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In the News Press Release

Big Deals Fuel Value Rebound in NJ-Based M&A Market

Publisher: New Jersey Law Journal
January 25, 2018

Michael Rave was quoted in an article, "Big Deals Fuel Value Rebound in NJ-Based M&A Market," published by the New Jersey Law Journal. The article focused on an increase in the total value of the top 30 deals in New Jersey during 2017 and the M&A market generally. "It's where the chips fall, especially when you're talking about a particular state," but more top-end deals generally "can soften up the market" for more activity, Rave told the New Jersey Law Journal. "Other companies feel like, 'I need to do something,'" he said. As noted in the article, Day Pitney was the only law firm in New Jersey that appeared on the list of top 30 deals. The firm's representation of Wayne-based Valley Bancorp in its acquisition $816 million of Florida-based USAmeriBancorp, a deal led by Rave, ranks as the 15th most valuable transaction on the list. Florida's reputation as a growth market with lower tax rates were noted as factors favoring the Valley-USAmeriBancorp deal. As for others in the banking and financial services industry, Rave said, "A lot [of banks] are very hesitant to bridge states" because of concerns about managing remote employees and because banking is "a very localized industry."