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Mergers & Acquisitions
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October 10, 2024
Chancery OKs $125M Deal, Fees In Discovery Merger Suit
Declaring it "a great settlement," a Delaware vice chancellor approved on Thursday a near chart-topping, $125 million deal to end stockholder challenges to Discovery Inc.'s $43 billion merger with AT&T in 2022, an amount eclipsed only by a $148.2 million pretrial deal in a 2016 case.
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October 10, 2024
Longtime Minnesota Twins Owners Put Team Up For Sale
The Pohlad family on Thursday announced plans to explore a sale of the Minnesota Twins, ending a 40-year reign of ownership, and has brought on Hogan Lovells as legal counsel, a source familiar with the matter told Law360.
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October 10, 2024
Sen. Warren, Novo At Odds On Merits Of $16.5B Deal
Sen. Elizabeth Warren on Thursday raised the alarm on Novo Holdings' planned $16.5 billion purchase of Catalent, arguing the transaction could give Novo "unprecedented" control over the production of certain obesity drugs by Eli Lilly and other top competitors, but Novo insists the deal would give it no such edge.
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October 10, 2024
Pfizer Threatened To Sue Former Execs, Starboard Says
Activist investment firm Starboard Value has set its sights on pharmaceutical giant Pfizer, issuing a letter Thursday that alleges Pfizer has threatened to sue former executives that Starboard is working with and expresses "concerns about the trajectory of the business."
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October 10, 2024
Sports Tech Sees Threefold Increase In M&A Deal Values
The sports tech sector saw a more than threefold increase in merger and acquisition deal values in the first half of this year compared with the second half of 2023, with more than $27 billion in transactions led by Silver Lake's $13 billion take-private acquisition of Endeavor Group, according to a report released by global tech investment bank Drake Star on Thursday.
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October 10, 2024
Hyundai Plans IPO For Indian Biz, Plus More Rumors
Hyundai's Indian unit is eyeing a massive $3.3 billion initial public offering, rumors are swirling regarding ownership stakes of major European soccer clubs, and Saudi Arabia’s Public Investment Fund may buy a $1 billion minority stake in sports-streaming giant DAZN. Here, Law360 breaks down these and other notable rumors from the past week.
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October 10, 2024
Kirkland-Led Brookfield's £557M Tritax Bid Beats Rival Offer
Asset manager Brookfield said Thursday that Tritax EuroBox has accepted its £557 million ($728 million) bid, beating out an all-stock offer worth approximately £552 million from property investor Segro that the logistics property investor accepted in September.
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October 09, 2024
Colo. Accuses Albertsons Of Competitor Flip-Flop For Merger
Colorado enforcers accused Albertsons of "saying whatever they think will get their merger," confronting the supermarket chain's CEO on Wednesday with past comments to federal regulators they said showed that Albertsons flipped who it considers a competitor ahead of a proposed merger with Kroger.
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October 09, 2024
Court Affirms Waste Management Win In 'Titans Of Trash' Spat
A Florida appeals court on Wednesday affirmed a win for Waste Management Inc. of Florida Inc. in a dispute with Bergeron Environmental and Recycling LLC over a joint venture to provide municipal trash pickup services and said the agreement's jury trial waiver was valid.
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October 09, 2024
Vinson-Led MCB Sweetens Bid For Whitestone REIT
MCB Real Estate, guided by Vinson & Elkins LLP, upped its all-cash acquisition proposal for Whitestone REIT by offering to buy it for $15 per share, the investment firm announced.
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October 09, 2024
7 Firms Lead Deal Forming Insurance, Asset Management Biz
Private investment firm CC Capital and Canadian financial services company The Westaim Corp. on Wednesday announced plans to launch an integrated insurance and asset management platform through a partnership built by seven law firms.
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October 09, 2024
Marriott Inks $52M Deal With States Over Guest Data Breach
Marriott International Inc. has agreed to pay $52 million to nearly every U.S. state and bolster its data security practices to resolve parallel investigations by state attorneys general and the Federal Trade Commission over a massive data breach at the hotel's Starwood-branded properties.
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October 09, 2024
7-Eleven Parent Reveals Revised Couche-Tard Takeover Offer
Japan's Seven & i Holdings said Wednesday it has received a revised, non-binding proposal from Alimentation Couche-Tard Inc., which was reported to carry a $47 billion price tag.
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October 09, 2024
Switzerland OKs £5.4B Hargreaves Lansdown PE Takeover
The Swiss Competition Commission has given the thumbs up to the £5.4 billion ($7 billion) takeover of Hargreaves Lansdown by a group of private equity companies, consortium member CVC Capital Partners Ltd. said Wednesday.
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October 09, 2024
Linklaters-Led Rio Tinto To Buy Arcadium Lithium For $6.7B
Rio Tinto said Wednesday that it has agreed to acquire Arcadium Lithium PLC for approximately $6.7 billion to solidify its position as the global leader in energy transition commodities, in a deal guided by Linklaters and Davis Polk.
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October 08, 2024
Chancery OKs $9.75M In Atty Fees For SPAC Stock Drop Suits
Settlements and attorney fee rulings closed the book Tuesday on two GigCapital-related blank check deals that settled before trial in Delaware's Court of Chancery, with a vice chancellor approving combined public stockholder payouts and fee awards of $7.25 million and $2.5 million.
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October 08, 2024
Albertsons Exec Says No-Poach Deal Never Happened
An Albertsons labor executive Tuesday attempted to rebut Colorado's accusations that the company worked together with Kroger even before its proposed merger to not compete for workers or customers during a 2022 strike, saying any agreements were internal and had nothing to do with Kroger.
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October 08, 2024
FuboTV Rips Fox Attempt To Transfer Sports Streaming Fight
Fox wants the New York federal judge overseeing the lawsuit accusing it, ESPN and Warner Bros. of trying to run a rival out of business with a joint sports streaming venture to lop off the claims against it and ship them to California, but plaintiff FuboTV says Fox is trying to "forum shop mid-case."
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October 08, 2024
Cleveland-Cliffs Gets DOJ Nod For $2.5B Stelco Deal
Steel manufacturer Cleveland-Cliffs Inc. revealed on Tuesday that it had cleared an important regulatory hurdle in regard to its $2.5 billion deal to purchase Canadian steelmaker Stelco Holdings Inc. with the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
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October 08, 2024
Whole Earth Sued In Chancery For Docs On Take-Private Deal
A stockholder of global food company Whole Earth Brands sued the company in Delaware's Court of Chancery late Monday for alleged failure to provide requested books and records on the company's agreement in February to be taken private by an affiliate of Sababa Holdings Free LLC.
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October 08, 2024
Apollo Plugs $1.6B Into SCI Capital's Continuation Vehicle
Affiliates of private equity giant Apollo Global Management have agreed to invest $1.6 billion as part of a portfolio vehicle managed by SCI Capital Partners LP that oversees portfolio companies Morton Salt and Reddy Ice, in an agreement shaped by Gibson Dunn and Proskauer Rose.
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October 08, 2024
Honeywell To Spin Off Materials Biz Amid $9B Buying Spree
Skadden-advised Honeywell said Tuesday it will spin off its advanced materials business into an independent publicly traded company, the latest maneuver in a $25 billion strategic restructuring that the company said has included about $9 billion deployed for acquisitions in 2024.
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October 08, 2024
Latham-Led Ares Paying $3.7B For Real Assets Manager GCP
Latham & Watkins LLP-led Ares Management Corp. said Tuesday it has agreed to buy GCP International, a global alternative asset management firm with $44 billion of assets under management, in a cash and stock transaction valued at $3.7 billion.
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October 08, 2024
London Blank-Check Eyes Reverse Takeover 2 Years After IPO
Cash shell Milton Capital PLC said Tuesday that it has reached a preliminary agreement with Horizon Energy Global Corp. that could result in the energy company taking over Milton's listing on the London Stock Exchange two years after it was first listed.
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October 08, 2024
Media Co. And Ousted CEO Settle Suit Over Biz Sale
The company behind the Pittsburgh Post-Gazette and other media outlets has settled a case brought against it by its ousted chief executive officer, who claimed he had been wrongly kept out of a committee looking into whether to sell the company by his family and other members of the firm's board.
Expert Analysis
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A Look At Acquisition Trends For Radiopharmaceuticals
As radiopharmaceutical drugs are increasingly used for the diagnosis and treatment of certain diseases, interest from Big Pharma entities is following suit, despite some questions around the drugs' capacity to expand beyond their limited niche, says Adrian Toutoungi at Taylor Wessing.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Anticipating Disputes In Small Biz Partnerships And LLCs
In light of persistently high failures of small business partnerships and limited liability companies, mediator Frank Burke discusses proactive strategies for protecting and defining business rights and responsibilities, as well as reactive measures for owners.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 36 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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How Generative AI May Aid Merger Clearance Process
Generative artificial intelligence capable of analyzing and searching large datasets stands to revolutionize the merger clearance process, including by significantly reducing the time and effort required to respond to Hart-Scott-Rodino second requests, say Kenneth Koch and Brian Blush at BDO USA.