At long last, the log-jam started to break in the negotiations today. Rather than turning (and returning) heavy, labor-intensive drafts of the transaction documents in which each side simply rejected the other side’s proposal and reiterated its own former positions — which is what we’ve been doing — we’ve finally to the point where we’re making targeted revisions to specific provisions; exhibits and attachments are coming together; the business people are anxious to get things done. Anxious enough to realize that if they kept driving their lawyers to the brink of exhaustion, it might actually slow things down instead of moving things along. So instead of calling it a night and leaving the lawyers with a list of “to dos” (as they’ve been doing), tonight they said that everyone (including lawyers) could go home early (2am!) and get some sleep in preparation for the (hopefully) final slog toward signing this thing up.
If all goes well (and there’s no reason to think it will, given the track record, but I’ll maintain some nominal hope in the interest of not being a Grinch), we’ll be done with the deal sometime in the wee hours Friday morning.