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Mergers & Acquisitions
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October 03, 2024
Citibank Blunders May Warrant Breakup, Warren Tells OCC
Sen. Elizabeth Warren, D-Mass., urged the acting head of the Office of the Comptroller of the Currency on Thursday to impose growth restrictions on Citibank for becoming "too big to manage" and committing various blunders over the years, saying breaking up the fourth-largest bank in the U.S. may be appropriate if conditions don't improve.
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October 03, 2024
12 Lawyers Who Are The Future Of The Supreme Court Bar
One attorney hasn't lost a single U.S. Supreme Court case she's argued, or even a single justice's vote. One attorney is perhaps "the preeminent SCOTUS advocate." And one may soon become U.S. solicitor general, despite acknowledging there are "judges out there who don't like me." All three are among a dozen lawyers in the vanguard of the Supreme Court bar's next generation, poised to follow in the footsteps of the bar's current icons.
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October 03, 2024
Global M&A Hits Highest Q3 Dollar Volume Since 2021
The total value of global mergers and acquisitions in the third quarter of 2024 notched its highest level since the same period in 2021, and it was also the strongest quarter so far this year, according to data provided by Dealogic.
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October 03, 2024
Hecla Avoids Investor Suit Over $462M Gold Mine Buy
A gold mining operation secured the permanent dismissal of an investor suit alleging that $462 million in new mines the company bought in Nevada that were supposed to be lucrative turned out to be duds, with a New York federal judge finding the investors failed to plead any actionable false or misleading statements.
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October 03, 2024
Sens. Question If Payouts Taint Execs' Push For US Steel Deal
Two U.S. senators wrote to U.S. Steel's president and CEO on Wednesday seeking guarantees that a $72 million "golden parachute" deal wasn't driving the executive's willingness to support a $14.1 billion merger with Japanese steelmaker Nippon Steel.
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October 03, 2024
CVS Pushed To Unwind Aetna Megadeal, And Other Rumors
CVS is exploring strategic options that could break up the business, Kleenex's owner explores a sale at a potential $4 billion value, and Ares is in talks to buy 10% of the Miami Dolphins’ parent. Here, Law360 breaks down these and other notable deal rumors from the past week.
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October 03, 2024
King & Spalding RE Pro Rejoins Barnes & Thornburg In Dallas
Barnes & Thornburg LLP announced that a former partner has rejoined the firm's real estate department from King & Spalding LLP, adding that the returning attorney's practice centers on commercial real estate and real estate finance.
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October 03, 2024
Chancery Tosses Barry Diller From Match.com Class Suit
Media mogul Barry Diller escaped for a second time a Delaware Court of Chancery stockholder challenge to Match.com's $30 billion reverse spinoff from IAC Interactive, in a post-U.S. Supreme Court remand decision that also kept alive related, previously dismissed claims against five allegedly Diller-loyal "dual fiduciaries."
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October 03, 2024
Cole Schotz Adds Potter Anderson Corporate Partner In Del.
Cole Schotz PC has added a corporate member with 16 years of Delaware-focused corporate advisory and transactional experience.
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October 02, 2024
Kroger Partner Denies At Trial It Will Flip Acquired Stores
The grocery wholesaler set to take on hundreds of stores if Kroger's $25 billion merger with Albertsons goes through defended its ability to meet the challenge Wednesday, with its CEO and a potential executive testifying in parallel proceedings in Colorado and Washington state.
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October 02, 2024
Paul Weiss-Led Altor Nabs Majority Stake In CCM Hockey
Paul Weiss Rifkind Wharton & Garrison LLP-led Altor Equity Partners on Wednesday announced that its Altor Fund VI has nabbed a "significant majority" stake in hockey stick maker CCM Hockey.
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October 02, 2024
Chinese Food Biz To Go Public Via $523M SPAC Merger
Blank-check company Iron Horse Acquisition Corp., advised by Lucosky Brookman LLP, on Wednesday announced that it has agreed to merge with and take public China Food Investment in a deal valued at $523 million.
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October 02, 2024
M&A Vet Joins Debevoise In NY From Legal AI Co.
Debevoise & Plimpton LLP has boosted its New York office with a veteran mergers and acquisitions attorney who recently worked as chief product officer at legal-focused artificial intelligence company Harvey.
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October 02, 2024
Fried Frank's M&A Co-Head Views Rate Cuts, AI With Caution
While it might be tempting to jump with joy about the Federal Reserve's recent rate cut, Philip Richter, co-head of Fried Frank's mergers and acquisitions practice, takes a more measured view. Here, Law360 talks to Richter about the rate cut, the upcoming presidential election, artificial intelligence and more.
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October 02, 2024
Darktrace Leaves London After $5B Bid By US Co. Completes
British cybersecurity company Darktrace PLC said on Wednesday that its shares are no longer trading on the London Stock Exchange after the scheme of arrangement for its takeover by U.S. private equity firm Thoma Bravo for approximately $5.3 billion was completed.
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October 02, 2024
Investors Get Another Extension For £253M Payments Co. Bid
Britain's mergers and acquisitions authority has again given a group of investment companies more time to make a firm offer of £253 million ($336 million) for Equals Group, the payments technology company said on Wednesday.
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October 01, 2024
Kroger Says Labor Costs Led To Price Hikes At Colo. Stores
A Kroger Co. pricing director testified Tuesday that the company raised prices at eight Colorado stores that have little competition in order to cover higher labor and operational costs in those mountain communities, during a trial in the state's bid to block the grocer's proposed $24.6 billion merger with Albertsons.
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October 01, 2024
Ex-NBA Star's Big Paydays Not Relevant In Hoops Fraud Trial
Dwight Howard's NBA contracts exceeding $240 million over his 18-year playing career are irrelevant to charges that an Atlanta businessman defrauded the ex-basketball superstar out of $7 million, a Manhattan federal judge held Tuesday.
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October 01, 2024
Davis Polk-Led Brazilian Lubricants Maker Eyes $400M IPO
Moove Lubricants Holdings, a private equity-backed lubricants producer based in Brazil, on Tuesday unveiled terms for an estimated $400 million initial public offering, represented by Davis Polk & Wardwell LLP and underwriters' counsel Paul Hastings LLP.
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October 01, 2024
Most TA Dispatch Claims Fall In Chancery Celadon Suit
Alabama trucking and transport management company TA Dispatch LLC saw three of its four claims tossed Tuesday from its Delaware Court of Chancery suit seeking millions in damages from directors and officers of a transport and logistics company that went bankrupt shortly after selling TA Dispatch severely hobbled assets.
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October 01, 2024
Willis Towers Watson Inks $632M Sale Of Tranzact To PE Firms
Insurance company Willis Towers Watson Plc, advised by Weil Gotshal & Manges LLP, on Tuesday announced that it is divesting its direct-to-consumer insurance distribution business Tranzact and selling it to Kirkland & Ellis LLP-advised private equity firm GTCR and Willkie Farr & Gallagher LLP-led technology services investment platform Recognize for $632.4 million.
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October 01, 2024
Monthly Merger Review Snapshot
European enforcers saw a key merger policy cut down by the bloc's high court, while Kroger and Albertsons defended their planned $24.6 billion grocery store mega-merger from challenges in multiple venues, and the Federal Trade Commission pushed a bid to block a merger between the owners of Coach and Michael Kors.
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October 01, 2024
Paul Weiss Adds Former Apollo GC As NY Corporate Partner
A former partner and general counsel for the credit arm of Apollo Global Management is now a partner in Paul Weiss Rifkind Wharton & Garrison LLP's corporate department, the firm said Tuesday.
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October 01, 2024
PepsiCo Buying Siete In $1.2B Deal Steered By 3 Law Firms
PepsiCo said Tuesday it has agreed to buy Mexican-American food purveyor Siete Foods for $1.2 billion, with Gibson Dunn & Crutcher LLP steering the deal on PepsiCo's behalf and Weil Gotshal & Manges LLP and Armbrust & Brown PLLC advising Siete.
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October 01, 2024
After 72 Years, Browdy & Neimark Moves To FisherBroyles
The Washington, D.C., intellectual property boutique Browdy & Neimark PLLC is closing its doors after 72 years in business, as the firm's four attorneys move their practices to FisherBroyles LLP.
Expert Analysis
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5 Steps To Navigating State Laws On Healthcare Transactions
As more states pass legislation requiring healthcare-transaction notice, private equity investors and other deal parties should evaluate the new laws and consider ways to mitigate their effects, say Carol Loepere and Nicole Aiken-Shaban at Reed Smith.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Inside Antitrust Agencies' Rollup And Serial Acquisition Moves
The recent request for public comments on serial acquisitions and rollup strategies from the Federal Trade Commission and U.S. Justice Department mark the antitrust agencies' continued focus on actions that fall below premerger reporting thresholds, say attorneys at Paul Weiss.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Reps And Warranties Insurance Considerations As M&A Slows
The first six months of the year have seen increasingly favorable rates and policy terms for the representations and warranties insurance market, and policy purchasers are right to pay close attention to pricing, coverage, exclusions, structures and claims as the M&A market cools, say attorneys at Cooley.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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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.