MACs: Mac attack comes back

Some Wall Street lawyers get paid over $1000 an hour to bicker about semantics. And they might earn their keep in the recent uproar over material adverse change clauses, the part of a merger agreement that details the few situations in which a buyer can walk away. Buyout firms are starting to scour their agreements to see if the mac, for short, might allow them to escape deals. They shouldn’t get too excited. A return to the negotiating table is about as much as they can hope for. Most macs are...