MAC clauses: buyers’ remorse

Just a few months ago, acquirers were stretching to win the approval of their targets’ shareholders for deals. Now, they are dying to get out of their commitments. Last week fitness shoemaker Finish Line said it wanted out of its $1.5bn deal to buy rival Genesco. Goldman Sachs and KKR are walking away from their $8bn deal to buy audio equipment maker Harman International. The former eager buyers claim their agreements give them a legal escape route. For them to walk away scot-free, a seller woul...