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Mergers & Acquisitions
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November 20, 2024
UK Drops Probe Into Google's Investment In AI Startup
The partnership between Google's parent Alphabet Inc. and the U.S. artificial intelligence startup Anthropic PBC does not qualify for investigation under the merger rules, Britain's antitrust authority said Wednesday at the end of the first phase of its investigation.
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November 20, 2024
Investors Get More Time For £253M UK Payments Tech Biz Bid
The mergers and acquisitions watchdog has given a group of investment companies more time to make a firm £253 million ($320 million) offer for Equals Group, the payments technology business said Wednesday.
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November 19, 2024
Finnish Sports Co. Fights NHL Agent's Bid To Ax $1.2M Suit
A Finnish sports talent corporation has slammed an NHL agent's bid in Massachusetts federal court to toss its lawsuit over $1.2 million in arbitration awards, saying he has systemically used shell companies to dodge collection of the judgments against him.
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November 19, 2024
Alaska Airlines Fights Emergency 9th Circ. Bid To Halt Merger
Alaska Airlines has urged the Ninth Circuit not to grant an emergency motion blocking its $1.9 billion acquisition of Hawaiian Airlines, saying the request was filed by flyers and travel agents "without an emergency" after they waited for four months to try to enjoin the airlines from merging.
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November 19, 2024
Cravath-Led Robinhood To Acquire TradePMR In $300M Deal
Stock trading app Robinhood Markets Inc., advised by Cravath Swaine & Moore LLP, on Tuesday announced plans to buy registered investment adviser-focused custodial and portfolio management platform TradePMR, led by Stradley Ronon Stevens & Young LLP, in a cash-and-stock deal valued at $300 million.
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November 19, 2024
DOJ Effort To Force Google Chrome Sale Draws Criticism
Google's regulatory chief and at least one trade group are blasting a reported push from the U.S. Department of Justice to seek expansive remedies and potentially force a sale of Google Chrome in an ongoing court battle with the tech giant.
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November 19, 2024
Conn. Firm CEO's Wife Dropped From Ex-Partner's Suit
Connecticut lawyer Andrew P. Garza on Tuesday dropped attorney Allison M. McKeen, the wife of his former 50-50 law firm partner Ryan C. McKeen, from a lawsuit surrounding the breakup of Connecticut Trial Firm LLC, a high-dollar firm where all three once worked together.
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November 19, 2024
Cigna In-House Atty Joins Akerman In Chicago
Akerman LLP announced Tuesday that an experienced technology and transactions attorney who most recently was in-house counsel with health insurer Cigna had joined the firm's Chicago office as a corporate partner.
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November 19, 2024
PE Firm Sells Defense Tech Co. BlueHalo In $4.1B Deal
AeroVironment, a drone manufacturer advised by Latham & Watkins LLP, announced Tuesday it plans to buy BlueHalo, a private equity-owned defense firm represented by Goodwin Procter LLP, in an all-stock transaction valued at $4.1 billion that the companies said will make a more diversified leader in various areas of defense technology.
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November 19, 2024
Crowell & Moring's NY Antitrust Head Joins King & Spalding
King & Spalding LLP has hired the former leader of Crowell & Moring LLP's New York antitrust practice, saying Tuesday that he will strengthen the firm's business litigation bench.
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November 19, 2024
Simpson Thacher-Led Blackstone Makes $8B Jersey Mike's Deal
Private equity giant Blackstone said Tuesday it has agreed to buy a majority stake in Jersey Mike's Subs in a deal that values the fast-casual submarine sandwich outlet at about $8 billion, including debt, according to a person familiar with the matter.
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November 19, 2024
Longtime White & Case Structured Finance Atty Joins Latham
Latham & Watkins LLP announced that a longtime White & Case LLP structured finance attorney joined the firm's New York office as a partner, which the firm said helps address increased demand from clients in the private equity and credit spaces.
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November 19, 2024
Alex Jones Seeks To Stop The Onion From Buying Infowars
Right-wing media fabulist Alex Jones asked a Texas bankruptcy judge to stop the sale of his Infowars website to satirical news publisher The Onion, arguing that the winning bid violated the court's bidding procedures order.
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November 19, 2024
Kirkland Advises Amcor On $8.4B Berry Global Buy
Kirkland & Ellis LLP-led Amcor PLC said Tuesday it has agreed to purchase fellow packaging company Berry Global Group Inc., in an all-stock deal that values Berry at more than $8.4 billion.
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November 18, 2024
Backup Bidder For Jones' Infowars Wants The Onion Bid DQ'd
The Alex Jones-affiliated backup Chapter 7 auction bidder for Jones' right-wing website Infowars asked a Texas bankruptcy judge Monday to disqualify the winning bid from The Onion, a satirical news website, arguing that the bid did not follow the auction procedures.
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November 18, 2024
Will AG-Elect Stick To NC Dems' Playbook, Or Take New Path?
Incoming North Carolina Attorney General and "TikTok candidate" Jeff Jackson may be the latest in a long line of Democrats to serve as the state's top cop, but questions remain as to how closely he might follow in the footsteps of his powerful predecessors when it comes to issues like pursuing the very social media app that bolstered his campaign.
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November 18, 2024
J&J Posts $1.17B Bond For Del. Merger Milestone Appeal
Johnson & Johnson Inc. has posted a $1.167 billion surety-backed bond ahead of its planned appeal challenging a Delaware Chancery Court's finding that it owes more than $1 billion to a medical robotics developer's former shareholders caught up in a post-acquisition dispute.
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November 18, 2024
Live Nation Says Ticket Buyers Must Arbitrate Antitrust Suit
Live Nation moved to arbitrate a proposed consumer antitrust class action alleging it monopolizes concert promotions and secondary ticketing services for major venues, arguing in New York federal court Friday the customers agreed to arbitrate any dispute each time they logged in to their accounts or accepted secondary ticket transfers.
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November 18, 2024
FCC's Carr Likely To Test Agency's Ability To Rein In Big Tech
Brendan Carr's selection as the next Federal Communications Commission chair prompted a wave of plaudits from industry and some dismay from liberal groups, but one thing stands out among experts: He will push to counter what he sees as out-of-control conduct by tech platforms.
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November 18, 2024
Treasury Finalizes Tougher Foreign Investment Law Penalties
The Treasury Department on Monday finalized a rule sharpening its enforcement authority to stop or demand additional information regarding foreign-investment deals that the U.S. deems potential threats to national security.
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November 18, 2024
Wachtell-Led CVS Adds Glenview CEO, Others To Board
CVS Health, represented by Wachtell Lipton Rosen & Katz, said Monday it has struck a deal with activist investor Glenview Capital Management to appoint four new board members, including Glenview CEO Larry Robbins.
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November 18, 2024
Simpson Thacher Adds Cleary Gottlieb Banking, Credit Pro
Simpson Thacher & Bartlett LLP announced Monday that a former Cleary Gottlieb Steen & Hamilton LLP attorney will be joining the firm's New York office to focus on banking and credit matters, touting her history representing some of the world's largest financial sponsors and their portfolio companies.
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November 18, 2024
Comtech Agrees To Board Shake-Up With Ex-CEOs
Comtech Telecommunications Corp. said Monday it has reached an "amicable resolution" with an investor group that includes two former CEOs who had sought a board shake-up, agreeing to the appointment of two new directors and the withdrawal of the CEOs' proposed full slate of directors.
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November 18, 2024
Health Care Co. CareMax Hits Ch. 11 With Plans To Sell Assets
Medical services company CareMax Inc. has filed for Chapter 11 protection in Texas bankruptcy court, listing $422.6 million of funded debt and disclosing plans to sell its assets during the case.
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November 18, 2024
Spirit Airlines Files For Ch. 11 With Equity-Swap Plan
Budget air carrier Spirit Airlines filed for Chapter 11 protection in a New York bankruptcy court Monday with $3.6 billion in funded debt and a preapproved equity swap restructuring plan.
Expert Analysis
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How M&A Attorneys Can Best Serve Self-Funded Searchers
Post-pandemic, and with the so-called great wealth transfer on the horizon, individuals looking for small and midsize businesses to acquire are increasingly going the self-funded route, so deal attorneys must understand the major pain points and unique needs of this demographic, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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What TikTok's Race Against The Clock Teaches Chinese Firms
The Biden administration's recent divestiture deadline on TikTok parent ByteDance provides useful information for other China-based companies looking to do business in the U.S., including the need to keep products for each market separate and implement firewalls at the design stage, says Richard Lomuscio at Stinson.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Live Nation May Shake It Off In A Long Game With The DOJ
Don't expect a swift resolution in the U.S. Department of Justice's case against Live Nation, but a long litigation, with the company likely to represent itself as the creator of a competitive ecosystem, and the government faced with explaining how the ticketing giant formed under its watch, say Thomas Kliebhan and Taylor Hixon at GRSM50.
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Boeing Saga Underscores Need For Ethical Corporate Culture
In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Parsing Controversial Del. General Corporation Law Proposals
In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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A Look At M&A Conditions After FTC's Exxon-Pioneer Nod
The Federal Trade Commission's recent consent decree imposing several conditions on Exxon Mobil's acquisition of Pioneer Natural Resources helps illustrate key points about the current merger enforcement environment, including the probability of further investigations in the energy and pharmaceutical sectors, say Ryan Quillian and John Kendrick at Covington.
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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.