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Mergers & Acquisitions
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October 31, 2024
CVS Unit Exec's Ex-Partner Charged With Insider Trading
The former domestic partner of a top executive at Oak Street Health Inc., a primary care provider network owned by CVS Health Corp., was charged in Philadelphia federal court Thursday with insider trading on advance information about CVS' $10.6 billion deal to buy Oak Street in 2023.
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October 31, 2024
Instructure Sued In Del. For Books On $4.8B Take-Private Deal
A stockholder of educational technology venture Instructure Holdings LLC has sued the company for records on its $4.8 billion take-private sale to Kohlberg Kravis Roberts & Co. LP, citing concern that Instructure's controller, Thoma Bravo, abandoned another prospect for its own benefit.
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October 31, 2024
A Boeing Space Exit, $3B Hot Dogs And More Deal Rumors
Like the two astronauts currently stranded on the International Space Station, Boeing is reportedly looking to get out of space — by exiting its NASA business. In earthly news, foreign meat companies are reportedly eyeing popular hot dog brand Oscar Mayer at a price tag that could approach an arguably gluttonous $3 billion, and Blackstone could shell out five big ones — $5 billion, that is — for a cellphone infrastructure business. Here, Law360 breaks down these and other deal rumors from the past week.
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October 31, 2024
Meta Users Fight Uphill For Cert., But Advertisers Have A Shot
A California federal judge who was asked to certify two classes in a case alleging that Facebook parent Meta Platforms monopolized the social media advertising market and misused users' data said Thursday that the users' damage theory wasn't "plausible," but appeared open to the advertisers' claim they suffered the same alleged injury.
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October 31, 2024
Oversight GOP Reps. Take Big Swing At FTC Chair
House Republicans on Thursday accused Federal Trade Commission Chair Lina Khan of becoming a "political tool" of the Biden administration, which they say has undermined the independent nature of the agency.
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October 31, 2024
Monthly Merger Review Snapshot
Kroger and Albertsons endured overlapping trials in cases challenging their planned grocery store megamerger, as the Federal Trade Commission got a major fashion industry deal paused and pushed its bid to block the $4 billion merger of Tempur Sealy and Mattress Firm.
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October 31, 2024
Vinson & Elkins To Open Denver Office With Plans To Expand
Three Vinson & Elkins LLP partners have been tapped to open the firm's newest office in Denver, the firm announced Thursday, amid an effort to expand its client base and talent roster in the Mountain West region.
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October 31, 2024
Playboy Gets PE Investment After Rejecting Takeover Bid
The owner of Playboy, PLBY Group Inc., on Thursday announced that it had secured a "significant" equity investment from privately held online entertainment company Byborg Enterprises SA.
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October 31, 2024
Chancery Upholds Low Appraisal Of Online Bookstore Co.
Contract educational institution bookstore operator Akademos Inc. was fairly sold in December 2020 under terms that left common stockholders wiped out, a Delaware vice chancellor has ruled after a four-day trial that both appraised the company's stock and judged the deal's fairness.
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October 31, 2024
The 2024 Law360 Pulse Leaderboard
Check out the Law360 Pulse Leaderboard to see which firms made the list of leaders in all-around excellence this year.
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October 31, 2024
Firms' Hiring Strategies Are Evolving In Fight For Top Spot
Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.
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October 30, 2024
Judge Stops Arbitration Of Connecticut Trial Firm Breakup
A Connecticut Superior Court judge has issued an emergency order temporarily restraining the CEO of a law firm known for high-dollar trial verdicts from arbitrating a dispute over the practice's breakup after onetime partner Andrew P. Garza filed suit late last week.
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October 30, 2024
T-Mobile Defends UScellular Spectrum Buy At FCC
T-Mobile and United States Cellular Corp. urged the Federal Communications Commission to dismiss challenges to UScellular spectrum leases as it seeks to sell wireless operations to T-Mobile, arguing the dispute over the leases is unrelated to the wireless sale.
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October 30, 2024
Brookfield Scoops UK Wind Farms Assets In $2.3B Deal
Brookfield has agreed to buy a minority stake in four of Danish multinational energy company Orsted's operational U.K. offshore wind farms in a deal valued at £1.745 billion ($2.27 billion), Orsted announced Wednesday.
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October 30, 2024
Siemens Makes $10.6B AI Push With Altair Engineering Buy
German tech conglomerate Siemens AG has agreed to acquire software company Altair Engineering Inc. for approximately $10.6 billion, in a deal that seeks to bolster its artificial intelligence-powered design and simulation portfolio, the companies said Wednesday.
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October 30, 2024
American Tire Floats Ch. 11 Sale Plan To Wrap Up In December
Bankrupt tire and wheel seller American Tire Distributors Inc. proposed a Chapter 11 bid and sale process that it intends to wrap up by the end of December, with a group of secured lenders serving as a stalking horse.
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October 30, 2024
O'Neill Brand Owner Says La Jolla Flouted Pre-Sale Deal
The owner and maker of O'Neill sportswear accessories is suing La Jolla Sport in California federal court over claims it breached a longstanding agreement that requires the company to provide certain due diligence information so the plaintiff can finalize a planned sale of the O'Neill brand.
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October 30, 2024
AI-Focused SPAC Joins Pipeline With $200M IPO Filing
Archimedes Tech SPAC Partners II Co., a special purpose acquisition company targeting the artificial intelligence industry, filed plans on Wednesday for an estimated $200 million initial public offering, while another SPAC, energy-transition focused Tavia Acquisition Corp., downsized plans.
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October 30, 2024
Seyfarth Launches Energy Deals Group With Polsinelli Trio
Seyfarth Shaw LLP has launched an energy transactions group in Texas with the addition of three attorneys from Polsinelli PC, as part of Seyfarth's strategic plan to enhance its corporate and transactional capabilities, the firm announced Wednesday.
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October 30, 2024
Diversified Energy Closes $106M Buy Of East Texas Assets
Oil and gas producer Diversified Energy Co. PLC said Wednesday that it has completed the $106 million acquisition of natural gas assets in eastern Texas from Crescent Pass Energy in a cash-and-stock deal.
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October 30, 2024
Cleveland-Cliffs Gets Final Approval For $2.5B Stelco Deal
Ohio steelmaker Cleveland-Cliffs Inc. said Wednesday it has received the Canadian regulatory approvals needed to complete its planned $2.5 billion acquisition of Canada's Stelco Holdings Inc., slating the deal close for Friday.
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October 30, 2024
KKR, ECP To Plug $50B Into Data Centers, Power Projects
Private equity firms KKR & Co., advised by Simpson Thacher, and Energy Capital Partners have teamed up to inject $50 billion into building data centers and energy generation projects in a bet on meeting rising demand for infrastructure to support the artificial intelligence boom.
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October 30, 2024
Kirkland-Led Francisco Paying $1.1B For AdvancedMD
Kirkland & Ellis LLP is guiding Francisco Partners on an agreement disclosed Wednesday to buy medical payments company AdvancedMD from Global Payments for $1.125 billion.
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October 30, 2024
Linklaters-Led Mining Biz To Buy $60M Gold Project In Brazil
Precious metals miner Hochschild said Wednesday that it has agreed to acquire full control of a project in Brazil from Cerrado Gold for a total of $60 million in a deal guided by law firms including Linklaters and Stikeman Elliott.
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October 29, 2024
Merger Guides In Fashion As Court Pauses Handbag Deal
The Federal Trade Commission scored a major win last week with a court order pausing the planned $8.5 billion merger between the owners of Coach and Michael Kors, but the ruling stopped short of fully embracing enforcers' recent attempts to influence merger law.
Editor's Picks
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UK Enforcers Say Cargo Equipment Deal Raises Concerns
The planned merger of Finnish cargo handling equipment outfits Cargotec Corp. and Konecranes PLC faces increasing scrutiny across the globe, as U.K. enforcers raised concerns about competition for a number of different products for port services.
Expert Analysis
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How Judiciary Can Minimize AI Risks In Secondary Sources
Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.
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How Attorneys Can Break Free From Career Enmeshment
Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.
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Lawyers With Disabilities Are Seeking Equity, Not Pity
Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.
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Fostering Healthcare Industry Success With Joint Ventures
As the healthcare industry continues to evolve, joint ventures remain a key strategy to unite health systems, private equity firms and physician practices in leveraging their collective strengths to foster innovation and improve patient care, say Carole Becker and Travis Jackson at McDermott.
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Opinion
Judicial Committee Best Venue For Litigation Funding Rules
The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.
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The Strategic Advantages Of Appointing A Law Firm CEO
The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.
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Inside FTC's Decision To Exit Key Merger Review Labor Memo
Despite the Federal Trade Commission's recent withdrawal from a multiagency memorandum of understanding to step up enforcement of labor issues in merger investigations, the antitrust agencies aren't likely to give up their labor market focus, say attorneys at Stinson.
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Comments Show Need For Clarity On SBA Proposed Rule
The recent public comments period for the Small Business Administration's proposed rule on recertification and other regulations underscores the need for more precision, particularly on agreements in principle, which the SBA should address as it moves forward with this rulemaking, say attorneys at Covington.
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Series
Beekeeping Makes Me A Better Lawyer
The practice of patent law and beekeeping are not typically associated, but taking care of honeybees has enriched my legal practice by highlighting the importance of hands-on experience, continuous learning, mentorship and more, says David Longo at Oblon McClelland.
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Election Unlikely To Overhaul Antitrust Enforcers' Labor Focus
Although the outcome of the presidential election may alter the course of antitrust enforcement in certain areas of the economy, scrutiny of labor markets by the Federal Trade Commission and the U.S. Department of Justice is likely to remain largely unaffected — with one notable exception, say Jared Nagley and Joy Siu at Sheppard Mullin.
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Opinion
Legal Institutions Must Warn Against Phony Election Suits
With two weeks until the election, bar associations and courts have an urgent responsibility to warn lawyers about the consequences of filing unsubstantiated lawsuits claiming election fraud, says Elise Bean at the Carl Levin Center for Oversight and Democracy.
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How Cos. Can Build A Strong In-House Pro Bono Program
During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.
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Bristol-Myers Win Offers Lessons For Debt Security Holders
A New York federal judge's recent dismissal of a $6.4 billion lawsuit against Bristol-Myers Squibb, due to plaintiff UMB Bank's lack of standing, serves as an important reminder to debt security holders to obtain depositary proxies before pursuing litigation, say attorneys at Milbank.
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Series
Home Canning Makes Me A Better Lawyer
Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.
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Avoiding Merger Disputes Via Careful LLC Agreement Drafting
The Delaware Court of Chancery recently upheld a merger in a dispute over the process of amending the target's limited liability company agreement, underscoring the importance of understanding the Delaware LLC Act default rules and careful drafting to allow for contractual modifications, says Jane Trueper at Lathrop.