Dealmakers Ignore Tax Limit Plan Spurred by Pfizer Bid

May 27, 2014

“So far, we have not seen the Levin bill have any chilling effect on transactions in the pipeline,” said Linda Swartz, leader of the tax group at Cadwalader, Wickersham & Taft LLP in New York. “The May 8 effective date is unlikely to hold.” Instead, she said, companies are focused on trying to sign deals in the next couple of months. That way, she said, the deals can close by the end of the year -- the effective date for limits on inversions included in President Barack Obama’s proposed budget.

- Linda Z. Swartz, Chair of the Tax group at Cadwalader, commenting in Bloomberg on the market’s lack of reaction to Senator Carl Levin’s proposed anti-inversion bill and the low likelihood that the legislation’s retroactive date of May 8, 2014 would be passed through Congress.

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