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Mergers & Acquisitions
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September 10, 2024
Buyer Says Waste Facility Co. Owes $450M Over Trashed Plan
Energy and waste management firm Reworld Waste, a Covanta Energy successor, is facing a $450 million lawsuit from a Connecticut company alleging Reworld sabotaged its plan to develop an environmentally friendly trash incineration facility in the town of Wallingford.
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September 10, 2024
Blink Fitness Lands $105M Bid From PureGym
Bankrupt gym chain Blink Fitness landed a stalking horse bid from a unit of U.K.-based global gym operator PureGym Ltd. that sets a $105 million floor price for a Chapter 11 auction set to be held later this month, the companies said Tuesday.
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September 10, 2024
Truth Social Founder Ordered To Disclose Investor Details
A Florida state court judge on Tuesday ordered the founder of former President Donald Trump's Truth Social to turn over investor material in a suit accusing the founder of interfering with the process of taking the company public, holding it's "likely to lead to discovery of relevant and discoverable information."
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September 10, 2024
Werfel Asked To Clarify How To Treat R&D Costs In M&A
Accounting firm RSM US LLP, in a letter released Tuesday, asked Internal Revenue Commissioner Daniel Werfel to clarify how to treat research and development costs when a taxpayer disposes of an entire business in a mergers and acquisitions transaction.
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September 10, 2024
Vista Delays Investor Vote On MNC Capital's $2.15B Bid
Vista Outdoor Inc. on Tuesday again pushed back a shareholder vote on the $2.15 billion sale of its sports products division to Czech defense company Czechoslovak Group AS, in light of yet another takeover bid from MNC Capital Partners LP.
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September 10, 2024
V&E Launches New Dublin Office In Aviation Finance Push
Vinson & Elkins LLP has launched a new office in Ireland to provide New York and English law advice to clients on aviation leasing and financing matters.
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September 10, 2024
Slaughter and May-Led AngloGold Bids £1.9B For Centamin
Global gold mining group AngloGold Ashanti PLC said Tuesday that it has agreed to acquire its smaller rival Centamin PLC in an approximately £1.9 billion ($2.5 billion) cash-and-stock offer led by Slaughter and May and Norton Rose Fulbright.
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September 10, 2024
Britain's Renold Buys Canadian Conveyor Biz For $31.4M
British power transmission products maker Renold PLC said Tuesday that it has acquired the North American conveyor chain maker MAC Chain Co. Ltd. for $31.4 million, giving it a foothold in the Western U.S. and Canadian forestry markets.
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September 10, 2024
Healthcare Real Estate Firm Pays $80M For 277 US Properties
Healthcare real estate investment shop Scioto Properties said Tuesday it has completed the $80 million purchase of a portfolio of 277 properties across 17 U.S. states, representing the largest transaction in the firm's quarter-century history.
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September 10, 2024
White & Case Guides £100M Hedge Fund Deal For Spectator
Hedge fund manager Paul Marshall has bought The Spectator for £100 million ($130 million), the 196-year-old news magazine said on Tuesday, a move that will keep the publishing institution independent and out of foreign control.
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September 10, 2024
EU Antritrust Chief Resists Softer Telecom Merger Rules
The European Union's outgoing competition chief pushed back at a pitch to loosen the bloc's competition rules Tuesday, saying that merger control rules for telecom markets must continue to look at competition at the national level rather than enlarging the examination to the entire 27-country bloc.
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September 10, 2024
Southwest Plans Board Shakeup Amid Activist Pressure
Southwest Airlines detailed plans Tuesday to overhaul its board of directors but stood by its chief executive, as the company faces pressure from Elliott Investment Management LP to make leadership changes.
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September 10, 2024
Vorys-Led Infrastructure Biz Buys Steel Maker For $30M
Hill & Smith PLC said Tuesday that it has bought U.S. steel manufacturer Whitlow Electric Service Co. Inc. for $30.2 million, as the infrastructure products supplier continues a spending spree to expand its global operations.
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September 10, 2024
UK Watchdog Probes Carlsberg's £3.3B Britvic Takeover
The Competition and Markets Authority said on Tuesday that it is investigating whether the planned £3.3 billion ($4.3 billion) takeover by Danish brewer Carlsberg AS of Britvic PLC, a British soft drinks producer, could damage competition in U.K. markets.
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September 10, 2024
'Structuring Issue' Snarls TC Energy's CA$1B Pipeline Deal
Canadian natural gas company TC Energy on Tuesday paused its planned CA$1 billion ($736.7 million) sale of a minority stake in a pipeline system and assets to an Indigenous-owned buyer, citing a "transaction structuring issue."
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September 10, 2024
Paul Hastings Taps Capital Markets Pro From Davis Polk
Paul Hastings LLP has hired a prominent capital markets transactions expert as a partner at its London office as it looks to boost its global practice, which it has identified as a priority.
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September 17, 2024
Cooley Hires Team For Emerging Companies And VC Practice
Cooley LLP said Tuesday that it has recruited the head of Taylor Wessing LLP's emerging companies and venture capital practice, one of three partner hires as it seeks to boost its transactional ability in London, part of a broader plan for growth in the English capital.
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September 09, 2024
Exec Denied New Trial In 'Shadow Trading' Case, Fined $321K
A California federal judge on Monday denied a new trial request from an ex-Medivation Inc. executive found to have used the pharmaceutical company's inside information when he bought a rival's stock, and also ordered him to pay a $321,000 penalty in the U.S. Securities and Exchange Commission's "shadow trading" case.
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September 09, 2024
SES, Intelsat Tell FCC They Need $3.1B Combo To Compete
Satellite companies SES and Intelsat told the Federal Communications Commission they need regulators to approve their $3.1 billion merger, which was announced this spring, so they can better compete in a quickly advancing marketplace.
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September 09, 2024
Handbag Market Probed As FTC's $8.5B Merger Hearing Starts
A New York federal judge heard dueling narratives about the existence of an "accessible luxury" handbag market Monday, as the Federal Trade Commission seeks to halt a proposed $8.5 billion merger between the owners of Michael Kors and Coach.
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September 09, 2024
7-Eleven Says No To Talks With Couche-Tard After $40B Denial
After rejecting a nearly $40 billion buyout offer from Alimentation Couche-Tard Inc. last week, the parent company of 7-Eleven told the Canadian retailer Monday that it hasn't yet brought forth an offer that warrants "substantial discussions."
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September 09, 2024
Court Won't Nix Flyers' Case Over JetBlue-American Pact
A New York federal court has refused to toss a proposed class action from airline passengers who allegedly overpaid for flights while an agreement was in place between JetBlue and American Airlines, an alliance the airlines dropped after a successful government challenge.
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September 09, 2024
DLA Piper, Kirkland Guide $875M Cloud Software Deal
DLA Piper is representing artificial intelligence-powered infrastructure software company Progress on a new agreement to buy ShareFile, a business unit of Cloud Software Group Inc., for $875 million, with Kirkland & Ellis LLP advising the seller, Progress said in a Monday statement.
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September 09, 2024
Bradley Arant Adds Katten Partner In Dallas
Bradley Arant has hired a six-and-a-half-year veteran of Katten Muchin Rosenman LLP who is joining the firm's corporate and securities practice in Dallas as a partner.
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September 09, 2024
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery made some expensive decisions last week, ranging from a $130 million stockholder award and a freeze on $450 million in equity financing to a whopping $1 billion bill for fraud and breach of contract damages. New cases aimed at Virgin Galactic, settlements pulled in Hemisphere Media Group Inc. and court hearings involving Apollo Global Management heated up. In case you missed it, here's the roundup of news from Delaware's Court of Chancery.
Expert Analysis
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FTC Theories Of Harm After Anesthesia Co. Ruling
As Federal Trade Commission litigation against U.S. Anesthesia Partners proceeds following a Texas federal court's recent decision to dismiss a private equity sponsor from the suit, the case attempts to incorporate and advance some of the commission's theories of competitive harm from the final 2023 Merger Guidelines, say attorneys at Mintz.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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What Updated PLR Procedure May Mean For Stock Spin-Offs
A recently published Internal Revenue Service revenue procedure departs from commonly understood interpretations of the spinoff rules by imposing more stringent standards on companies seeking private letter rulings regarding tax-free stock spinoff and split-off transactions, and may presage regulatory changes that would have the force of law, say attorneys at Skadden.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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What's New In Kentucky's Financial Services Overhaul
Kentucky's H.B. 726 will go into effect in July and brings with it some significant restructuring to the Kentucky Financial Services Code, including changes to mortgage loan license fees and repeals of provisions relating to installment term loans and savings associations, say attorneys at Frost Brown.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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FTC Noncompete Rule Risks A Wave Of State AG Actions
The Federal Trade Commission's final rule language banning noncompetes may contribute to a waterfall enforcement effect in which state attorneys general deploy their broad authority to treat noncompetes as separate and independent violations, say Ryan Strasser and Carson Cox at Troutman Pepper.
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What Transactional Attys Must Know About Texas Biz Courts
As Texas prepares to launch its new business courts, transactional attorneys — especially those involved in commercial, securities and internal governance matters — should keep several issues in mind when considering use of the state's business court system to facilitate deals and settle disputes, say attorneys at Katten.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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The Opportunities, Risks And Rewards Of AI Acquisitions
As artificial intelligence acquisitions become an increasing area of focus for investors and technology buyers, entities should pay special attention to target identification, due diligence and more when structuring and executing a transaction with a company that has an AI-centric business model, say attorneys at Foley & Lardner.
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Tiny Tweaks To Bank Merger Forms May Have Big Impact
The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.
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4 Takeaways From Biden's Crypto Mining Divestment Order
A May 13 executive order prohibiting the acquisition of real estate by a foreign investor on national security grounds — an enforcement first — shows the importance of understanding how the Committee on Foreign Investment in the United States might profile cross-border transactions, even those that are non-notified, say attorneys at Kirkland.