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Mergers & Acquisitions
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February 19, 2025
3D Printing Co. Escapes Chancery Suit Over $575M Merger
An ExOne Co. investor failed to show why the 3D printer manufacturer should have postponed a shareholder vote over its rival's purchase of the company, a Delaware vice chancellor has ruled, tossing the investor's proposed class action that alleged the company's board of directors breached its fiduciary duties.
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February 19, 2025
WaPo Can't Blame Source In Libel Suit, Trump Media Says
Trump Media & Technology Group Corp. has told a Florida federal court that the Washington Post can't blame a source for providing false information published in a story alleging the company committed securities fraud, saying that reason isn't sufficient to dismiss a $3.8 billion defamation lawsuit against the newspaper.
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February 19, 2025
Paper Co. Can't Fully Escape Severance Benefits Suit
A former employee of a pulp and paper company can proceed with a severance benefits suit because a factual dispute exists, a Tennessee federal court ruled, though the court agreed to dismiss one of the claims and a defendant.
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February 19, 2025
Conn. Trial Firm Split Must Return To Arbitration, Judge Rules
A dispute over the breakup of a Connecticut personal injury firm known for high-dollar verdicts must for now return to arbitration, a Connecticut judge ruled Wednesday, saying an arbiter, not the court, must decide initial questions about the feud's proper forum.
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February 19, 2025
Wrangler Jeans Owner Paying $900M For Helly Hansen
Kontoor Brands Inc., the owner of the Wrangler and Lee apparel brands, said Wednesday it will buy the Norwegian outdoor clothing brand Helly Hansen from Canadian Tire Corp. for $900 million.
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February 19, 2025
H&E Rentals Uses Go-Shop To Ink 'Superior' $5.3B Deal
Milbank LLP-advised H&E Rentals said Wednesday it has terminated an earlier agreement to sell the business for about $4.8 billion to United Rentals Inc. in favor of a new $5.3 billion deal with a third equipment rental company, Herc Holdings Inc.
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February 19, 2025
EV Maker Nikola Hits Bankruptcy After Battery Recall
Nikola Corp., maker of electric and hydrogen-powered trucks, filed for Chapter 11 bankruptcy protection Wednesday in Delaware, listing about $98 million of funded debt and blaming a sprawling battery pack recall for its financial troubles.
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February 18, 2025
OCC's Hood Eyes Mergers, Fintech In Agenda Preview
The Office of the Comptroller of the Currency's acting chief Rodney Hood on Tuesday pledged efforts to ease regulations for so-called community banks, previewing an agenda that includes making it easier for them to merge and explore financial technology.
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February 18, 2025
Ferguson, DOJ Keep Biden-Era Merger Guides For 'Stability'
Federal Trade Commission Chairman Andrew N. Ferguson announced Tuesday that the agency would continue, for now, to use Biden-era merger review guidelines despite them being derided by business interests because he said they are largely "a restatement" of older policies.
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February 18, 2025
Vaccine Developer Files Ch. 11 Sale Plan With $11.5M Bid
Omega Therapeutics, which develops mRNA vaccines, filed proposed bidding procedures in Delaware bankruptcy court, saying it hopes to get a sale approved by mid-April and has a stalking-horse bid in hand worth about $11.5 million.
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February 18, 2025
Ancora Says US Steel CEO May Have Made Insider Trades
Ancora Holdings Group LLC is claiming that U.S. Steel CEO David Burritt "may have engaged in insider trading" tied to the company's proposed $14.9 billion merger with Japan's Nippon Steel, and the investor said it could bring related litigation, according to documents released Tuesday.
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February 18, 2025
Trump Media Blames Rising Loss Partly On SEC Legal Bills
The owner of President Donald Trump's social media platform attributed its widening losses in part to rising legal costs from the Biden-era U.S. Securities and Exchange Commission's investigations of the merger that took the company public, according to a statement.
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February 18, 2025
Jones Day Leads Sherwin-Williams On $1.15B Brazil Paint Buy
Jones Day is guiding Cleveland-based Sherwin-Williams Co. on a new deal to buy the Brazilian architectural paints business of BASF Group, advised by Linklaters and Machado Meyer, for $1.15 billion in cash.
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February 18, 2025
Cravath, Morgan Lewis Steer $1B Charitable Gaming Biz Deal
Las Vegas-based Light & Wonder Inc. said Tuesday it has agreed to buy the charitable gaming assets of Grover Gaming for $850 million in cash, plus a four-year, revenue-based earn-out of up to $200 million cash.
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February 18, 2025
Proposed Tweaks To Del. Chancery Law Ignite DExit Firestorm
Stockholder attorneys in Delaware pushed back immediately against two state Senate measures that would amend corporation law provisions at the center of recent debate over shareholder class lawsuits, big court awards and recent corporate moves to purportedly more business-friendly states such as Texas and Nevada.
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February 18, 2025
RBI Takes Control Of Burger King China, Seeks Local Partner
Restaurant Brands International Inc. said Tuesday it has bought out two equity shareholders in Burger King China to amass nearly 100% of the business but will now search for a local partner to become Burger King China's controlling shareholder.
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February 18, 2025
3 Firms Build $1.34B New England Car Dealership Sale
Asbury Automotive Group Inc. on Tuesday unveiled plans to acquire various automotive dealerships from The Herb Chambers Cos. in a $1.34 billion deal built by three law firms.
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February 18, 2025
Diamondback Buys Midland Assets For $3B Cash Plus Stock
Kirkland & Ellis LLP-advised oil and natural gas company Diamondback Energy Inc. on Tuesday announced plans to buy Midland Basin assets from Vinson & Elkins LLP-led Double Eagle IV Midco LLC. in a cash-and-stock deal that includes a $3 billion cash payment.
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February 18, 2025
Dechert, Paul Hastings Guide Barings' Takeover Of Artemis
Barings, advised by Dechert LLP, inked an agreement to snap up Paul Hastings LLP-led Artemis Real Estate Partners, an investment firm managing over $11 billion of assets, according to a Tuesday announcement.
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February 18, 2025
Miner MMG To Buy Anglo American Unit For Up To $500M
China-backed miner MMG Ltd. said Tuesday it has agreed to buy Anglo American PLC's nickel business for up to $500 million, as the British multinational mining giant eyes a more streamlined business.
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February 18, 2025
UK Probes French Aerospace Group's Planned $1.8B Takeover
The Competition and Markets Authority said Tuesday that it has launched an investigation into the proposed acquisition by French aerospace group Safran SA of Collins Aerospace's flight-control business for $1.8 billion.
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February 18, 2025
Property Co. Assura Says £1.6B KKR Bid Undervalues Biz
The board of property manager Assura PLC said Tuesday that a £1.6 billion ($2 billion) possible offer tabled by U.S. private equity firm KKR "materially undervalued the company and its prospects."
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February 17, 2025
Anglo American Eyes June Spin-Off For Platinum Mining Unit
Anglo American PLC said Monday that it has made "significant progress" with plans to spin off its platinum subsidiary in South Africa and that it is targeting June for this to happen.
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February 17, 2025
UK Healthcare Property Biz Assura Rejects £1.6B KKR Bid
Primary care property developer Assura PLC has snubbed a £1.6 billion ($2 billion) proposed takeover approach from KKR and a U.K. pensions provider, the U.S. private equity firm said on Monday.
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February 14, 2025
FTC Political Appointees Told To Break Up With 'Leftist' ABA
Federal Trade Commission Chair Andrew N. Ferguson told agency staff in a letter that political appointees cannot hold leadership positions in the American Bar Association, attend its events or renew their memberships, citing the ABA's "leftist advocacy and its recent attacks" on the Trump administration's agenda.
Expert Analysis
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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.
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Opinion
Time To Reimagine The Novation Process For Gov't Contracts
The Federal Acquisition Regulatory Council, which recently extended a long-standing request for public comments on its novation procedures, should heed commenters' suggestions by implementing specific changes in its documentation requirements, thereby creating a more streamlined and practical novation process, say attorneys at Covington.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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Calif. Out-Of-State Noncompete Ban Faces Several Hurdles
California's attempt to bolster its noncompete law has encountered significant procedural and constitutional challenges, and litigating parties must carefully analyze not only the restrictive covenants contained in their agreements, but also the forum-selection and choice-of-law provisions, say Jennifer Redmond and Gal Gressel at Sheppard Mullin.
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Autonomy Execs' Acquittal Highlights Good Faith Instruction
The recent acquittal of two former Autonomy executives demonstrates that a good faith jury instruction can be the cornerstone of an effective defense strategy in white collar criminal cases, in part because the concept of good faith is a human experience every juror can relate to, says Sara Kropf at Kropf Moseley.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.