Practice Expertise

  • Mergers and Acquisitions
  • Corporate
  • Corporate Governance and Board Advisory
  • Capital Markets and Securities

Areas of Practice

  • Mergers and Acquisitions
  • Corporate
  • Corporate Governance and Board Advisory
  • Capital Markets and Securities

WSG Practice Industries

Profile

Steven is co-head of the firm's corporate team. Prior to that position, he served as co-head of the firm's M&A practice group.Steven represents clients on a wide variety of M&A transactions, including change-of-control transactions, public company sales, strategic acquisitions, and divestitures. He also regularly advises companies and boards of directors in connection with corporate governance, shareholder activism, and other fiduciary duty matters.Steven has been recognized nationally for his M&A and corporate governance practices. He is a fellow in the American College of Governance Counsel, a member of the American Law Institute, and was named as a Leading Lawyer for Mergers & Acquisitions (USA) by IFLR 1000. In 2015, Law360 named him an M&A "Rising Star." In 2013, he was named to the "40 under 40" list of legal counsel by The M&A Advisor. He was also named a "Rising Star of Corporate Governance" by the Millstein Center for Global Markets and Corporate Ownership at Columbia Law School.Steven is a frequent speaker and author, having written more than 45 articles in legal and business publications such as The M&A Lawyer, Deal Lawyers, Insights, Corporate Governance Advisor, The Business Lawyer, and Delaware Law Review, among others. Several of his articles have been cited by the Delaware Court of Chancery and the Delaware Supreme Court. Steven has contributed to the blogs Harvard Law School Forum on Corporate Governance and Financial Regulation and Deal Lawyers.com. Steven is also the co-editor and contributing author of Corporate Governance: Law and Practice (LexisNexis), which is a two-volume/16-chapter treatise. He is also the co-author of Goolsby & Haas on Virginia Corporations (5th ed., LexisNexis), which is the definitive guide to Virginia corporation law. He is also the co-drafter of the Virginia Stock Corporation Act.Steven is the former chair of the Corporate Laws Committee of the American Bar Association. This committee has jurisdiction over the Model Business Corporation Act, which is followed in whole or in part by a majority of states. He has served as an adjunct professor of law at the University of Richmond School of Law, where he has taught a course on mergers and acquisitions, and been a guest lecturer at the University of Virginia School of Law.Prior to joining the firm, Steven practiced at Abrams & Laster in Wilmington, Delaware.


Bar Admissions

Delaware

New York

Virginia

Education
JD, University of Virginia School of Law, Notes Editor, Virginia Law Review, 2004

BA, Hampden-Sydney College, 1999

Areas of Practice

  • Mergers and Acquisitions
  • Corporate
  • Corporate Governance and Board Advisory
  • Capital Markets and Securities

Professional Career

Significant Accomplishments
Represented TPG Mortgage Investment Trust, Inc., a REIT managed by an affiliate of TPG, Inc., in connection with its agreement to acquire Cherry Hill Mortgage Investment Corporation

Advised SpaceX in connection with its IPO on corporate governance matters

Represented a publicly traded REIT in connection with its cooperation agreement with an activist hedge fund

Represented Angelo Gordon & Co.'s affiliate AG Mortgage Investment Trust in its successful topping bid to acquire Western Asset Management Corporation

Submitted an amicus brief on behalf of the US Chamber of Commerce in Tornetta v. Musk in the Delaware courts

Served as an expert witness in the Delaware Court of Chancery on corporate drafting, custom, and practice in a dispute between a corporation and activist stockholders

Represented American Electric Power Company (AEP) in the $1.5B divestiture of its renewable energy portfolio to a consortium consisting of Invenergy, CDPQ, and Blackstone Infrastructure

Represented Darden Restaurants in its $715 million acquisition of Ruth's Hospitality Group, Inc., owner of the Ruth's Chris Steak House brand, and its $605 million acquisition of Chuy's Holdings

Represented Arlington Asset Investment Corp. in its merger with Ellington Financial

Represented Coastal Plywood Company in its $512 million sale to Boise Cascade Company

Represented Healthcare Realty Trust in its $18 billion combination with Healthcare Trust of America

Represented Industrial Logistics Properties Trust in its $4 billion acquisition of Monmouth Real Estate Investment Corporation

Represented Fortress Investment Group in its acquisition of J. Alexander's Holdings, a publicly traded restaurant company, and numerous other transactions

Represented Capstead Mortgage in its $1 billion merger with Benefit Street Partners Realty Trust, Inc.

Represented Sonesta International Hotels Corporation in its acquisition of Red Lion Hotels Corporation, a publicly traded hotel franchisor

Represented New Lake Capital Partners in its merger with Green Acreage Real Estate Corp. to create a sector-leading industrial REIT

Represented GAINSCO in its sale to State Farm Mutual Automobile Insurance Company

Represented Cyrq Energy, a private equity portfolio company, in its sale to Macquarie Infrastructure and Real Assets

Represented a special committee of independent directors in connection with a sale to a SPAC

Represented Hospitality Properties Trust in its $2.4 billion acquisition of substantially all of the assets of Spirit MTA REIT

Represented Duke Energy in the sale of a minority interest in a $1 billion renewable energy portfolio

Represented the Special Committee of Liberty Tax, Inc., in connection with a recapitalization led by a private equity fund

Represented Pebblebrook Hotel Trust in its successful $5.6 billion unsolicited takeover of LaSalle Hotel Properties

Represented the special committee of a public company in negotiating strategic alternatives with the company's controlling stockholder

Represented Darden Restaurants in its $780 million acquisition of Cheddar's Scratch Kitchen Restaurants

Represented Raytheon Company, a leading defense contractor, in numerous acquisitions of other defense and cyber security companies, including in its $500 million all-cash tender offer to acquire Applied Signal Technology, a NASDAQ-listed defense company

Represented Bank of the Cascades in its cash/stock merger with First Interstate BancSystem, Inc.

Represented a custodian appointed by the Delaware Court of Chancery to sell Supreme Oil Company, Incorporated, to Stratas Foods LLC

Represented ShenTel, a telecommunications services company, in its $800 million acquisition of NTELOS Holdings Corp., a publicly-traded wireless phone service provider, and in various related transactions with Sprint

Represented The Hershey Company in its acquisition of the barkTHINs chocolate brand

Represented the independent directors of Cleco Corporation, an NYSE-listed utility company, in its $4.7 billion sale to a consortium of investors led by Macquarie Infrastructure and Real Assets and British Columbia Investment Management Corporation

Represented Stock Building Supply Holdings, Inc. in its $1.5 billion strategic stock-for-stock merger with Building Materials Holding Corporation to create one of the country's largest lumber and building material supply companies

Represented Kraft Foods Group, Inc. in its $46 billion merger with H.J. Heinz Co.

Represented Wilshire Bank in its strategic merger with BBCN Bancorp Inc.

Represented Cascade Bancorp in its successful go-shop topping bid to acquire Home Federal Bancorp, Inc., a NASDAQ-listed bank

Represented Seamobile, Inc./MTN Communications, a venture capital-backed telecommunications company, in connection with its sale to Emerging Markets Communications

Submitted an amicus brief to the U.S. Court of Appeals for the Second Circuit in Trinity v. Wal-Mart with respect to shareholder proposals submitted under Rule 14a-8, which brief was cited by the court

Represented numerous companies and REITs in responding to activist hedge funds

Represented CapLease, Inc. in its $2.2 billion sale to American Realty Capital Properties, Inc. and related "go-shop" sale process

Represented the special committee of Colonial Properties Trust (NYSE) in its $8.3 billion stock-for-stock merger with MAA/Mid-America Apartments

Represented Darden Restaurants in its acquisition of Yard House USA, Inc., an innovative restaurant business

Represented Progress Energy in its $30 billion modified merger-of-equals with Duke Energy to create the country's largest regulated utility

Advised several private equity firms and their portfolio company on numerous acquisitions, including the $560 million acquisition of a NASDAQ company

Advised a NASDAQ company and its special committee in an all-cash sale to a foreign acquiror

Represented a controlling stockholder in a $1.2 billion sale of its controlled public company to a pharmaceutical company

Represented AmeriCredit Corp. in its $3.5 billion all-cash sale to General Motors

Represented a Fortune 50 company in its $11.7 billion acquisition of public consumer products company

Represented a target company board of directors in a merger involving a "go-shop" provision leading to a favorable reported decision in the Delaware Court of Chancery

Assisted in the representation of the former directors and officers of an insurance company leading to first-impression decisions in the Delaware Supreme Court and Delaware Court of Chancery rejecting the doctrine of "deepening insolvency" as a theory of director liability

Represented a private equity fund in a transaction dispute resulting in a landmark decision by the Delaware Court of Chancery in ABRY Partners V, L.P. v. F&W Acquisition, LLC

$4B Acquisition of Monmouth Real Estate Investment Corp.

Advises Darden Restaurants in $605 Million Purchase of Chuy's Holdings

Arlington Asset Investment Corp.'s Merger with Ellington Financial Inc.

Healthcare Realty Trust's $18B Combination with Healthcare Trust of America

Representation of AG Mortgage Investment Trust in Successful Topping Bid

Representing Chimera in its Acquisition of Palisades Group



Articles

"Don't Ask/Don't Waive" Standstill Agreements Under Attack, Insights

Abraham v. Emerson Radio: Duties of a Controlling Stockholder in a Sale of Control, M&A Lawyer

Corporate Governance: Law and Practice, LexisNexis

Goolsby and Haas on Virginia Corporations, Fifth Edition, LexisNexis

Goolsby and Haas on Virginia Corporations, Seventh Edition, LexisNexis

Hunton Andrews Kurth 2018 M&A Reporter

2019 Retail Industry Year in Review

A Brief Overview of Virtual Shareholder Meetings, Model Business Corporation Act Newsletter

A Common Complaint: M&A Transactions that Favor Preferred Stockholders, Insights

Activist Investing and Its Divided-Loyalty Implications, Law360

Addressing Regulatory Risk in Public Company M&A Agreements, PLI Mergers & Acquisitions 2016: Trends and Developments Handbook

Advance Notice Bylaw and Activists Board Nominees, The Harvard Law School Forum on Corporate Governance and Financial Regulation

Advance Notice Bylaw Upheld, Insights

Annual Meeting Enjoined over Quorum Change During Proxy Fight, Insights

Beating bump-up exclusions: Policyholder prevails in coverage for settlement of M&A shareholder lawsuit

Board Oversight of Privacy and Cybersecurity Risk: Why Delaware Developments Matter, The Computer & Internet Lawyer

Business Due Diligence Strategies (Aspatore Books, Chapter 1)

Buyer Loses an MAE Claim (Again) in Delaware, Deal Lawyers

By the book: Navigating books and records D&O coverage (and other extensions you may be missing)

California Court Enforces Delaware Forum Selection Bylaw, Insights

Case Study: In Re Compellent Technologies, Law360

Case Study: NJ Carpenters Pension Fund V. InfoGROUP, Law360

Commonwealth Continues Tradition as 'Model Act State': The 2019 Revision to the Virginia Stock Corporation Act, VBA Journal

Compliance Failures and the Resulting Risks For Directors, Law360

Considerations for Shareholder Meetings During the COVID-19 Crisis, ABA Corporate Laws Committee Newsletter

Contracting Around Fraud Under Delaware Law, 10 Delaware Law Review 49

Coronavirus/COVID-19: Considerations for Shareholder Meetings, Corporate Governance Advisor

Court addresses extraordinary dividend paid in connection with merger, Thomson Reuters Westlaw Today

Court Rejects Challenge to M&A Transaction Despite Activist Pressure, Deal Lawyers

Defending Against Proxy Contests: Delaware Strictly Enforces an Advance Notice Bylaw, M&A Lawyer

Del. Solera D&O Decision May Have Limited Impact, Law360

Delaware Court Addresses Ability to Sue Buyers for Lost Premiums in M&A Deals, Deal Lawyers

Delaware Court Addresses Freeze-Out Merger Confronted with Topping Bid, Deal Lawyers

Delaware Court Permits Postponement of Stockholders Meeting & Proposes New Standard of Review, Securities Litigation Report

Delaware Court Upholds Claims Challenging Unreasonable Termination Fee Structure, Insights

Delaware Suit Brings Lessons for Externally Managed REITs, Law360

Delaware Supreme Court Establishes Test for Reviewing Reincorporation Decisions

Dissident Stockholder Permitted to Circumvent an Advance Notice Bylaw, Insights

Dissident Uses Disclosure Litigation as an Offensive Tactic in Proxy Contest, Harvard Law School Forum on Corporate Governance and Regulation

Dissident's Disclosure Lawsuit Leads to ISS Recommendation Change, Deal Lawyers

Do Companies Need to Amend their Bylaws for Universal Proxies?, Deal Lawyers

Do You Know Who Your Corporate Officers Are? An Overlooked Issue That Can Have Serious Consequences, D&O Diary

Does Special Committee Approval Protect a Transaction Involving a Conflicted Board Majority?, Deal Lawyers

Executive Compensation Decisions and the Delaware Courts: The Latest Word, Insights

Fraud Claims in M&A No-Recourse Transaction: The Enduring Legacy of Abry Partners, Deal Lawyers

Going to Court Instead of the SEC: Excluding Shareholder Proposals Based on False Statements, Corporate Governance Advisor

Judicial Scrutiny of Deal Protection Measures, M&A Lawyer

Lessons Learned: Poison Pills Post-Barnes & Noble, Deal Lawyers

Limiting Change of Merger Recommendations to "Intervening Events," M&A Lawyer

M&A Quarterly Reporter - 2021 Q2

M&A Quarterly Reporter - 2021 Q3

M&A Quarterly Reporter - 2022 Q1

New Guidelines for Private-Equity Auctions, Insights

Not so Fast: "Don't Ask/Don't Waive" Standstill Agreements Revisited in Delaware, Insights

Obiter Dictum: DE Supreme Court Reverses Record Holder Ruling, Insights

Preferring Preferred Stockholders in M&A Transactions, Insights

Private Ordering for Proxy Access: What's Next?, Corporate Governance Advisor

Proxy Advisory Firm Issues Guidance on Cyber Oversight and Disclosure, Compliance & Enforcement

Reactions and Overreactions to Ryan v. Lyondell Chemical Co., Insights

Real Estate Capital Markets | 2021 Year in Review

Real Estate Capital Markets | 2022 Year in Review

Real Estate Capital Markets Report | Summer 2024

Record Holders, Vote Buying, and Bylaw Amendments, Insights

Relationships Outside the Company can Cause Conflicts of Interest Inside the Boardroom, Corporate Governance Advisor

Relearning M&A Lessons: A Reprise of the 1980s, Insights

Shareholder Activism Defense: Enforcement of an Advance Notice Bylaw for a Bank Holding Company, Bank Director

Short-Term Investment Strategies Can Cause Board Conflicts of Interest, Deal Lawyers

Should the Board of Directors Create a Special Committee to Oversee the Corporation's Response to the Pandemic?, National Association of Corporate Directors

The Corwin Effect: Stockholder Approval of M & A Transactions, Deal Lawyers

The Dilemma That Should Never Have Been: Minority Freeze Outs in Delaware, 60 Business Lawyer 25

The Importance of Alleging Control: Between Corwin and MFW, Harvard Law School Forum on Corporate Governance and Financial Regulation

Toward a Controlling Shareholder Safe Harbor, 90 Virginia Law Review 2245

Virginia is for Lovers (of the Model Act), ABA Corporate Laws Committee Newsletter

Virtual-Only Shareholder Meetings: A Practical Guide, Corporate Governance Advisor

Virtual-Only Shareholder Meetings: A Practical Guide, Ethical Boardroom

What's the Deal with Nonvoting Shares? An Overview of the Legal Differences Between Voting and Nonvoting Stock, Insights

Meet our Firms and Professionals

WSG’s member firms include legal, investment banking and accounting experts across industries and on a global scale. We invite you to meet our member firms and professionals.