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ma-closing-checklist

Drafts a party-coded M&A closing checklist for U.S. stock purchases, asset deals, and mergers. Generates a status-tracked matrix covering corporate authorizations, transaction documents, consents, regulatory clearances, funds flow, and post-closing obligations. Use when coordinating closing for any M&A transaction.

personAuthor: jakexiaohubgithub
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M&A Closing Checklist

Generates a party-coded, status-tracked closing checklist for U.S. M&A transactions (stock purchase, asset purchase, or merger).

Quick Start

Confirm before drafting:

  1. Definitive agreement — executed purchase/merger agreement with disclosure schedules
  2. Structure — stock purchase, asset purchase, or merger
  3. Parties — buyer, seller, target (if distinct), escrow agent, counsel
  4. Closing logistics — date, time/TZ, location or virtual platform
  5. Material contracts — change-of-control and consent triggers identified
  6. Regulatory profile — org jurisdictions, HSR thresholds, industry regulators

Output Format

Header: target name, buyer name, closing date/time/TZ/location, version number, distribution date.

Party legend (expand as needed):

| Code | Party | |------|-------| | BC | Buyer's Counsel | | SC | Seller's Counsel | | B | Buyer | | S | Seller | | EA | Escrow Agent | | CO | Company (if distinct) |

Matrix columns: # | Item | Party | Status

Status flow: Pending → Draft → Under Review → Executed → Delivered → Complete

Checklist Categories

1. Corporate Authorizations

| # | Item | Party | |---|------|-------| | 1.1 | Good standing certificates — Seller (each org jurisdiction, ≤30 days) | SC | | 1.2 | Good standing certificate — Buyer | BC | | 1.3 | Board resolutions — Seller (approve transaction, authorize signatories) | SC | | 1.4 | Board resolutions — Buyer | BC | | 1.5 | Shareholder/member approval — Seller (if required) | SC | | 1.6 | Consent rights holders — preferred shareholders, option/warrant holders | SC | | 1.7 | Certified org docs — Seller (charter, bylaws/operating agreement) | SC | | 1.8 | Secretary's certificate — Seller (resolutions, org docs, incumbency) | SC | | 1.9 | Secretary's certificate — Buyer | BC |

2. Principal Transaction Documents

| # | Item | Party | |---|------|-------| | 2.1 | Definitive agreement — final execution with all schedules | SC/BC | | 2.2 | Escrow agreement (amount, duration, claims, release conditions) | SC/BC/EA | | 2.3 | Asset: Bill of sale — tangible personal property | SC | | 2.4 | Asset: Assignment & assumption — contracts, IP, permits, liabilities | SC/BC | | 2.5 | Asset: Deed(s) for owned real property | SC | | 2.6 | Asset: IP assignments — patents, trademarks, copyrights, domains | SC | | 2.7 | Stock/Merger: Stock certificates or book-entry transfer; ledger update | SC | | 2.8 | Merger: Certificate/articles of merger for SOS filing | SC/BC | | 2.9 | Director/officer resignations and replacements | SC/BC |

3. Ancillary Agreements

| # | Item | Party | |---|------|-------| | 3.1 | Legal opinion — Seller's counsel (authority, enforceability, no conflicts) | SC | | 3.2 | Legal opinion — Buyer's counsel | BC | | 3.3 | Employment/offer letters — key continuing employees | B/BC | | 3.4 | Non-compete/non-solicit — selling shareholders, key personnel | SC/BC | | 3.5 | Transition services agreement | SC/BC | | 3.6 | Ongoing commercial agreements (supply, distribution) if applicable | SC/BC |

4. Payoffs & Lien Releases

| # | Item | Party | |---|------|-------| | 4.1 | Payoff letters — all indebtedness (exact amount, wire instructions, release commitment) | SC | | 4.2 | UCC-3 termination statements | SC | | 4.3 | Mortgage/deed of trust releases (if applicable) | SC | | 4.4 | Other lien releases | SC |

5. Consents & Regulatory Clearances

| # | Item | Party | |---|------|-------| | 5.1 | Material contract consents — change-of-control/assignment | SC | | 5.2 | Landlord consents — lease assignments | SC | | 5.3 | Franchisor/licensor approvals (if applicable) | SC | | 5.4 | HSR Act filing — waiting period expiration or early termination | BC/SC | | 5.5 | State antitrust/competition filings (if applicable) | BC/SC | | 5.6 | Industry regulatory approvals (healthcare, financial services, telecom) | BC/SC | | 5.7 | CFIUS/foreign investment review (if applicable) | BC/SC |

6. Closing Certificates

| # | Item | Party | |---|------|-------| | 6.1 | Officer's certificate — Seller (rep bring-down, covenant compliance) | SC | | 6.2 | Officer's certificate — Buyer (rep bring-down, covenant compliance) | BC | | 6.3 | No-MAC certificate | SC | | 6.4 | IRS Form W-9 — Seller | S | | 6.5 | FIRPTA certificate (IRC §1445) or withholding certificate if foreign seller | S/SC |

7. Funds Flow & Settlement

| # | Item | Party | |---|------|-------| | 7.1 | Funds flow memo — base price, adjustments, escrow, payoffs, expenses, net proceeds | SC/BC | | 7.2 | Wire instructions — Seller (verbally verified, fraud prevention protocol) | S/SC | | 7.3 | Wire instructions — escrow account (confirmed with EA) | EA | | 7.4 | Closing/settlement statement — complete source-and-use | SC/BC | | 7.5 | Transaction expense allocations per purchase agreement | SC/BC |

8. Post-Closing Obligations

| # | Item | Party | |---|------|-------| | 8.1 | Merger certificate filed with SOS; effectiveness confirmed | BC/SC | | 8.2 | Press release/announcement (securities law compliance) | B/S | | 8.3 | Required notices — customers, suppliers, landlords, lenders | B/BC | | 8.4 | HSR post-closing notification (if applicable) | BC | | 8.5 | State transfer tax returns and payments | SC/BC | | 8.6 | Bulk sale compliance (if applicable) | SC | | 8.7 | Business license/permit ownership updates | B/BC | | 8.8 | Tax authority notifications — sales tax, payroll registrations | B/BC | | 8.9 | Corporate records update — stock ledger, minute books | BC | | 8.10 | Purchase price allocation (IRC §1060 for asset deals) | SC/BC |

Critical Checks

  • Version every distribution — all parties must confirm current version
  • Flag long-lead items early — landlord consents, regulatory approvals cannot wait until closing week
  • Sequencing — funds flow memo requires all payoff letters; closing certs require covenant performance
  • Wire fraud — verbal confirmation protocol for all wire instructions; never accept email-only changes
  • Legal opinions — negotiate scope and reliance parties early to avoid closing delays
  • Good standing timing — typically ≤30 days pre-closing; confirm with buyer's counsel and lender
  • FIRPTA — foreign sellers require IRC §1445 withholding [VERIFY current rate]; seller may seek IRS withholding certificate
  • Bulk sales — check UCC Article 6 / state statutes for asset deals [VERIFY applicable states]
  • Cross-reference — tie each item to the specific purchase agreement section
  • Jurisdiction — adapt for state transfer taxes, recording fees, merger statutes, and foreign filings