In 2019, Houlihan Lokey continued to deliver outstanding results as a trusted advisor to public company boards of directors and special committees across a variety of backdrops, including mergers, acquisitions, reorganizations, and special situations. We are pleased to share some of our recent accomplishments in helping our clients navigate conflict-prone, complex situations. 

		We served as financial advisor to the Special Committee of the Board of Directors of HomeFed Corp., a developer of mixed-use master-planned communities throughout the U.S., in connection with a stock-for-stock sale to controlling stockholder Jefferies Financial Group, Inc. As a result of the transaction, Jefferies acquired the 30% of HomeFed common stock it did not previously own, and HomeFed was delisted.
		We served as financial advisor to the Conflicts Committee of the Board of Directors of Och-Ziff Capital Management Group, a global multistrategy alternative asset management firm with over $32 billion in assets under management. We led negotiations with management and other stakeholders on behalf of the public stockholders in a transaction, resulting in a realignment of equity, restructuring of preferred securities, C-corp conversion, and reverse stock split.
		We served as financial advisor to the Special Committee of the Board of Directors of Hydrogenics Corp., a Nasdaq and Toronto Stock Exchange listed developer and manufacturer of hydrogen fuel cell modules and hydrogen generation equipment, in connection with the sale to Cummins Inc. (other than the approximate 20% of shares held by a strategic party that maintained its ownership post-transaction). The consideration in the transaction represented a 38.8% premium over the 90-day volume-weighted average price per share.
		We served as financial advisor to the Special Committee of the Board of Directors of Liberty Tax, Inc. (now known as Franchise Group, Inc.), a leading provider of U.S. tax preparation services operating largely through franchises in connection with (i) its acquisition of Buddy's Home Furnishings from significant stockholder Vintage Capital and (ii) an optional tender offer partially financed by Vintage Capital for all unaffiliated shares of common stock.
		We served as financial advisor to the Transaction Review Committee of the Board of Directors of National CineMedia Inc., a cinema-focused national advertising platform, in connection with its comprehensive renegotiation of certain services agreements with significant stakeholders and exhibitors Cinemark USA, Inc., and Regal Cinema, Inc.

Houlihan Lokey has decades of leadership in providing objective advice to public company boards and special committees. Our senior bankers have extensive experience in providing tailored guidance to help our clients thoroughly evaluate and analyze a range of strategic situations. We provide robust and innovative M&A leadership, build deep client relationships on the foundation of trust and discretion, and help navigate the challenges of complex situations and conflict-prone transactions from start to finish.

If you would like to learn more about our Board and Special Committee Advisory practice, please contact us below.

Board and Special Committee Advisory Contacts

	Rick Lacher Managing Director Co-Head, Board and Special Committee Advisory RLacher@HL.com 214.220.8490			Jennifer Muller Managing Director Co-Head, Board and Special Committee Advisory JMuller@HL.com 415.273.3634
	Youmna Salameh Director Board and Special Committee Advisory YSalameh@HL.com 212.497.7847