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Mergers & Acquisitions
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October 28, 2024
9th Circ. Nixes Arbitration In Live Nation Ticket Sale Suit
The Ninth Circuit affirmed Monday that Live Nation and Ticketmaster can't force consumer litigation over allegedly exorbitant ticket prices into arbitration, ruling in a published opinion that the underlying arbitration agreement linking to "borderline unintelligible" arbitral rules is unenforceable.
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October 28, 2024
5 Firms Guide Nearly $10B Garda World Security Deal
London-based private equity firm BC Partners is selling its majority equity interest in Garda World Security Corp. to a group led by the security service provider's CEO, in a transaction steered by at least five law firms that values GardaWorld at CA$13.5 billion ($9.7 billion).
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October 28, 2024
7 Months, 11 Dissents: GOP Minority Flexes Muscles At FTC
The Federal Trade Commission's two relatively new Republican members are starting to show how they'll use their minority position to full advantage. Sometimes they've fully signed on to the Democratic majority, other times they've dissented emphatically. And the GOP members showed something new this month when approving a dramatic overhaul to the agency's merger filing rules: forcing their colleagues to compromise.
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October 28, 2024
Hospital Wants NC County's 'Monopoly' Suit Tossed
Owners of an Asheville, North Carolina, hospital accused of understaffing its emergency room and driving up wait times say the county suing them for unjust enrichment is actually trying to get paid twice for healthcare its emergency responders have already provided.
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October 28, 2024
Linklaters Adds 4 A&O Shearman Finance Partners In NY
Linklaters LLP announced Monday the addition of four partners from the recently merged Allen Overy Shearman Sterling to the firm's finance division, deepening its U.S. capital markets and restructuring offerings in New York.
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October 28, 2024
AbbVie Paying $1.4B For Alzheimer's-Focused Biotech
AbbVie said Monday it will acquire Aliada Therapeutics, a biotechnology company working on therapies to treat central nervous system diseases including Alzheimer's disease, for $1.4 billion in cash.
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October 28, 2024
Gibson Dunn-Led Lone Star Exiting Chemicals Co. For $2.3B
Lone Star Funds said Monday it has agreed to sell U.S. global specialty chemicals company AOC to Japan's Nippon Paint Holdings Co. for roughly $2.3 billion.
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October 28, 2024
Crown Settles Customer Dispute To Close $924M Revance Buy
Revance Therapeutics has settled a distribution-related dispute with customer Teoxane SA, potentially clearing the path for its planned $924 million acquisition by skincare company Crown Laboratories.
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October 25, 2024
9th Circ. Dubious Of Tesla Investors' Appeal Of $12B Trial Loss
Ninth Circuit judges appeared skeptical Friday of Tesla investors' argument that an erroneous trial instruction improperly led a jury to reject their $12 billion claim over Elon Musk's 2018 tweets that he had "funding secured" to take the electric car giant private.
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October 25, 2024
Glocal, UpHealth May Settle $115M Award Feud
Indian healthcare services platform Glocal and bankrupt digital health services company UpHealth may be on the verge of resolving their bitter dispute over an ill-fated merger that resulted in a $115 million arbitral award, Glocal has informed an Illinois federal court in a recent request to stay enforcement proceedings.
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October 25, 2024
Spirit Airlines Eyes $80M In Cost Cuts Amid New Deal Rumor
Spirit Airlines will implement layoffs as part of a plan to cut roughly $80 million in costs and has agreed to sell 23 Airbus aircraft to GA Telesis for about $519 million, disclosing the measures as the company is said to be in renewed talks to potentially sell itself to Frontier Airlines.
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October 25, 2024
UK Antitrust Arm Opens Formal Probe Of $35B Software Deal
United Kingdom antitrust authorities triggered a formal investigation Friday into Synopsys Inc.'s $35 billion acquisition of Ansys Inc., satisfied that the transaction has enough ties to the country to merit greater scrutiny.
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October 25, 2024
Paris Apparel Co. Valued At €505M As Permira Takes Stake
Private equity giant Permira is taking a significant minority stake in Parisian outdoor-inspired lifestyle brand K-Way from Italian apparel giant BasicNet in an agreement that values K-Way at an enterprise value of €505 million ($545.3 million), the parties announced in a Friday statement.
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October 25, 2024
Frontier Urges Approval Of 'Highly Attractive' Verizon Deal
Frontier Communications on Friday urged shareholders to support its planned $20 billion sale to Verizon, calling the $38.50 per-share price tag "highly attractive" despite mounting opposition from top investors, one of which claimed the company may be worth double that.
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October 25, 2024
Judge Wants More Clarity About Alex Jones Ch. 7 Asset Sales
A Texas bankruptcy judge deferred ruling on a motion from the Chapter 7 trustee in the bankruptcy of right-wing media fabulist Alex Jones to conduct sales of certain of the estate's assets, saying he wants to know whether the parties to the case anticipate future litigation on the trustee's ability to sell the assets.
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October 25, 2024
Big Lots Inc. Gets OK For Oct. 30 Ch. 11 Asset Auction
A Delaware bankruptcy judge Friday approved discount retailer Big Lots Inc.'s plans to put itself on the block next week after hearing the provider of the baseline bid for the sale had secured the financing for its $760 million offer.
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October 25, 2024
Taxation With Representation: Davis Polk, Skadden, Kirkland
In this week's Taxation With Representation, Atlantic Union Bankshares Corp. absorbs Sandy Spring Bancorp, Sophos and Secureworks merge, Wendel Group takes a stake in Monroe Capital LLC, and Acuity Brands Inc. buys QSC LLC.
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October 25, 2024
MVP: Davis Polk & Wardwell's Oliver Smith
Oliver Smith of Davis Polk & Wardwell's mergers and acquisitions practice was a leader on the team that advised ExxonMobil Corp. on its blockbuster $60 billion acquisition of Pioneer Natural Resources and Truist Financial Corp. on the sale of its remaining stake in Truist Insurance Holdings at a $15.5 billion enterprise value, earning him a spot as one of the 2024 Law360 M&A MVPs.
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October 24, 2024
Colo. Says Grocers' Execs Get Paid, No Matter The Fallout
Colorado told a state judge Thursday that consumers bear the risk in a proposed $24.6 billion merger between Kroger Co. and Albertsons, arguing grocery executives will still get their multimillion-dollar payouts even if prices go up or stores close.
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October 24, 2024
FTC Official Doubts Election Will Deter Antitrust 'New Era'
The Federal Trade Commission's Bureau of Competition director defended the agency's new guidelines and its track record during a wide-ranging discussion at the 34th annual Golden State Institute on Thursday, and he expressed confidence that whichever presidential candidate wins, a new administration won't deter this "new era" of FTC antitrust enforcement actions.
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October 24, 2024
Truth Social SPAC Founder Wants $1M Award For Payout Suit
The investment sponsor of the special purpose acquisition company, or SPAC, that took former President Donald Trump's Truth Social media company public has asked for a $1 million fee award for driving the Delaware Chancery Court litigation over the Trump camp's attempts to slash a SPAC deal stock conversion ratio that would have cost some preferred investors millions.
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October 24, 2024
FTC Probing Boeing's $4.7B Spirit Aero Takeover
The Federal Trade Commission wants to know more about Boeing's $4.7 billion plan to take over aircraft parts maker Spirit AeroSystems before it decides whether to sign off on the transaction, new filings have revealed.
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October 24, 2024
Cooper Hefner's $100M Bid To Buy Playboy Brand Is Rejected
The owner of Playboy, PLBY Group Inc., has turned down a reported $100 million offer from Cooper Hefner, the youngest son of late founder Hugh Hefner, to buy the Playboy brand, stating Thursday that the bid is too low.
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October 24, 2024
DOJ, DOT Launch Inquiry Into Air Travel Competition
The U.S. departments of Justice and Transportation said Thursday that they're launching a joint inquiry into the state of competition in air travel, the latest in a run of Biden administration competition- and consumer-driven initiatives.
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October 24, 2024
Chancery Won't Block Dura Medic Merger Insurance Claims
Dura Medic, a private equity-controlled medical equipment supplier, and its directors and officers won their bid Thursday in Delaware's Court of Chancery to beat back, for now, a request for a temporary restraining order blocking a settlement that could put a $5 million directors and officers insurance policy beyond the reach of the previous owners' damage claims.
Expert Analysis
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Anticipating Disputes In Small Biz Partnerships And LLCs
In light of persistently high failures of small business partnerships and limited liability companies, mediator Frank Burke discusses proactive strategies for protecting and defining business rights and responsibilities, as well as reactive measures for owners.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 36 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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How Generative AI May Aid Merger Clearance Process
Generative artificial intelligence capable of analyzing and searching large datasets stands to revolutionize the merger clearance process, including by significantly reducing the time and effort required to respond to Hart-Scott-Rodino second requests, say Kenneth Koch and Brian Blush at BDO USA.
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Antitrust In Retail: The Meaning Of 'Accessible Luxury'
In order for the Federal Trade Commission to block a deal that would put six "accessible luxury" brands, including Coach and Michael Kors, under one roof, the agency will need to prove that this category is distinct from the true luxury or mass-market categories, says David Kully at Holland & Knight.
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A Case Study For Calif. Cities In Water Utility Takeovers
With growing water scarcity and drier weather looming, some local governments in California have sought to acquire investor-owned water utilities by eminent domain — but the 2016 case of Claremont v. Golden State Water is a reminder that such municipalization attempts must meet certain statutory requirements, say attorneys at Nossaman.
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4 Important Events In Bank Regulation: A Midyear Review
The first six months of 2024 have been fairly stable for the banking industry, though U.S. Supreme Court decisions and proposals from regulators have significantly affected the regulatory standards applicable to insured depository institutions, says Christina Grigorian at Katten.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.