Mergers & Acquisitions

  • July 22, 2024

    Fifth Third Sued In $20M Escrow Dispute Over Dividend Solar

    A private equity seller of a solar panel fintech lender that Fifth Third Bank bought in 2022 has sued the bank in New York federal court to free up $20 million in indemnity escrow funds that it alleges the bank has tried improperly to withhold over state investigations tied to the fintech.

  • July 22, 2024

    99 Cents Only Pivots To New Buyers After $8M Bid Rescinded

    Discount retail chain 99 Cents Only asked a Delaware bankruptcy court to approve alternative sales for two California real estate parcels after the winning bidder who submitted a $8 million offer failed to close the deal over the last two months.

  • July 22, 2024

    In Transfer Row, Live Nation Calls DOJ Case Merger Deal 2.0

    Live Nation and Ticketmaster formally asked a skeptical New York federal judge to transfer the U.S. Department of Justice antitrust lawsuit to Washington, D.C., arguing the case clearly grows out of an underlying 2010 deal clearing the merger the government now wants unwound.

  • July 22, 2024

    Sullivan, Freshfields Steer $905M Goodyear Off-Road Biz Sale

    Sullivan & Cromwell LLP and Freshfields Bruckhaus Deringer guided the $905 million sale of Goodyear Tire & Rubber Co.'s off-the-road tire business to Yokohama Rubber Co. Ltd. except for the part of that business providing off-road tires to the U.S. military and other defense entities, the companies announced Monday.

  • July 22, 2024

    Catching Up With Delaware's Chancery Court

    A $6 million bank fee, a $42.5 million shopping mall deal, some questionable Amazon deliveries and long-ago expired ketchup: it was all part of the comings and goings in Delaware's Court of Chancery last week. New cases involved mining and cybersecurity companies, board takeovers, "weaponized" director election provisions, and legal fees following a $3.1 billion telecom merger. In case you missed it, here's the latest from the Chancery Court.

  • July 22, 2024

    AI-Focused Velocium To Go Public Via $445M SPAC Merger

    AI-focused technology provider Velocium Inc. has agreed to go public by merging with special purpose acquisition company Maquia Capital Acquisition Corp. in a deal that values Velocium at $445 million, both parties announced.

  • July 22, 2024

    Fried Frank, Skadden Steer $2B Sale Of Dover's ESG Biz

    Manufacturing conglomerate Dover Corp., advised by Skadden Arps Slate Meagher & Flom LLP, on Monday announced plans to sell its Environmental Solutions Group business to Fried Frank Harris Shriver & Jacobson-led manufacturing company Terex Corp. for $2 billion in cash.

  • July 22, 2024

    CSG Again Ups Price For Vista's Sporting Biz To $2.15B

    Czech defense company Czechoslovak Group AS has upped its price to buy Vista Outdoor Inc.'s sporting products division, called The Kinetic Group, to $2.15 billion, an increase of $50 million from the previous deal terms, Vista said Monday.

  • July 22, 2024

    Latham-Guided PE Firm To Buy UK Property Biz For £600M

    Hammerson PLC said Monday that it has agreed to sell retail management company to a vehicle owned by U.S. private equity firm L Catterton for £600 million ($775.6 million) to help the real estate developer pay back debt and make other investments.

  • July 19, 2024

    NFL Antitrust Verdict, WWE Chair Woes Define 2024's 1st Half

    The first half of 2024 saw bombshell allegations and yearslong litigation lurching forward, highlighted by the shocking lawsuit accusing the founder of WWE of horrific sexual conduct, an iconic magazine almost shuttering and two NFL cases reaching significant milestones.

  • July 19, 2024

    Capital One Critics Lobby To Block 'No Good' Discover Deal

    Critics of Capital One's planned $35 billion purchase of Discover Financial Services urged federal regulators on Friday to withhold approval for the tie-up, rejecting a landmark community benefits pledge for the merger as a fig leaf for what they said is really a "terrible, horrible, no good, very bad" megadeal.

  • July 19, 2024

    Heartland Investor Looks To Block $2B UMB Bank Takeover

    A Heartland Financial USA investor sued the lender and several members of its top brass, along with UMB Financial Corp., in Colorado state court seeking to block UMB's $2 billion acquisition of Heartland, arguing that the deal undervalues Heartland by roughly $1.5 billion.

  • July 19, 2024

    FTC Wants To Block Kroger & Albertsons' 'Principal Defense'

    Federal Trade Commission staffers want to block Kroger and Albertsons from using their main defense to an in-house merger challenge — the plan to sell off 579 stores — or otherwise force the companies to produce documents so far protected as privileged, according to a recently public filing.

  • July 19, 2024

    Kroger Could Delay Merger Closing To Avoid Colo. Hearing

    Kroger Co. told a Colorado state judge Friday that it is negotiating a potential agreement with the state to delay the closing date for its proposed merger with Albertsons until November or after the court rules on a permanent injunction, a proposal the grocer said was aimed at avoiding a hearing next month.

  • July 19, 2024

    What The End Of Chevron Means For FTC Rulemaking

    Federal agencies can no longer expect courts to defer to their interpretation of challenged regulatory authorities under a landmark U.S. Supreme Court ruling the Federal Trade Commission expects will have no "significant impact," but that observers say could help trip up a noncompetes ban and perhaps other efforts.

  • July 19, 2024

    FTC Eyes Mid-Nov. Texas Hearing Against Mattress Merger

    The Federal Trade Commission's case against Tempur Sealy's $4 billion planned Mattress Firm purchase is set to kick off in Texas federal court Nov. 14, the parties told an agency in-house judge Friday during a scheduling hearing.

  • July 19, 2024

    Axon Says FTC Has 'No Reason' To Wade Into Suit

    Axon urged a New Jersey federal judge Thursday to "give no weight" to a Federal Trade Commission amicus intervention into a proposed class action against the company, arguing that however much the FTC bristles at references to an abandoned merger case, that consternation isn't relevant to the instant suit.

  • July 19, 2024

    12 Firms Guiding IPO Quartet Projected To Exceed $5B

    Twelve law firms are on tap to guide four initial public offerings scheduled for the week of July 22 that could exceed $5 billion combined, led by potentially the year's largest IPO from cold-storage warehouse giant Lineage Inc.

  • July 19, 2024

    Two Class Atty Teams Challenge EngageSmart Deal In Del.

    A new and an amended stockholder complaint have taken aim in Delaware's Court of Chancery at the $4 billion January take-private acquisition of customer engagement and payments venture EngageSmart Inc. by interests of Vista Equity Partners, following a Thursday deadline for consolidated complaint and lead attorney and plaintiff proposals.

  • July 19, 2024

    FTC Says Microsoft Price Hike Shows Activision Deal Harm

    The Federal Trade Commission told the Ninth Circuit that Microsoft's recently announced Game Pass price increase is an example of the harm caused by the company's $68.7 billion acquisition of game developer Activision Blizzard Inc.

  • July 19, 2024

    Occidental Could Sell $3.6B CrownRock Stake To Ecopetrol

    Occidental Petroleum said in a securities filing Friday that it could sell a 30% stake in CrownRock — which Occidental is under contract to buy for $12 billion — to Columbia's Ecopetrol for $3.6 billion. 

  • July 19, 2024

    NC AG Looks To Stave Off Deposition In Hospital Contract Suit

    North Carolina Attorney General Josh Stein doesn't want to be deposed in his suit accusing a for-profit health network of breaking its promise to maintain the standard of care at an Asheville hospital, saying he has no unique knowledge of the situation and should be shielded from testifying as a high-ranking government official.

  • July 19, 2024

    Galaxy's CryptoManufaktur Buy Boosts Assets To $3.3B

    New York-based blockchain business Galaxy Digital Holdings Ltd. said Friday it has acquired blockchain node operator CryptoManufaktur LLC, with CryptoManufaktur's $1 billion in Ethereum assets under stake boosting Galaxy's total to $3.3 billion.

  • July 19, 2024

    Taxation With Representation: A&O Shearman, Gibson Dunn

    In this week's Taxation With Representation, Cleveland-Cliffs Inc. buys Stelco Holdings Inc., KBR acquires LinQuest Corp., Blue Owl Capital Inc. purchases Atalaya Capital Management LP, and Amphenol Corp. buys two mobile networks units from CommScope.

  • July 19, 2024

    Kirkland, MoFo Steer $139M Take-Private Of Medtech Biz

    Augmedix Inc., advised by Morrison Foerster LLP, on Friday announced its plans to go private following its sale to fellow healthcare technology company Commure Inc., advised by Kirkland & Ellis LLP, in a deal that values Augmedix at roughly $139 million.

Expert Analysis

  • Considerations For Evaluating IP Risks In Cannabis M&A

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    Due to the patchwork of state cannabis laws in the U.S., investors and businesses acquiring intellectual property must assess whether a trademark portfolio possesses any vulnerabilities, such as marks that are considered attractive to children or third-party claims of trademark infringement, say Mary Shapiro and Nicole Katsin at Evoke Law.

  • A Snapshot Of The Evolving Restrictive Covenant Landscape

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    Rachael Martinez and Brooke Bahlinger at Foley highlight recent trends in the hotly contested regulation and enforcement of noncompetition and related nonsolicitation covenants, and provide guidance on drafting such provisions within the context of stand-alone employment agreements and merger or acquisition transactions.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Private Capital Considerations Amid Market Revival

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    As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.

  • Opinion

    Requiring Leave To File Amicus Briefs Is A Bad Idea

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    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

  • 4 Ways To Motivate Junior Attorneys To Bring Their Best

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    As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.

  • Flexibility Is Key In Hybrid Capital Investment Strategies

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    Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.

  • The Tricky Implications Of New Calif. Noncompete Laws

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    Two new California noncompete laws that ban certain out-of-state agreements and require employers to notify certain workers raise novel issues related to mergers and acquisitions, and pose particular challenges for technology companies, says John Viola at Thompson Coburn.

  • Planning For Healthcare-Private Equity Antitrust Enforcement

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    U.S. antitrust agency developments could mean potential enforcement actions on healthcare-related acquisitions by private equity funds are on the way, and entities operating in this space should follow a series of practice tips, including early assessment of antitrust risks on both the state and federal level, say Ryan Quillian and John Kendrick at Covington.

  • Series

    Serving As A Sheriff's Deputy Made Me A Better Lawyer

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    Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.

  • Former Minn. Chief Justice Instructs On Writing Better Briefs

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    Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.

  • Stay Interviews Are Key To Retaining Legal Talent

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    Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.

  • Series

    Spray Painting Makes Me A Better Lawyer

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    My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.

  • DOJ's Safe Harbor Policy May Quietly Favor M&A Enforcement

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    In a change that has received little attention, the U.S. Justice Department's recently codified safe harbor policy essentially reads the Antitrust Division's criminal enforcement out of the policy entirely, and now appears to favor merger enforcement in antitrust, rather than criminal enforcement, as originally intended, say Daniel Oakes and James Attridge at Axinn.

  • How Activision Ruling Favors M&A Formalities Over Practice

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    The Delaware Chancery Court’s recent nod to a proposed class action, alleging shareholder notice violations in Activision Blizzard’s sale to Microsoft, puts practitioners on notice that customary merger and acquisition market practices do not offer protection from potential liability, say John Stigi and Eugene Choi at Sheppard Mullin.

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