payment of transaction-based compensation is usually problematic under federal and state securities law. This is because such activity has traditionally been seen to fall within the definition of a “broker,” requiring burdensome registration as a broker-dealer.


The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.

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Regina M. Joseph
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