Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Event-Driven

The U.S. Securities and Exchange Commission and drugmaker <a href="https://www.smartkarma.com/entities/867" target="_blank" data-smartkarma-citation="entities:867:1">Allergan Plc (AGN US)</a> settled claims that Allergan failed to disclose negotiations with third parties following the announcement of a hostile tender offer by <a href="https://www.smartkarma.com/entities/941" target="_blank" data-smartkarma-citation="entities:941:1">Valeant Pharmaceuticals Intl Inc (VRX US)</a> and co-bidder <a href="https://www.smartkarma.com/entities/967" target="_blank" data-smartkarma-citation="entities:967:1">Pershing Square</a>.1 Highlights<ul><li>The tender offer rules require the target of a tender offer to disclose whether or not, in response to the tender offer, it is engaged in negotiations that relate to a merger or acquisition transaction.</li><li>If no negotiations are underway at the time of the target company’s initial disclosure, disclosure laws require the target company to affirmatively state that fact and to promptly amend its filing to disclose if negotiations have later commenced, although disclosure of the possible terms of or the parties to the transaction is not required if an agreement in principle has not been reached.</li><li>When Allergan engaged in negotiations on price with potential M&amp;A counterparties while Valeant’s and Pershing Square’s tender offer was pending, Allergan violated disclosure laws by failing to amend its Schedule 14D-9 to disclose to its shareholders that third-party negotiations had commenced.</li><li>Allergan agreed to pay a US$15 million civil money penalty to resolve the disclosure claims.</li><li>This is the SEC’s most recent push for disclosure in an area that has seen a number of enforcement actions over the years, including several high profile matters dating back to the 1980s.</li></ul>

The U.S. Securities and Exchange Commission and drugmaker Allergan Plc (AGN US) settled claims that Allergan failed to disclose negotiations with third parties following the announcement of a hostile tender offer by Valeant Pharmaceuticals Intl Inc (VRX US) and co-bidder Pershing Square.1 HighlightsThe tender offer rules require the target of a tender offer to disclose whether or not, in response to the tender offer, it is engaged in negotiations that relate to a merger or acquisition transaction.If no negotiations are underway at the time of the target company’s initial disclosure, disclosure laws require the target company to affirmatively state that fact and to promptly amend its filing to disclose if negotiations have later commenced, although disclosure of the possible terms of or the parties to the transaction is not required if an agreement in principle has not been reached.When Allergan engaged in negotiations on price with potential M&amp;A counterparties while Valeant’s and Pershing Square’s tender offer was pending, Allergan violated disclosure laws by failing to amend its Schedule 14D-9 to disclose to its shareholders that third-party negotiations had commenced.Allergan agreed to pay a US$15 million civil money penalty to resolve the disclosure claims.This is the SEC’s most recent push for disclosure in an area that has seen a number of enforcement actions over the years, including several high profile matters dating back to the 1980s.

SEC and Drugmaker Allergan Reach Settlement over M&A Disclosure Violations