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Mergers & Acquisitions
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October 16, 2024
Enforcers Won't Challenge $3B Energy Deal, $5B Coal Tie-Up
Deadlines have passed for antitrust enforcers to challenge Oneok Inc.'s deal for a $3.3 billion stake in EnLink Midstream LLC and Arch Resources Inc.'s all-stock merger with Consol Energy Inc., a deal that's expected to create a natural resources company worth $5.2 billion.
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October 16, 2024
Two Circles Boosts 'Big 5' Sports Client Base With Kore Buy
Sports data and entertainment company Two Circles said Wednesday it has agreed to buy sports industry intelligence platform Kore, in a deal that will create a merged company worth a reported $650 million.
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October 16, 2024
Skadden Drives Forest Road To Formula E Team Acquisition
Los Angeles-based investment firm The Forest Road Company, advised by Skadden Arps Slate Meagher & Flom LLP, has purchased the ERT Formula E team. The team is rebranding as Kiro Race Co as it prepares to enter the 11th season of the ABB FIA Formula E World Championship under new ownership.
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October 16, 2024
Investor Pushes 7-Eleven Parent To Consider Couche-Tard Bid
A U.S. investor in the Japanese parent company of 7-Eleven said Wednesday it is pushing the company to consider a revised buyout bid from Canada's Alimentation Couche-Tard Inc. that is said to carry a $47 billion price tag, telling Japan's Seven & i Holdings that an alternative restructuring plan the company recently revealed is "too little, too late."
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October 16, 2024
PE Giants Bridgepoint, General Atlantic Invest In Kyriba Corp.
Private equity shops Bridgepoint and General Atlantic said Wednesday that they will invest in Kyriba in a deal that values the liquidity manager at more than $3 billion.
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October 15, 2024
Santander Settles Investors' Squeeze-Out Suit For $162.5M
Santander Consumer USA Holdings Inc. has agreed to shell out $162.5 million to put to rest stockholders' consolidated class action challenging a $2.5 billion minority squeeze-out merger, according to a stipulation filed Monday in Delaware's Court of Chancery.
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October 15, 2024
Gamers End Challenge Of Microsoft's $69B Activision Deal
Microsoft reached an agreement ending a challenge from a group of gamers targeting its $69 billion deal for Activision Blizzard as a merger challenge from the Federal Trade Commission remains pending at the Ninth Circuit.
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October 15, 2024
Finnish Sports Biz Wins Asset Freeze In $1.2M NHL Deal Suit
A Massachusetts federal judge on Tuesday granted a Finland-based sports management company's request to freeze the assets of the American owner behind a shuttered agency that represented hockey players while it pursues litigation seeking more than $1.2 million owed from a deal to represent Finnish players in the NHL.
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October 15, 2024
Chancery Urged To Toss Smart & Final $1.1B Sale Challenge
An attorney for funds of Ares Alternative Management Corp. told Delaware's chancellor on Tuesday a stockholder suit alleging breaches of fiduciary duty and corporate waste in a $1.1 billion sale of Smart & Final Stores Inc. failed to show disabling conflicts among company principals or advisers.
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October 15, 2024
4 Firms Steer Ownership Shakeup At 'Dune' Movie Maker
Legendary Entertainment has completed a buyout of Chinese company Wanda Group's remaining equity interest in the movie studio behind "Dune" and "Dune: Part Two," a deal that gives sole ownership of the company to Legendary's management and funds managed by affiliates of Apollo.
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October 15, 2024
Three Cos. Combine On $3.4B Texas Data Center Complex
Blue Owl Capital, infrastructure firm Crusoe Energy Systems and investor Primary Digital Infrastructure said Tuesday they are pooling $3.4 billion to build a 1 million-square-foot data center campus in Abilene, Texas.
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October 15, 2024
Frontier May Be Worth 2 Times Verizon's Bid, Investor Warns
Frontier Communications Parent Inc. stockholder Cooper Investors Pty Ltd. on Tuesday expressed "strong opposition" to Verizon Communications Inc.'s planned $20 billion deal to absorb the company, arguing Frontier could be worth nearly double the $38.50 per share that Verizon plans to pay.
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October 15, 2024
Simpson Thacher, Milbank Guide $2B DataBank Equity Raise
Data center developer and operator DataBank announced on Tuesday it has raised $2 billion in equity, led by AustralianSuper's $1.5 billion commitment, in an investment round arranged by Simpson Thacher and Milbank.
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October 15, 2024
Law Firms Diverge As Anti-ESG Pushback Continues
A continuing onslaught of legislation and litigation opposing corporate environmental, social and governance actions has created a fork in the road for law firms, with some choosing to scale back efforts and others pushing ahead with their internal ESG and diversity, equity and inclusion goals.
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October 15, 2024
The 2024 Law360 Pulse Social Impact Leaders
Check out our Social Impact Leaders ranking, analysis and interactive graphics to see which firms stand out for their engagement with social responsibility and commitment to pro bono service.
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October 15, 2024
Wheel Pros Gets OK For $1.4B Equity-Swap Ch. 11 Plan
A Delaware bankruptcy judge on Tuesday approved automotive wheel company Wheel Pros LLC's prepackaged Chapter 11 plan to swap $1.4 billion in senior secured debt for controlling equity in the company.
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October 15, 2024
FTC Wants More Info On $1.36B Home Healthcare Deal
The Federal Trade Commission has requested more information about healthcare solutions company Owens & Minor Inc.'s planned $1.36 billion purchase of home-based care business Rotech Healthcare Holdings Inc., extending the agency's merger review.
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October 15, 2024
True Value Hardware Hits Ch. 11 With $153M Asset Sale Plan
The 75-year-old hardware retailer True Value Co. LLC filed for Chapter 11 protection in Delaware bankruptcy court, with its plan to sell all assets to industry rival Do It Best Corp.
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October 15, 2024
Banknotes Maker Agrees To Sell Unit For £300M
Banknotes maker De La Rue said Tuesday that it has agreed to sell its authentication division and related entities to a U.S. company for £300 million ($390 million) in a deal steered by Bird & Bird, Slaughter and May and Freshfields.
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October 14, 2024
Permira Wraps $7.2B Deal For Squarespace Amid Litigation
Private equity firm Permira said Monday that it has successfully bought the outstanding stock of Squarespace Inc. in its proposed $7.2 billion deal to take the website builder private, amid ongoing shareholder litigation in the U.S. challenging the transaction.
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October 14, 2024
Baker McKenzie Leads Lundbeck's $2.6B Deal For US Pharma
Lundbeck said Monday that it has agreed to buy Longboard, a U.S. biopharmaceutical business, for $2.6 billion in cash as the Danish drug giant aims to capture a drug with "blockbuster potential" to treat a rare form of epilepsy.
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October 14, 2024
Pulp Giant Int'l Paper Shareholders Back £5.8B DS Smith Buy
International Paper Co. said Monday that its shareholders have "overwhelmingly" supported the planned £5.8 billion ($7.6 billion) all-share purchase of DS Smith PLC, its smaller U.K. rival, as the packaging giant eyes overseas expansion.
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October 11, 2024
IBM Unit Wants To Undo 'Troubling' Defamation Case Ruling
An IBM unit has asked the Fourth Circuit to revive its lawsuit alleging a former executive's defamatory statements nearly killed a major acquisition, arguing that a lower court attempted to inject a new standard into its analysis.
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October 11, 2024
New Squarespace Suit Filed For Take-Private Docs
A second shareholder of website builder Squarespace Inc. has sued in the Delaware Court of Chancery for books and records on the company's proposed $7.2 billion take-private deal with private equity giant Permira Advisors LLC, less than two weeks after the sidelining of an earlier books suit focusing on the same deal, which is set to expire late Oct. 11.
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October 11, 2024
M&A Dispute Triggers Could Shift Moving Into 2025
Legal disputes are a fact of life when it comes to mergers and acquisitions, but the deal provisions seen as the most likely to spur conflict have shifted since the impacts of the COVID-19 pandemic have subsided, according to attorneys surveyed in a new report from Berkeley Research Group.
Expert Analysis
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Key Antitrust Class Certification Questions Remain Unclear
The U.S. Supreme Court, by recently rejecting certiorari in Visa v. National ATM, turned down the opportunity to clarify how to analyze disputed evidence bearing on the certification of antitrust class actions, leaving the applicable standards unclear instead of resolving this split of authority, says Jonathan Berman at Jones Day.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Dual-Track IPO-M&A Exit Strategies For Life Science Cos.
A dual-track process for life sciences companies offers a proven path to securing favorable deal terms for an exit, and strategic moves can include running a crossover financing round in the lead-up, say attorneys at McDermott.
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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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PE In The Crosshairs Of Public And Private Antitrust Enforcers
A series of decisions from a California federal court in the recently settled Packaged Seafood Products Antitrust Litigation, as well as heightened scrutiny from federal agencies, serve as a reminder that private equity firms may be exposed to liability for alleged anti-competitive conduct by their portfolio companies, say attorneys at Axinn.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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PE-Healthcare Mergers Should Prepare For Challenges
State and federal regulators are increasingly imposing new requirements on healthcare transactions involving private equity partners, with mergers that would have drawn little scrutiny a few years ago now requiring a multijurisdictional risk analysis during the deal formation process, say attorneys at Stinson.
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Why RWI Insurers Should Consider Excluding PFAS
As regulation of per- and polyfluoroalkyl substances escalates, carriers providing representations and warranties insurance should reconsider providing PFAS coverage on a case-by-case basis, say Dave Bartoletti and Ina Avalon at Taft Stettinius.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Online Portal Helps Fortify Feds' Unfair Health Practices Fight
The Federal Trade Commission, U.S. Justice Department and the U.S. Department of Health and Human Services recently launched an online portal where the public can report potentially unfair healthcare practices, effectively maximizing enforcers' abilities to police anti-competitive actions that can drive up healthcare costs and chill innovation, say attorneys at Seyfarth.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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Navigating SPAC Market Challenges For Microcap Issuers
For microcap issuers, the special-purpose acquisition vehicle market tells a cautionary tale in which few targets attain the advantages they seek, and important considerations for companies with market capitalization of under $300 million include negotiating costs and expenses upfront to avoid becoming saddled with debt, say attorneys at Lucosky Brookman.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.