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Mergers & Acquisitions
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August 26, 2024
Biotech Investor Sues In Chancery Over Alleged IP Diversions
A private equity investor in biotech Vividion Therapeutics Inc., recently acquired by Bayer Corp. for up to $2 billion, sued the company's co-founder and others in Delaware's Court of Chancery on Monday, accusing them of secretly diverting to another company intellectual property worth "hundreds of millions, if not billions."
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August 26, 2024
Gov't Looks To Limit Arguments In Rail Merger Appeal
The federal government urged the D.C. Circuit not to let a coalition of Illinois towns challenging the approval of Canadian Pacific's $31 billion merger with Kansas City Southern incorporate arguments made by Chicago's commuter rail system before the system dropped out of the case.
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August 26, 2024
Ex-Ingersoll Rand Exec Could Be Stuck With Non-Compete
A Colorado state court judge expressed her doubts Monday that the former chief executive of a company acquired by industrial products giant Ingersoll Rand could avoid repercussions for joining the only firm named in a non-compete agreement he signed, saying the executive hadn't done nearly enough to show the contract was unenforceable.
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August 26, 2024
Connecticut And NY AGs Reach Terms For Hospital Merger
Two major hospital systems in New York and Connecticut have reached an agreement with their states' attorneys general to resolve an antitrust investigation spurred by the planned merger of Northwell Health and Nuvance Health, bringing the deal first announced in February closer to fruition.
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August 26, 2024
Paul Weiss Adds Cleary M&A Partner In New York
An experienced mergers and acquisitions attorney has jumped from Cleary Gottlieb Steen & Hamilton LLP to Paul Weiss Rifkind Wharton & Garrison LLP's New York office, Paul Weiss announced Monday.
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August 26, 2024
In-House Vet Joins Honigman's Corporate Team In Chicago
Honigman announced Monday it added a longtime in-house attorney, who has worked for companies such as Collins Aerospace and Bridgestone, to the law firm's Chicago office as a partner in its transactions and counseling practice.
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August 26, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's Court of Chancery, Boeing accused shareholders of using a new pressure tactic, Cantor Fitzgerald struck a $12 million deal, and a vice chancellor dealt with zombie companies. New cases involved displaced Pacific Islanders and an insurance customer acquisition platform. In case you missed it, here's a roundup of news from the Chancery Court.
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August 26, 2024
McKesson Inks $2.49B Deal For Cancer-Focused Biz
Healthcare services provider McKesson Corp. on Monday announced plans to acquire a majority stake in Paul Weiss Rifkind Wharton & Garrison LLP-advised Florida Cancer Specialists & Research Institute's Community Oncology Revitalization Enterprise Ventures for $2.49 billion.
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August 24, 2024
Italian Prosecutors Open Criminal Probe Into Yacht Sinking
Italian prosecutors said Saturday that they have opened a criminal investigation into the sinking of a superyacht that claimed the lives of seven people including a partner at Clifford Chance LLP and his client, British technology mogul Mike Lynch.
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August 23, 2024
NBA Shreds Warner Bros.' Suit Over Amazon Streaming Deal
The NBA looked to quickly snuff out a lawsuit from Warner Bros. Discovery over the league's broadcasting deal with Amazon on Friday, telling a New York state judge that the media conglomerate failed to match the streamer's offer and didn't even have the right to do so.
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August 23, 2024
Ex-Exec Can't Reverse Medtronic Insider Trading Conviction
A Minnesota federal judge on Friday declined to overturn fraud convictions against a former executive of a medical robotics firm, finding the insider tips he provided to a friend ahead of Medtronic's $1.6 billion acquisition of his company were not speculative.
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August 23, 2024
Hong Kong Relaxes Listing Rules For Tech Startups, SPACs
Hoping to spur more investment into emerging businesses amid a dry spell, Hong Kong's securities watchdog and stock exchange leaders on Friday unveiled relaxed listing rules for technology startups and eased requirements needed to clear mergers involving special purpose acquisition companies.
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August 23, 2024
Cantor, Lutnick OK $12M Deal To End View Inc. Suit In Del.
Cantor Fitzgerald LP and its billionaire Chair and CEO Howard Lutnick on Thursday agreed to a $12 million settlement to resolve stockholder challenges to a special purpose acquisition company transaction that took window company View Inc. public, with a Delaware Court of Chancery hearing set for Dec. 6.
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August 23, 2024
Pot Entrepreneur Seeks To Ensure Judgment On Ex-Partner
A cannabis entrepreneur urged a Colorado federal judge Friday to bar his former business partner from making any equity transactions until after the court has the opportunity to revisit a $6.4 million judgment ruling as part of a recent Tenth Circuit remand.
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August 23, 2024
Albertsons-Kroger Deal Tests FTC's Stepped-Up Merger Policy
The Federal Trade Commission's highly anticipated hearing to block Albertsons' planned $24.6 billion merger with Kroger kicks off Monday in a Portland, Oregon, courtroom in what attorneys say will be a pivotal test of the Biden administration's newly formalized merger policy.
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August 23, 2024
Sale Sought For Assets Of Alex Jones' Co.
The court-appointed trustee in Alex Jones' bankruptcy case has asked a Texas judge to authorize the liquidation and wind-down of Free Speech Systems LLC, arguing that Jones' estate wholly owns the company and that it has valuable assets to monetize.
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August 23, 2024
Electric Car Co. Fisker Promises Ch. 11 Plan In A Week's Time
A Delaware bankruptcy judge Friday gave defunct electric-vehicle maker Fisker Inc. permission to enter into a deal with its lenders that will see it file a Chapter 11 plan by the end of August and seek court approval for the plan in just over a month.
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August 23, 2024
Canada Mining Biz Seeks US Listing Via $589M SPAC Merger
Canadian rare-earth miner Tactical Resources Corp. plans to go public in the U.S. by merging with special purpose acquisition company Plum Acquisition III Corp. at an estimated value of $589 million, both parties announced on Friday, through a deal guided by four law firms.
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August 23, 2024
Clinic Biz Can Tap Additional Ch. 11 Lifeline, Judge Says
A Delaware bankruptcy judge agreed on Friday to allow clinic operator Pioneer Health to take on more debtor-in-possession financing as it works toward an asset sale, finding the latest arrangement to be in the debtor's best interest.
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August 23, 2024
SPAC Investors Ask Full 9th Circ. To Rethink Lucid Merger
Investors have urged the full Ninth Circuit to rethink a panel's refusal to revive their proposed class action alleging that Lucid duped them into buying stock in a special purpose acquisition company ahead of the electric vehicle maker's $11.75 billion merger, arguing that the panel's holding misconstrues U.S. Supreme Court precedent, among other issues.
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August 23, 2024
Covington-Led Getinge Pays $477M For Organ Transplant Biz
Swedish healthcare company Getinge, advised by Covington & Burling LLP, has unveiled plans to buy Sheppard Mullin Richter & Hampton LLP-led Paragonix, a provider of organ transport products and services in the U.S., in a $477 million deal.
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August 23, 2024
Wachtell Reps As MLB's Braves Announce Executive Shakeup
The parent company of the Atlanta Braves on Friday announced that Chairman and CEO Terry McGuirk will have increased voting power, representing a major shift in control after Liberty Media Corp. split off from the MLB team and its associated real estate development company in November 2022 to become a separate publicly traded entity.
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August 23, 2024
Taxation With Representation: Latham, Wachtell, Paul Weiss
In this week's Taxation With Representation, Arch Resources merges with Consol Energy in a deal worth $5.2 billion, Advanced Micro Devices agrees to purchase ZT Systems for $4.9 billion, and Japanese tobacco company JT Group inks a deal to buy Vector Group for $2.4 billion.
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August 22, 2024
Pennsylvania Hospital Gets 1 Week Reprieve In Steward Ch. 11
A Texas bankruptcy judge on Thursday approved an order setting general closing procedures for bankrupt hospital operator Steward Health Care, but gave Pennsylvania authorities a week's reprieve as they try to arrange a hospital sale.
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August 22, 2024
Investors Sue Orthopedics Co., Ousted Execs Over Stock Drop
Investors of Texas-based Orthofix Medical Inc. have launched a proposed class action against the spine and orthopedics company and current and former executives, claiming the company's stock tumbled more than 30% following Orthofix's merger with medical technology company SeaSpine in 2023 and the unexpected termination and reshuffle of some of the company's C-suite.
Editor's Picks
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UK Enforcers Say Cargo Equipment Deal Raises Concerns
The planned merger of Finnish cargo handling equipment outfits Cargotec Corp. and Konecranes PLC faces increasing scrutiny across the globe, as U.K. enforcers raised concerns about competition for a number of different products for port services.
Expert Analysis
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Foreign Threat Actors Pose Novel Risks To US Tech Cos.
A recent bulletin jointly issued by several U.S. intelligence agencies warns technology startups and the venture capital community about national security risks posed by foreign threat actors, so companies interested in raising foreign capital should watch for several red flags, say Robert Friedman and Jacob Marco at Holland & Knight.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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4 Steps To Address New Sanctions Time Bar Extension
Recent guidance from the Office of Foreign Assets Control clarifies details of the newly extended statute of limitations for civil and criminal enforcement of U.S. sanctions law, so compliance teams should implement key updates, including to lookback periods and recordkeeping policies, say attorneys at Freshfields.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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Tips For Revamping Patent Portfolio Strategy In AI Deal Era
Recent data suggests patents are significantly enhancing exit valuations, particularly with cutting-edge technologies like those powered by artificial intelligence, but it is necessary to do more than simply align patent strategy with business goals, says Keegan Caldwell at Caldwell Law.
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Opinion
The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Bank M&A Continues To Lag Amid Regulatory Ambiguity
Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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Del. Dispatch: Director Caremark Claims Need Extreme Facts
The Delaware Court of Chancery recently dismissed Caremark claims against the directors of Centene in Bricklayers Pension Fund of Western Pennsylvania v. Brinkley, indicating a high bar for a finding of the required element of bad faith for Caremark liability, and stressing the need to resist hindsight bias, say attorneys at Fried Frank.
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5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans
Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.