In-house counsel lead IPO charge; manufacturer's plans to go public present inside lawyers with a 'steep learning curve.' (Steelcase Inc.)(Closely Held Companies)
Article Abstract:
Steelcase Inc, the world's biggest office furniture designer and manufacturer, went public with careful planning and did so because it was faced with the loss of nonreporting status and shareholder demands for more liquidity. During the initial public offering, which will take place in the first quarter of 1998, 10-20% of company stock is expected to be sold. This offering has proved difficult in part because of the company's widely spread and global operations and its size. Close collaboration has been necessary between in-house counsel and Cravath, Swaine & Moore, the law firm selected for outside counsel work.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1998
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Counsellors to rising start-ups
Article Abstract:
Venture capital and taking a company public involve many issues and is particularly relevant in the high technology sector in the mid1990s. Attorneys specializing in this area have an online panel discussion at the Law Journal EXTRA Web site. Issues discussed include whether increased usage of the World Wide Web for initial public offerings changes the relationship of start-up companies and venture capital investors and how such investors can be assured that such a company's portfolio includes all necessary technology rights the company purports to own.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1997
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Planting the seeds of governance; it's never too early to set up a basis for good communication between management, board
Article Abstract:
A company funded by venture capital has as great a need for adequate communication and accountability between its board and corporate management as a larger business. These two can be even more important with a growth-stage company because it may not have the revenues and flexibility to absorb adversity in the business plan. Quality, timely information should be the goal and the board should become an active participant. Such steps will help improve the performance of management and board and the company will be in a better position to go public.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1997
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