Mergers & Acquisitions

  • June 03, 2024

    American Says 'Common Sense' Makes JetBlue Deal A Positive

    An attorney for American Airlines appeared to run into turbulence during his First Circuit oral arguments Monday while contending that the mere presence of "upward pricing pressure" from the since-blocked Northeast Alliance joint venture with JetBlue is outweighed by deal benefits improperly ignored by the district court.

  • June 03, 2024

    Everton's Sale To Embattled PE Firm Off The Table, For Now

    Everton Football Club has let its sale to private equity firm 777 Partners LLC lapse amid legal troubles for the buyer and concerns from minority shareholders about the deal, although no official reason was given in its Saturday announcement.

  • June 03, 2024

    Del. Court Tosses SPAC Suit Targeting $2.4B EV Co. Deal

    A Delaware vice chancellor has tossed a suit filed by an investor of a blank-check company challenging the $2.4 billion take-public deal it completed with electric-vehicle company Canoo Holdings Ltd., saying the investor's allegations of poor performance are not enough to assert claims for breaches of fiduciary duties.

  • June 03, 2024

    Catching Up With Delaware's Chancery Court

    Delaware's Court of Chancery pushed out tons of decisions last week, along with a second round of new rules and letters of concern over pending changes to the state's corporate law code. The court's docket was as busy as ever, with new cases involving Tesla CEO Elon Musk, FTX cryptocurrency claims, and more. In case you missed it, here's the latest from Delaware's Chancery Court.

  • June 03, 2024

    Chancery Suit Over $1.4B Building Co. Merger Survives Trims

    The CEO, controlling investor and board members of specialty building product maker Foundation Building Materials Inc. must face Delaware Court of Chancery breach of fiduciary duty claims filed by stockholder after a $1.4 billion company sale, a Delaware vice chancellor has ruled.

  • June 03, 2024

    Ex-SoftBank GC Joins Foley & Lardner As Partner In SF

    Foley & Lardner LLP has hired SoftBank Investment Advisers' former general counsel, who has over a decade of experience in private practice and serving as in-house counsel overseeing SoftBank's legal team, which structured and monitored more than 300 portfolio companies worth more than $130 billion.

  • June 03, 2024

    Sullivan, Simpson Guide Ackman's Pershing On $1B Sale

    Billionaire investor Bill Ackman's Pershing Square Capital Management announced Monday it sold a 10% common equity stake in the business to a consortium of institutional investors and family offices for $1.05 billion, giving the hedge fund a $10.5 billion value. 

  • June 03, 2024

    Holland & Knight Hires 3 Ex-Loeb Partners In LA

    Holland & Knight announced on Monday the hiring of three former finance partners at Loeb & Loeb, including its vice chair, for its Los Angeles office.

  • June 03, 2024

    Ropes & Gray Guides Becton On $4.2B Edwards Unit Buy

    Ropes & Gray LLP is guiding Becton Dickinson and Co. on a deal that will see the medical technology company pay $4.2 billion for Edwards Lifesciences' critical care product group, which focuses on patient monitoring using artificial intelligence, the companies said Monday.

  • June 03, 2024

    LexisNexis Acquires Belgian Contract Co. Henchman

    LexisNexis Legal & Professional announced Monday the acquisition of Belgium-based contracting drafting platform Henchman.

  • June 03, 2024

    3 Firms Rep As Waste Management Inks $7.2B Stericycle Buy

    Waste Management Inc. has agreed to buy medical waste company Stericycle at an enterprise value of about $7.2 billion, inclusive of approximately $1.4 billion of debt, the companies said in a statement Monday. 

  • June 03, 2024

    IT Biz To Buy Tech Consultant's Banking Software For €330M

    Franco-American information technology company Axway said Monday that it will buy most of the banking software activities of Sopra Steria Group, in a deal that values the platform at €330 million ($358 million).

  • June 03, 2024

    Hipgnosis Backs Blackstone's Sweetened £1.6B Buyout Offer

    Music rights giant Hipgnosis Songs Fund Ltd. said Monday that it will back a sweetened $1.6 billion bid from Blackstone Inc., as the private equity heavyweight restructures its offer to make it easier to take over the entire company.

  • May 31, 2024

    Chobani Founder To Reopen Anchor Brewing In San Francisco

    Chobani Inc. founder Hamdi Ulukaya said Friday that he had acquired San Francisco-based Anchor Brewing Co., which closed its doors last year, calling it "the grand jewel" and promising to "bring it back stronger than ever before."

  • May 31, 2024

    WWE Investor Attys Enter Battle Royal To Lead Merger Suit

    Two groups of shareholders have filed competing pitches for the lead plaintiff role in a consolidated class suit seeking damages from World Wrestling Entertainment founder Vincent McMahon and others in connection with WWE's $21 billion merger with Endeavor Group, both arguing they have most successfully pursued the suit's claims.

  • May 31, 2024

    Frank Execs Must Keep Fighting JPMorgan Fraud Indictment

    A New York federal judge has refused to throw out an indictment accusing two former executives of a student financial aid startup of tricking JPMorgan Chase & Co. into a buyout, according to an order filed Friday.

  • May 31, 2024

    Chancery Dismisses Pipeline Co. Merger Side-Deal Suit

    An Energy Transfer LP subsidiary lost a Delaware Court of Chancery suit on Friday accusing four former officers of reaching a secret side deal with a pipeline company for construction of a costly, high-pressure natural gas pipeline, in a decision that also tossed arbitration challenges.

  • May 31, 2024

    Texas Justices Won't Review NexPoint Defamation Suit

    The Texas Supreme Court on Friday declined to review a Second Court of Appeals decision that revived in part NexPoint Advisors LP's defamation and business disparagement claims arising from statements made in response to the company's hostile takeover bid. 

  • May 31, 2024

    Monthly Merger Review Snapshot

    The U.S. Department of Justice sued to unwind the 14-year-old merger between Live Nation and Ticketmaster, while the Federal Trade Commission advanced pending challenges of a grocery megamerger and deals in the healthcare and designer fashion space. Here are some of the major merger review developments from May.

  • May 31, 2024

    Investor To Admit Goosing Getty Stock With Sham Offer

    A former corporate executive has agreed to plead guilty to floating a sham deal to buy Seattle-based Getty Images Holdings so that he and a friend could profit off the company's inflated share price, federal prosecutors and securities enforcers said Friday.

  • May 31, 2024

    Del. Chancellor Questions 'Rush' To Amend Corporation Law

    Weeks before the Delaware State Bar Association sent state lawmakers a draft bill explicitly allowing corporations to broadly cede some governance rights to chosen stockholders, Chancellor Kathaleen St. J. McCormick of Delaware Chancery Court made an unprecedented, direct appeal to think twice.

  • May 31, 2024

    Don't Miss It: Dechert, Simpson Lead Month's Hot Deals

    A lot can happen in the world of mergers and acquisitions over the course of a month, and it's difficult to keep up with all the deals. Here, Law360 recaps the ones you may have missed, including transactions helmed by Dechert LLP and Simpson Thacher & Bartlett LLP.

  • May 31, 2024

    Tether Investment In Crypto Miner Bitdeer Worth Up To $150M

    Singapore-based cryptocurrency miner Bitdeer Technologies Group said in a statement Friday it has completed a private placement deal with Tether International Ltd. that could bring proceeds of $150 million.

  • May 31, 2024

    Australian Co. Aims For Shopify Highs In $250M SPAC Deal

    Sydney, Australia-based Btab Ecommerce Group Inc., an e-commerce supplier for small businesses, has agreed to merge with special-purpose acquisition company Integrated Wellness Acquisition Corp. in a transaction valued at $250 million, the companies said Friday.

  • May 31, 2024

    Activist Donerail Pushes Ex-Barstool Owner Penn To Sell

    Activist Investor Donerail Group on Friday pushed Penn Entertainment Inc. to pursue a sale, ripping the company for a "failed" online gaming strategy that has "destroyed shareholder value," including its $1 sale of Barstool Sports and launch of a new betting platform with ESPN.  

Expert Analysis

  • What To Know About RWI In Acquisition And Divestiture Deals

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    As a slower pace of merger activity turns underwriters toward new industries, representations and warranties insurance policies are increasingly being written for acquisition and divestiture energy deals, making it important for contracting parties to understand how the RWI underwriting process works in this new sector, say attorneys at Haynes Boone.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • The Latest Antitrust Areas For In-House Counsel To Watch

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    The U.S. Department of Justice and the Federal Trade Commission's increasingly aggressive approach to antitrust enforcement means in-house counsel should closely monitor five key compliance issues, say attorneys at Squire Patton.

  • Navigating New Regulations In Healthcare And Other M&A

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    While notice requirements recently enacted in several states are focused on the healthcare industry for now, this trend could extend to other industries as these requirements are designed to allow regulators to be a step ahead and learn more about a transaction long before it occurs, say Kathleen Premo and Ashley Creech at Epstein Becker.

  • Aviation Back On Course, But Keep Seat Belts Fastened

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    While the airline industry finally returned to profitability last year for the first time since the onset of COVID-19, and is poised for historic levels of traffic in 2024, supply chain problems and economic and geopolitical uncertainty persist — so more turbulence may lie ahead, say Kevin Lewis and Bart Biggers at Sidley.

  • Del. Dispatch: Clarification On Fiduciary Duties Of Controllers

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    The Delaware Chancery Court’s January opinion in a Sears Hometown and Outlet Stores' stockholder dispute — holding that a controlling stockholder owes the company and minority shareholders some fiduciary duties when selling shares or voting to change the status quo — suggests instances where investors opposing board decisions should tread carefully, say attorneys at Fried Frank.

  • Healthcare Collabs Can Alleviate Labor, Antitrust Challenges

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    Two major challenges facing hospitals and health systems include labor shortages and increased antitrust scrutiny at both federal and state levels, but collaborative efforts may help with addressing these difficulties, says Sumaya Noush at McDermott.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • Assessing Merger Guideline Feedback With Machine Learning

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    Large language modeling appears to show that public sentiment matches agency intent around the new merger control guidelines from the Federal Trade Commission and U.S. Justice Department, says Andrew Sfekas at Cornerstone Research.

  • Series

    Competing In Dressage Makes Me A Better Lawyer

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    My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.

  • What Cos. Evaluating M&A Can Glean From Latest HSR Report

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    The recently released Hart-Scott-Rodino report for fiscal year 2022 helps unearth important data points for companies as they evaluate potential transactions, including that, despite a historically low enforcement rate, the number of actions exceeds the number of second requests for the first time in nearly 20 years, say Ryan Quillian and John Kendrick at Covington.

  • Ch. 11 Ruling Highlights 'Two-Step' Challenges In 4th Circ.

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    A North Carolina bankruptcy court’s recent ruling in Bestwall’s Chapter 11 case, and the decision's interpretation of Fourth Circuit law, suggests that, compared to other circuits, it may be more difficult to dismiss so-called Texas Two-Step bankruptcy cases within the Fourth Circuit, say Brittany Falabella and Kollin Bender at Hirschler Fleischer.

  • Chancery's Sears Ruling Clarifies Stockholder Duties

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    In a recent landmark decision involving stockholders of Sears Hometown and Outlet Stores, the Delaware Chancery Court addressed for the first time what precise duties a controlling stockholder owes, highlighting that controller interference with board action is not per se invalid and that enhanced scrutiny is a reasonableness test, say Christopher Chuff and Taylor Bartholomew at Troutman Pepper.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.

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