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Toppan Merrill

Toppan Merrill, a leader in financial printing and communication solutions, is part of the Toppan Printing Co., Ltd., the world's leading printing group, headquartered in Tokyo with approximately US$14 billion in annual sales. Toppan Merrill has been a pioneer and trusted partner to the financial, legal and corporate communities for five decades, providing secure, innovative solutions to complex content and communications requirements. Through proactive partnerships, unparalleled expertise, continuous innovation and unmatched service, Toppan Merrill delivers a hassle-free experience for mission-critical content for capital markets transactions, financial reporting and regulatory disclosure filings, and marketing and communications solutions for regulated and non-regulated industries. With global expertise in major capital markets, Toppan Merrill delivers unmatched service around the world.

Recent Posts

24 April 2019

The Rise of ESG Messaging for Activist Investors

by Toppan Merrill

As more types of funds make their voices heard in corporate boardrooms, companies of all sizes are being forced to prepare for the possibility of an activist approach. New factors, such as calls for a greater emphasis on environmental, social and governance (ESG) issues, are changing the game as well. How will these and other trends shape shareholder activism in 2019?

Mergermarket on behalf of Toppan Merrill spoke with four experts on how shareholder activism will impact dealmaking in 2019.

Toppan Merrill question: More traditional activist investors are increasingly incorporating ESG messaging into their campaigns and funds. Do you think this could be effective – either as an investment strategy, a means of attracting investors, or as a means of attracting media attention? Leading industry experts weigh in...

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in 2019 Industry Trends

23 April 2019

When In-house Counsel Decides to Blow the Whistle on Corporate Fraud

by Toppan Merrill

Guarding a whistleblower’s back. In the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act of 2010, Congress encouraged employees—including in-house lawyers—to report corporate fraud by shielding them from retaliation. Only Dodd-Frank offers a bounty: 10%-30% of sanctions over $1 million obtained in an enforcement action based on “original information” given to the SEC. The whistleblower must file a complaint with the Secretary of Labor not more than 180 days after facing retaliation and must exhaust administrative remedies before suing the employer under Sarbanes-Oxley. Under Dodd-Frank, explain attorney Kelly Crawford and law student Gerardo Adrian Galvan, the whistleblower may sue the employer first—and within six years.

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in SEC, 2019 Industry Trends, Dimensions

22 April 2019

IPOs and Transactions: April 15 - 19

by Toppan Merrill

There were 47 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services, including German American Bancorp Inc w/ Bingham Greenebaum Doll LLP, Cyclerion Therapeutics Inc w/ Cyclerion Therapeutics, Inc., Cousins Properties Inc w/ Goodwin Procter LLP, Cyclerion Therapeutics Inc w/ Morgan, Lewis & Bockius LLP, Cousins Properties Inc w/ TIER REIT, Inc., Cousins Properties Inc w/ Wachtell, Lipton, Rosen & Katz, German American Bancorp Inc w/ Wyatt, Tarrant & Combs, LLP, Majesco w/ Sheppard, Mullin, Richter & Hampton LLP.

We appreciate that they selected to work with us and benefited from our decades of industry experience that enable us to take on any size deal and execute it to the highest industry standards.

For information on all of our capital markets, compliance and investor relations solutions, please contact us here or email us.

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in 2019 Industry Trends

19 April 2019

Encouraging Long-Termism in a Public Company System

by Toppan Merrill

Some experts view long-termism as a superior investment strategy, or as a guiding philosophy that makes it easier to do business. For instance, Apple announced last year that it would no longer report quarterly sales numbers for individual business units, as part of an effort to refocus investors on longer time horizons. A 2016 survey by FCLTGlobal and McKinsey found that 23% of CEOs would like their strategic-planning timelines to be five years or greater, when in reality only 11% said they are able to look that far ahead.

Mergermarket on behalf of Toppan Merrill spoke with four experts to explore the most important factors influencing long-termism in the current environment.

Toppan Merrill question: Given the current market structure, do you think it is plausible to imagine a public company system in which investors are more strongly encouraged – or forced – to take a longer-term view? How can investors and regulators balance the need to provide current information with the desire to encourage long-term thinking? Leading industry experts weigh in...

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in 2019 Industry Trends

18 April 2019

Shareholder Activism in a Hot M&A Market

by Toppan Merrill

Shareholder activists are making their presence felt in new ways. As more types of funds make their voices heard in corporate boardrooms, companies of all sizes are being forced to prepare for the possibility of an activist approach. The most common types of demands are changing as well, partly in response to the hot M&A market. There were 81 demands for strategic alternatives in 2018 North America campaigns, compared to 64 such demands in 2017, Activistmonitor data show.

Mergermarket on behalf of Toppan Merrill spoke with four experts on how shareholder activism will impact dealmaking in 2019.

Toppan Merrill question: More activist campaigns are being waged with explicit calls for a sale of the company. What do you think is driving this trend? Are activists simply trying to take advantage of the hot M&A market? Leading industry experts weigh in...

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in 2019 Industry Trends

17 April 2019

Q&A with an Expert: Insights into the SEC’s Investor Advisory Committee

by Toppan Merrill

DIMENSIONS interviewed Professor Paul G. Mahoney, a member of the SEC's Investor Advisory Committee (IAC), on how the IAC operates and how its recommendations influence the SEC’s disclosure rulemaking, as well as other securities disclosure topics.

Paul G. Mahoney is a professor at the University of Virginia School of Law, where he also served as the dean from 2008 to 2016. Professor Mahoney’s teaching and research interests include securities regulation, law and economic development, corporate finance, and financial derivatives and contracts. He is the author of Wasting a Crisis: Why Securities Regulation Fails (University of Chicago Press, 2015) and has served on the IAC since mid-2018.

This interview expresses the views of Professor Mahoney and does not necessarily reflect the views of the IAC, the SEC, the University of Virginia, or any other organization.

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in SEC, 2019 Industry Trends, Dimensions

15 April 2019

IPOs and Transactions: April 8 - 12

by Toppan Merrill

There were 46 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services, including Target Hospitality Corp w/ Allen & Overy LLP, Applied Therapeutics Inc w/ Applied Therapeutics, Inc., Applied Therapeutics Inc w/ Cooley LLP, Milestone Pharmaceuticals Inc w/ Cooley LLP, Nextcure Inc w/ Cooley LLP, Applied Therapeutics Inc w/ Davis Polk & Wardwell LLP, Axcella Health Inc w/ Goodwin Procter LLP, Nextcure Inc w/ Hogan Lovells LLP, First Financial Corp w/ Jones Walker LLP, Axcella Health Inc w/ Latham & Watkins LLP, Milestone Pharmaceuticals Inc w/ Milestone Pharmaceuticals USA Inc., Milestone Pharmaceuticals Inc w/ Osler, Hoskin & Harcourt LLP, Ep Energy Corp w/ Paul, Weiss, Rifkind, Wharton & Garrison LLP, First Financial Corp w/ SmithAmundsen LLC, Milestone Pharmaceuticals Inc w/ Wilmer Cutler Pickering Hale and Dorr LLP, Blockstack Token Llc w/ Wilson Sonsini Goodrich & Rosati, PC.

We appreciate that they selected to work with us and benefited from our decades of industry experience that enable us to take on any size deal and execute it to the highest industry standards.

For information on all of our capital markets, compliance and investor relations solutions, please contact us here or email us.

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in 2019 Industry Trends

12 April 2019

The Rise of ESG Investing & Impacts on Long Term-ism

by Toppan Merrill

In the current era of the 24-hour news cycle, focusing on the long term can seem like a novelty. And yet many corporate executives and investors have begun emphasizing the benefits of looking beyond the upcoming quarterly or annual financials. However, not everyone agrees that longer-term thinking is a worthy priority, and some disagree about the length of time worth prioritizing.

Mergermarket on behalf of Toppan Merrill spoke with four experts to explore the most important factors influencing long-termism in the current environment.

Toppan Merrill question: What effect, if any, do you think the push for ESG investing – and, to a lesser degree, a re-imagining of the corporation as a social enterprise – is having on a move toward long-termism? Do you think these efforts could have a meaningful effect? Leading industry experts weigh in...

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in 2019 Industry Trends

11 April 2019

Shareholder Proposal System & Balancing Interests of Activists and Companies

by Toppan Merrill

The balance of power between shareholders and companies is constantly evolving, and both sides can claim major victories in recent times. Activists scored a win at eBay, for instance, which in early March agreed to conduct a strategic review of its assets and add three new board seats at the demand of Elliott Management and Starboard Value. In another high-profile battle, Elliott Management’s year-long campaign for change at Korean automotive company Hyundai has stalled amid resistance from other shareholders.

Mergermarket on behalf of Toppan Merrill spoke with four experts on how shareholder activism will impact dealmaking in 2019.

Toppan Merrill question: How effective do you think the current shareholder proposal system is at balancing the interests of activists and companies? And more broadly, what do you think of the current balance of power between activists and companies? Leading industry experts weigh in...

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in 2019 Industry Trends

10 April 2019

The Evolution of Activist Defense Tactics

by Toppan Merrill

As more types of funds make their voices heard in corporate boardrooms, companies of all sizes are being forced to prepare for the possibility of an activist approach. New factors, such as calls for a greater emphasis on environmental, social and governance (ESG) issues, are changing the game as well. How will these and other trends shape shareholder activism in 2019?

Mergermarket on behalf of Toppan Merrill spoke with four experts on how shareholder activism will impact dealmaking in 2019.

Toppan Merrill question: How are the tactics used by companies to defend against activists evolving? Are there new techniques that are proving to be effective? Leading industry experts weigh in...

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in 2019 Industry Trends

09 April 2019

Video: March Top Law Firms By SEC Transactions

by Toppan Merrill

As subject matter experts in transactions i.e. IPOs and M&A, we carefully track the capital markets dealflow… daily, weekly and monthly.

Continue on to view March's top law firms.

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in SEC, 2019 Industry Trends

08 April 2019

IPOs and Transactions: April 1 - 5

by Toppan Merrill

There were 53 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services, including Sciplay Corp w/ Cleary Gottlieb Steen & Hamilton LLP, Millendo Therapeutics Inc w/ Cooley LLP, Oglethorpe Power Corp w/ Eversheds Sutherland LLP, Evo Payments Inc w/ EVO Payments, Inc., Anworth Mortgage Asset Corp w/ Greenberg Traurig, LLP, Evo Payments Inc w/ King & Spalding LLP, Evo Payments Inc w/ Latham & Watkins LLP, Sciplay Corp w/ Latham & Watkins LLP, Onconova Therapeutics Inc w/ Morgan, Lewis & Bockius LLP, Bioxcel Therapeutics Inc w/ Sheppard, Mullin, Richter & Hampton LLP, Ocular Therapeutix Inc w/ WilmerHale, Target Hospitality Corp w/ Winston & Strawn LLP.

We appreciate that they selected to work with us and benefited from our decades of industry experience that enable us to take on any size deal and execute it to the highest industry standards.

For information on all of our capital markets, compliance and investor relations solutions, please contact us here or email us.

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in 2019 Industry Trends

05 April 2019

Increasing Activist Tactics & Actively Managed Funds

by Toppan Merrill

Shareholder activists are making their presence felt in new ways. As more types of funds make their voices heard in corporate boardrooms, companies of all sizes are being forced to prepare for the possibility of an activist approach. New factors, such as calls for a greater emphasis on environmental, social and governance (ESG) issues, are changing the game as well.

Mergermarket on behalf of Toppan Merrill spoke with four experts on how shareholder activism will impact dealmaking in 2019.

Toppan Merrill question: Some new types of funds have started taking activist stances, such as mutual funds. Do you think more such funds will begin using activist tactics? What is driving this trend? Leading industry experts weigh in...

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in 2019 Industry Trends

02 April 2019

Tech Market Saturation & IPOs

by Toppan Merrill

Last year closed on a high note, with global M&A value reaching the third-highest level on record at US$3.53 trillion. On the IPO front, several of the largest “unicorn” companies are gearing up to go public this year.

To understand what dealmakers expect from the M&A market in the coming year, Mergermarket on behalf of Toppan Merrill spoke with six experts.

Toppan Merrill question: A number of large tech companies will likely IPO in 2019 after outstanding tech IPO performance in 2018. In your opinion, does the market risk oversaturation with so many expected debuts, or will demand remain high? Leading industry experts weigh in...

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in 2019 Industry Trends

01 April 2019

IPOs and Transactions: March 25 - 29

by Toppan Merrill

There were 49 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services, including Bridgewater Bancshares Inc w/ Barack Ferrazzano Kirschbaum & Nagelberg LLP, Delmar Bancorp w/ Buckley LLP, Mallinckrodt Inc w/ Mallinckrodt Inc., Delmar Bancorp w/ Troutman Sanders LLP.

We appreciate that they selected to work with us and benefited from our decades of industry experience that enable us to take on any size deal and execute it to the highest industry standards.

For information on all of our capital markets, compliance and investor relations solutions, please contact us here or email us.

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in 2019 Industry Trends

29 March 2019

FAST Act Modernization Rule: Highlights for Investment Companies

by Toppan Merrill

On March 20, 2019, the Securities and Exchange Commission adopted the Fixing America’s Surface Transportation Act (FAST Act) Modernization Rule. The Rule becomes effective May 2, 2019. While most of the amendments in the final rule affect corporate filers and operating companies, the rule will have a significant impact on Investment Company filers.

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in Regulatory Disclosure, sec filing, compliance, Periodic & Interim Reporting

27 March 2019

Potential Negative Impacts of Media Attention on Unicorn IPOs

by Toppan Merrill

The unicorn ranks have expanded rapidly in recent years, with around 150 companies in the US alone now holding the vaunted status, and roughly the same number abroad. This expansion, together with the wave of potential unicorn IPOs, raises the question: Does unicorn status even matter anymore?

To examine what lies ahead for unicorn companies in the near future, Toppan Merrill commissioned Mergermarket to speak with four experts.

Toppan Merrill question: When a company becomes a unicorn, it often gains more media attention and public scrutiny. In your view, are there potential downsides to the new scrutiny these companies gain? Do you think it is always good for a company to become a unicorn? Leading industry experts weigh in...

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in 2019 Industry Trends, IPOs

26 March 2019

SEC Streamlines Regulations with FAST Act Rules

by Toppan Merrill

By Steve Quinlivan, Bryan Pitko and Jaclyn Schroeder | Dodd-Frank

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in SEC, 2019 Industry Trends, Periodic & Interim Reporting

25 March 2019

IPOs and Transactions: March 18 - 22

by Toppan Merrill

There were 46 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services, including Liquidia Technologies Inc w/ Cooley LLP, Liquidia Technologies Inc w/ DLA Piper LLP, Senmiao Technology Ltd w/ Ellenoff Grossman & Schole LLP, Hookipa Pharma Inc w/ Goodwin Procter LLP, Neos Therapeutics Inc w/ Goodwin Procter LLP, Hookipa Pharma Inc w/ HOOKIPA Pharma Inc., Ares Capital Corp w/ Kirkland & Ellis LLP, Quanterix Corp w/ Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., Quanterix Corp w/ Quanterix Corp., Hookipa Pharma Inc w/ Shearman & Sterling LLP, Baycom Corp w/ Silver, Freedman, Taff & Tiernan LLP, Baycom Corp w/ Young H. Park, Esq.

We appreciate that they selected to work with us and benefited from our decades of industry experience that enable us to take on any size deal and execute it to the highest industry standards.

For information on all of our capital markets, compliance and investor relations solutions, please contact us here or email us.

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in 2019 Industry Trends

22 March 2019

SEC Staff to Hold Fintech Forum to Discuss Distributed Ledger Technology and Digital Assets

by Toppan Merrill

The SEC recently announced that its staff will host a public forum focusing on distributed ledger technology (DLT) and digital assets on May 31, 2019. As we discussed recently, Bitcoin and digital assets are growing in market popularity. The SEC has been watching their evolving use. The forum is being organized by the agency’s Strategic Hub for Innovation and Financial Technology (FinHub) and was announced in connection with the launch of FinHub last year. The SEC is focused on staying current with ever changing market data and technology trends, as outlined in their Strategic Plan.

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in SEC, 2019 Industry Trends

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