A corporate buyer based in Chicago expressed interest in acquiring a Hudson-based manufacturing company. The Hudson company’s general manager contacted Bakke Norman to assist the company’s 20 shareholders to negotiate the stock purchase agreement and close the sale.
The shareholders resided throughout the Midwest and included the founder’s family members; company employees, who had received stock in recognition of their efforts for the company; and various business partners. The number and location of shareholders presented challenges for efficiently conveying information and answering questions, as well as conducting a prompt shareholder meeting to approve the sale.
We utilized our in-house technology to conduct an electronic meeting. All participants were able to view and discuss the transaction documents from their homes or offices via a secure online connection and our VOIP telephone system.
Following the shareholders’ approval of the sale, we worked with opposing counsel in Chicago through the due diligence process to the closing. The closing took place in Chicago, with the founder’s family and other shareholders repeating the benefits of the many years of effort in building the company. It was the first and only time that counsel on each side of the transaction met in person.