Corporate Department co-chair Mel Cherney was quoted extensively in an Inc. article regarding the strategic value of confidential IPOs and how they can be used to add competition and drive up price when perusing a sale.
“You're telling buyers you have another option,” said Cherney. “That is to just take the thing public.”
However, Cherney is doubtful that many private companies are actively using confidential IPO filings as a marketing tactic.
He commented, “If I'm selling my company, I'm going to hire a banker, get it out to the right group of buyers and start an auction.” Cherney added, “I might also file an IPO as part of the process, but not to drive the possibility of someone picking up the phone and calling me because they saw my press release.”
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