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Mergers & Acquisitions
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December 02, 2024
Chancery OKs $21M Deal To End Gene Co. Class Suit
A $21 million settlement of stockholder challenges to a blank check company's take-public merger with clinical data and genomics company Sema4 Holdings in July 2021 won Delaware Court of Chancery approval Monday, with nearly $4.1 million carved out for attorney fees.
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December 02, 2024
Citi Splits Off Mexican Retail Bank Ahead Of Planned IPO
Citigroup said Monday it has completed the expected spinoff of its Mexican retail banking unit called Banamex — part of a strategy to separate its retail and institutional banking businesses in Mexico — paving the way for an initial public offering of Banamex.
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December 02, 2024
PE Firms Swap Calisen Stake At Reported $5B Value
A majority stake in Calisen Group is changing hands in a private equity-backed deal that is said to value the British smart metering company at more than $5 billion, according to disclosures made Monday.
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December 02, 2024
US Pitches $7.5B Loan To Stellantis-Samsung Battery Venture
The U.S. Department of Energy on Monday said it intends to lend up to $7.54 billion to back a pair of lithium-ion battery manufacturing facilities that a joint venture of Samsung SDI and automaker Stellantis NV is developing in central Indiana.
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December 02, 2024
Gibson Dunn-Led TreeHouse Foods Buys Tea Biz For $205M
Private brands snacking and drink manufacturer TreeHouse Foods Inc., advised by Gibson Dunn & Crutcher LLP, on Monday announced plans to buy Holland & Knight LLP-led Harris Tea for roughly $205 million.
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December 02, 2024
Bochner Litigator Jumps To Gordon Rees In Bay Area
Gordon Rees Scully Mansukhani LLP is deepening its California bench, bringing in a Bochner PLLC litigation and transactional attorney as a partner in its San Francisco Bay Area offices.
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December 02, 2024
Software Biz K3 To Sell Unit To PE-Backed Co. For £36M
U.K. business software group K3 said Monday that it has agreed to sell subsidiary NexSys to Syspro for £36 million ($46 million) as the private equity-backed company aims to expand in the U.K. and Europe.
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November 29, 2024
US Firm Gathers Support For £351M Bid For Loungers
U.S. investment firm Fortress Investment Group LLC said Friday that its takeover bid of approximately £350.50 million ($447 million) for British hospitality chain Loungers has won support from another shareholder.
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November 29, 2024
Kirkland-Led Apollo Biz Makes £1B Offer For Auto Parts Maker
TI Fluid Systems said Friday that it has agreed to accept a takeover offer of just over £1 billion ($1.27 billion) from a Canadian rival, ABC Technologies, in a transaction guided by three law firms — Kirkland, Paul Weiss and Latham.
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November 28, 2024
Jones Day-Led Loungers Backs £351M Fortress Takeover Bid
British hospitality chain Loungers said Thursday that it has agreed to accept a takeover offer of approximately £350.5 million ($444.5 million) from U.S. investment firm Fortress Investment Group LLC, which will remove the company from the London Stock Exchange.
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November 27, 2024
$83M Air Force Award Must Account For Merger, GAO Says
The U.S. Government Accountability Office says the Air Force must reconsider its award of an $83 million task order, saying the veteran-owned small business protesting the award possessed the requisite certification following a merger.
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November 27, 2024
FCC Refers T-Mobile, UScellular Deal To Team Telecom
The Federal Communications Commission has referred T-Mobile's anticipated $4.4 billion purchase of wireless operations from United States Cellular Corp. to the committee that vets foreign investment in the U.S. telecom market.
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November 27, 2024
Rentokil Hid Terminix Merger Issues, Pension Fund Alleges
A pension fund claims in a new proposed class action that pest control company Rentokil Initial PLC hid disruptions and challenges during its merger with Terminix Global Holdings Inc. to fully integrating the acquired business, negatively impacting Rentokil's revenue growth as a result.
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November 27, 2024
Yale Health Group Can Bolster Bid To Dodge $435M Sale Deal
Yale New Haven Health Services Corp. can add allegations to its complaint against Prospect Medical Holdings Inc. seeking to dodge a $435 million contract to buy a string of Connecticut hospitals and cite more examples of the seller's alleged breach of the deal, including $16 million in pension liens and ongoing regulatory investigations.
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November 27, 2024
Weil-Led Apse Capital Secures €350M For Continuation Fund
British private equity firm Apse Capital Ltd., led by Weil Gotshal & Manges LLP, on Wednesday announced that it closed a €350 million ($370.1 million) continuation fund, which will be used to acquire three portfolio companies from one of the firm's other funds.
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November 27, 2024
Miner Sells Further $529M Of Shares In Platinum Unit
British multinational mining giant Anglo American PLC said Wednesday that it has raised 9.6 billion South African rand ($529 million) by selling approximately an additional 6% of its platinum producing subsidiary as part of a separation process.
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November 27, 2024
Chaotic But PE-Friendly Enviro Expected As Trump Returns
Donald Trump’s 2024 presidential election victory means that, for only the second time in U.S. history, a former president will make his way back to the White House after a four-year gap. Here, Law360 speaks to private equity attorneys from three separate firms about what they expect to see from Trump’s administration and the ramifications it might have on the industry.
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November 27, 2024
JD Sports Completes €520M Deal For French Footwear Biz
JD Sports Fashion PLC said Wednesday that it has finalized the €520 million ($546 million) acquisition of French footwear company Groupe Courir SAS, after the European Union addressed competition concerns.
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November 27, 2024
Banco BPM Rejects UniCredit's €10B Takeover Offer
Italian lender Banco BPM SpA has rebuffed a €10 billion ($10.5 billion) offer from its domestic rival UniCredit SpA, a move that would create the country's biggest bank, stating that the bid fails to reflect its profitability and prospects.
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November 26, 2024
Workers Say Kroger-Albertsons No-Poach Deal Hurt Wages
A Colorado grocery store employee has filed a putative class action accusing Kroger Co. and Albertsons Cos. Inc. of scheming to suppress workers' wages, alleging in a state court complaint that the grocers entered into an illegal "no-poach" agreement during a 2022 strike.
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November 26, 2024
HCA Hospital Sale On Hold Amid Antitrust Concerns
An Indiana healthcare system has withdrawn its application with the state health department for a planned purchase of a hospital from HCA Healthcare following concerns from the Federal Trade Commission, saying it needs more time to rework the application.
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November 26, 2024
GTCR Plugs $1.33B Into Software Testing Biz Tricentis
Software testing and engineering company Tricentis, advised by Willkie Farr & Gallagher LLP, on Tuesday revealed that it has reached an enterprise value of $4.5 billion following a $1.33 billion investment from Kirkland & Ellis LLP-led private equity giant GTCR.
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November 26, 2024
Pa. Nursing Home Eying Sale Seeks Fraud Sentencing Delay
The parent company for a troubled Western Pennsylvania nursing home asked a federal court to postpone a sentencing for defrauding state and federal healthcare programs so the company can keep trying to sell the facility, or at least relocate its residents over a longer period of time.
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November 26, 2024
Streaming Biz Brightcove Sold In $233M Go-Private Deal
Streaming technology company Brightcove Inc., advised by Goodwin Procter LLP, has agreed to go private and be bought by Latham & Watkins LLP-led software company Bending Spoons in an all-cash deal valued at around $233 million.
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November 26, 2024
Sidley-Steered Roche To Buy Biopharma Biz For Up To $1.5B
Swiss multinational Roche said Tuesday that it has agreed to acquire Poseida Therapeutics, a U.S. genetic engineering company, for up to $1.5 billion in cash to bolster the healthcare giant's range of blood cancer therapies.
Expert Analysis
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Behind The Delay Of Final HSR Premerger Filing Rules
Erin Toomey at Epiq discusses the wait for the final version of the revised Hart-Scott-Rodino premerger filing requirements that were first introduced in June 2023, the factors that might be behind the delay, and how to plan for the potential data-focused rule change
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Why FDIC Banks May Want To Consider Fed Membership
With the Federal Deposit Insurance Corp. recently ratcheting up bank supervision and proposing idiosyncratic new policies, state-chartered nonmember banks may want to explore the benefits of becoming Federal Reserve members and consider practical steps to make the switch, say Max Bonici and Connor Webb at Venable.
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Opinion
The FTC Needs To Challenge The Novo-Catalent Deal
Novo's acquisition of Catalent threatens to substantially lessen competition in the manufacturing and marketing of GLP-1 diabetes and obesity drugs, and the Federal Trade Commission should challenge it under a vertical theory of harm, as it aligns with last year's merger guidelines and the Fifth Circuit decision in Illumina, says attorney David Balto.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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Preparing For Increased Scrutiny Of Tech Supply Chains
The U.S. Department of Commerce's recent action prohibiting sales of a Russia-based technology company's products in the U.S. is the first determination under the information technology supply chain rule, and signals plans to increase enforcement of protections that target companies in designated foreign adversary jurisdictions, say attorneys at Debevoise.
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SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early
After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.
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Del. Dispatch: 27.6% Stockholder Not A Controller
The Delaware Court of Chancery's recent decision in Sciannella v. AstraZeneca — which found that the pharma giant, a 26.7% stockholder of Viela Bio Inc., was not a controller of Viela, despite having management control — shows that overall context matters when challenging transactions on breach of fiduciary duty grounds, say attorneys at Fried Frank.
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The Good, The Bad And The Ugly Of Healthcare's PE Boom
While an influx of capital may provide access to new resources and innovative technologies, the private equity model's method of funding may be fundamentally at odds with patient-first healthcare, and in recent years that inherent tension has gotten ugly, say Eva Gunasekera and Jaclyn Tayabji at Tycko & Zavareei.
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Opinion
A Way Forward For The US Steel-Nippon Deal And Union Jobs
Parties involved in Nippon Steel's acquisition of U.S. Steel should trust the Pennsylvania federal court overseeing a key environmental settlement to supervise a way of including future union jobs and cleaner air for the city of Pittsburgh as part of a transparent business marriage, says retired judge Susan Braden.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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A Look At State AGs Supermarket Antitrust Enforcement Push
The ongoing antitrust intervention by state attorneys general in the proposed Kroger and Albertsons merger suggests that states are straying from a Federal Trade Commission follow-on strategy in the supermarket space, which involved joining federal investigations or lawsuits and settling for the same divestment remedies, say attorneys at Troutman Pepper.
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How To Survive Shareholder Activism
In an era where shareholder activism is on the rise, companies must identify weaknesses, clearly communicate strategies, update board composition and engage with shareholders consistently in order to avoid disruptive shareholder activism and safeguard the interests of both the company and its shareholders, say J.T. Ho at Orrick and Greg Taxin at Spotlight Advisors.
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'Outsourcing' Ruling, 5 Years On: A Warning, Not A Watershed
A New York federal court’s 2019 ruling in U.S. v. Connolly, holding that the government improperly outsourced an investigation to Deutsche Bank, has not undercut corporate cooperation incentives as feared — but companies should not completely ignore the lessons of the case, say Temidayo Aganga-Williams and Anna Nabutovsky at Selendy Gay.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.