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Mergers & Acquisitions
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December 19, 2024
Fed, OCC 'Asleep At Wheel' On Merger Policy, Warren Says
Sen. Elizabeth Warren on Wednesday accused top federal bank regulators of blowing off calls for tougher merger scrutiny and leaving the financial system exposed to dangerous megadeals, blasting them as "asleep at the wheel" as the Capital One-Discover merger inched closer to approval.
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December 19, 2024
CMA Issues Guidance For New Digital Competition Rules
Britain's Competition and Markets Authority released guidance Thursday laying out how the agency intends to use its new powers to impose rules and obligations on large technology companies, ahead of the regime's launch next year.
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December 19, 2024
EU Opens In-Depth Probe Of Liberty's $3.6B MotoGP Deal
European antitrust regulators are investigating Liberty Media's proposed acquisition of Dorna Sports, citing concerns that the €3.5 billion deal could harm competition in motorsports broadcasting and drive up licensing costs.
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December 19, 2024
Cannabis Co. Proper Brands Purchased As Part Of $397M Deal
Missouri cannabis operator Proper Brands, advised by Cassels Brock & Blackwell LLP, on Thursday announced plans to merge with medical cannabis company Vireo Growth Inc., advised by Dorsey & Whitney LLP, as part of a series of all-stock transactions totaling $397 million.
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December 19, 2024
Honda, Nissan Mulling Merger, And Other Deal Rumors
Japanese automakers Honda and Nissan are discussing a potential merger as they look to compete with the likes of Tesla and Chinese automakers, according to a Wednesday report by Nikkei. A subsequent report in The Wall Street Journal laid out some eye-catching stats about China's growth in the industry, which it said has left automakers elsewhere across the globe scrambling to compete.
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December 19, 2024
Morrison Foerster, Freshfields Guide $1.8B Packaging Deal
Toppan Holdings Inc. confirmed Thursday it has agreed to purchase Sonoco Products Co.'s thermoformed and flexible packaging, or TFP, unit for about $1.8 billion, with Morrison Foerster LLP advising the buyer and Freshfields LLP representing the seller.
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December 19, 2024
Sony Ups Stake In Japanese Video Game Maker's Parent Co.
Sony Group Corp. said Thursday it has agreed to up its stake in Kadokawa Corp. to 10% through the purchase of more than 12 million shares for approximately 50 billion yen ($317.8 million), sending Kadokawa's stock skyrocketing more than 24%.
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December 19, 2024
X Workers Say Entire Severance Suit Should Survive
Former X employees urged a Delaware federal court to set aside portions of a magistrate judge's recommendation that the court partially toss their unpaid severance benefits lawsuit, saying the judge incorrectly found that a merger agreement stripped them of standing.
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December 19, 2024
Tencent Removes 2 Epic Directors Following DOJ Scrutiny
Two Epic Games directors appointed by Tencent Holdings are stepping down from Epic's board after the U.S. Department of Justice said their positions could constitute antitrust law violations, the agency has announced.
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December 19, 2024
US Billionaire Finalizes Deal For Everton Football Club
The company controlled by U.S. billionaire businessman Dan Friedkin, advised by Proskauer Rose, has completed its purchase of Everton Football Club, concluding a drawn-out process that included a previous deal that fell through after the buyer faced legal troubles.
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December 19, 2024
3 Firms Guide Cloud Tech Biz On $1.4B Buy Of IT Consultancy
Swiss cloud technology company SoftwareOne Holding AG and Norway's Crayon Group said Thursday that they have agreed to merge in a $1.4 billion deal that will create a leading reseller of software and cloud products.
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December 18, 2024
Ex-US Rep. Urges 2nd Circ. To Nix Insider Trading Conviction
Former Indiana Rep. Stephen Buyer on Wednesday urged the Second Circuit to reverse his insider trading conviction or grant him a new trial, saying federal prosecutors violated his Sixth Amendment rights and failed to prove Manhattan was the right place to be tried, which led a pair of circuit judges to voice doubt about the court's standard for establishing venue.
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December 18, 2024
Morrison Foerster Cites Tariffs As Key M&A Variable For 2025
International law firm Morrison Foerster LLP is among those citing President-elect Donald Trump's tariff plans as a key wild card that could affect mergers and acquisitions deal flow in 2025, a Wednesday report from the firm shows.
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December 18, 2024
EY Accused Of Aiding Energy Firm's SPAC Fraud
Big Four accounting firm EY faces a suit alleging that its "unqualified" audit opinions for a United Arab Emirates-based oil storage leasing company enabled the company to defraud investors in its $1 billion 2019 merger with a special purpose acquisition company.
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December 18, 2024
Judge Wants To Know If Colo. Kroger Merger Fight Is Moot
A Colorado state judge wants to know whether two recent decisions blocking the proposed $24.6 billion merger of The Kroger Co. and Albertsons Cos. Inc. has mooted Attorney General Phillip J. Weiser's challenge to the transaction, according to a briefing plan approved Tuesday.
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December 18, 2024
FCC Asked To Place Conditions On Skydance-Paramount Deal
Paramount Global's $2.4 billion plan to merge with Skydance Media has gained another critic, a right-leaning nonprofit law firm that wants the Federal Communications Commission to refuse to approve the tie-up without placing conditions on Paramount's CBS.
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December 18, 2024
Bain Seeks Controlling Stake Despite Fuji Soft Rejection
Bain Capital is seeking to execute a tender offer for a controlling stake in Fuji Soft despite the Japanese company's decision to proceed with an alternative buyout offer from KKR, stating in a Wednesday presentation that it has "significant concerns" about a Fuji Soft special committee's independence.
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December 18, 2024
Insurance Co. Buyer Accuses Seller Of Fraud In Chancery Suit
Alleging a "textbook case of fraud in the inducement and breach of fiduciary duty," a holding company that acquired Georgia-based Southern Trust Insurance Co. has sued the seller's principals, associates and their company in Delaware's Court of Chancery.
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December 18, 2024
Energy Co. Orsted Sells 50% Solar Farm Stake In $572M Deal
Danish multinational energy company Orsted, advised by Sidley Austin LLP, on Wednesday announced plans to sell a 50% equity stake in three U.S. onshore projects to energy transition-focused investor Energy Capital Partners in a $572 million deal.
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December 18, 2024
Insignia Financial Rejects $1.7B Buyout Bid From Bain
Australia's Insignia Financial said Wednesday it has rejected a nonbinding Bain Capital buyout bid valued at roughly $1.7 billion, stating it does not "adequately represent fair value" for its shareholders.
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December 18, 2024
Toolmaker Hardinge Gets OK On Ch. 11 Liquidation Plan
A Delaware bankruptcy judge on Wednesday approved tool manufacturer Hardinge Inc.'s Chapter 11 liquidation plan after the debtor settled disputes with creditors, its investment fund backer and other parties by agreeing to drop potential claims in exchange for a cash payment.
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December 18, 2024
Yale Eyes Quick Win In $435M Conn. Hospital Purchase Suit
Yale New Haven Health Services Corp. has asked a Connecticut state court judge for permission to file a summary judgment motion in a feud with Prospect Medical Holdings Inc. over the sale of several hospitals in the state, saying Prospect's "stunning" failure to fund pensions and pay taxes resulted in property liens that breached the $435 million deal.
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December 18, 2024
High Court To Review TikTok Sale-Or-Ban Law
The U.S. Supreme Court announced Wednesday that it will fully review TikTok's First Amendment challenge to a federal law requiring the wildly popular social media platform to divest from its Chinese parent company or face a nationwide ban, scheduling expedited oral arguments one week before the law's effective date.
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December 18, 2024
Guardian Owner Inks Deal To Sell Observer To Tortoise Media
The owner of Guardian Media Group said Wednesday that it has formally signed a deal to sell The Observer to online U.K. startup Tortoise Media, in a cash and shares transaction.
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December 18, 2024
Italy's UniCredit Increases Stake In Commerzbank To 28%
Italian bank UniCredit said Wednesday that it has increased its stake in German lender Commerzbank to approximately 28%, amid speculation about a controversial takeover.
Expert Analysis
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Lights, Camera, Real Estate: Preparing For Film Facility M&A
As the entertainment industry struggles to recover from multiple strikes and a decline in production, certain aspects of selling or acquiring production facilities may become important to consider, as these assets are valued very differently from typical commercial real estate properties, say attorneys at Olshan Frome.
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Think Like A Lawyer: 1 Type Of Case Complexity Stands Out
In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.
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Back To The Future? Antitrust Enforcement Under Trump 2.0
While the transition to the second Trump administration's antitrust policy should be accompanied by less uncertainty, we're unlikely to get a full sense of the true focus and tenor of competition enforcement under Trump 2.0 before late next year, say attorneys at Simpson Thacher.
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Think Like A Lawyer: Note 3 Simple Types Of Legal Complexity
Cases can appear complex for several reasons — due to the number of issues, the volume of factual and evidentiary sources, and the sophistication of those sources — but the same basic technique can help lawyers tame their arguments into a simple and persuasive message, says Luke Andrews at Poole Huffman.
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Antitrust in Retail: Handbag Ruling Won't Go Out Of Fashion
Although a New York federal court’s recent decision to enjoin a proposed $8.5 billion merger between the owners of Michael Kors and Coach applied noncontroversial antitrust interpretations, several notable aspects of the opinion stand out as likely candidates for further discussion in future merger litigation, say attorneys at Holland & Knight.
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Takeaways From DOJ's Intervention On Pricing Algorithm Use
A recent U.S. Justice Department amicus brief arguing that a Nevada federal judge wrongly focused on the nonbinding aspect of software company Cendyn Group's pricing algorithm underscores the growing challenge of determining when, if ever, pricing algorithms are legal, say attorneys at Rule Garza.
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Equitable Mootness Insights From Greenlit Ch. 11 Plan Appeal
A Texas federal court recently allowed a challenge to ConvergeOne's Chapter 11 bankruptcy plan to proceed because it wouldn't disrupt the IT company's confirmed plan or harm creditors, reinforcing the importance of judicial restraint in applying equitable mootness where limited relief is possible, say attorneys at Parkins & Rubio.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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Expect More State Scrutiny Of PE In Healthcare M&A
While a California bill that called for increased antitrust scrutiny of many healthcare private equity transactions was recently vetoed by the governor, state legislatures are likely to continue introducing similar laws, particularly if the Trump administration eases federal enforcement, say attorneys at Morgan Lewis.
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3 Changes Community Banks Should Expect Under Trump
A second Trump administration promises a sea change for regional and community banks, including shifts in the regulatory environment, Community Reinvestment Act rules and the M&A landscape, say attorneys at Manatt.
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How CFIUS' Updated Framework Affects Global Investors
The recent change to the monitoring and enforcement regulations governing the Committee on Foreign Investment in the United States will broaden administrative practices around nonnotified transaction investigations, increase the scope of information demands from the committee and accelerate its ability to impose mitigation on parties, say attorneys at Simpson Thacher.
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Service Providers Must Mitigate 'Secondary Target' Risks
A lawsuit recently filed in an Illinois federal court against marketing agency Publicis over its work for opioid manufacturers highlights an uptick in litigation against professional service providers hired by clients that engaged in alleged misconduct — so potential targets of such suits should be sure to conduct proper risk analysis and mitigation, say attorneys at Dechert.
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Opinion
FTC Actions In Oil Cases Go Against Its Own Rulemaking
Two recent Federal Trade Commission actions concerning the oil and gas industry appear to defy its own merger guidelines, with allegations that fall far short of the commission's own standard — raising serious questions about the agency's current approach, say attorneys at Clifford Chance.
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Series
Flying Makes Me A Better Lawyer
Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.