Mergers & Acquisitions

  • July 12, 2024

    FTC Says Abandoned Novant Deal Moots Lower Court Loss

    The Federal Trade Commission is looking to unravel a North Carolina federal judge's order allowing Novant's planned $320 million hospital merger to advance after it subsequently abandoned the deal, telling the Fourth Circuit the appeal is moot and the order should be vacated.

  • July 12, 2024

    Steptoe & Johnson Lands M&A Pro From Rimon Law

    Steptoe & Johnson PLLC has hired an experienced mergers and acquisitions and securities lawyer who previously worked for numerous firms, including Rimon Law, Winstead PC, Baker Botts LLP and Skadden Arps Slate Meagher & Flom LLP.

  • July 12, 2024

    Taxation With Representation: Ropes & Gray, Cravath, Latham

    In this Week's Taxation with Representation, Paramount Global merges with Skydance Media, Devon Energy acquires Grayson Mill Energy's Williston Basin oil and gas business, Ryan acquires Altus Group Ltd.'s property tax business, and Bain Capital buys Envestnet Inc.

  • July 12, 2024

    FTC Eyes $23B ConocoPhillips Deal Amid Mass Consolidation

    ConocoPhillips said Friday that the Federal Trade Commission has issued a second request regarding its late May agreement to acquire Marathon Oil for $22.5 billion, the latest sign that the rapid consolidation rippling through the oil and gas industry features prominently on the regulator's radar.

  • July 12, 2024

    VW Supplier's Antitrust Suit Belongs In Germany, Texas Judge Says

    A Texas federal judge has dismissed an antitrust lawsuit filed by an auto parts maker against Volkswagen after finding that the German judicial system rather than the U.S. district courts would be the best place for these claims to be litigated.

  • July 12, 2024

    Biggest Illinois Decisions Of 2024: A Midyear Report

    State and federal courts have handed down rulings so far this year that limited the reach of a federal bribery law commonly used to prosecute Illinois corruption, laid out a framework to challenge so-called mootness fees and clarified the scope of Illinois defamation and antitrust law. Here's a look at some of the biggest Illinois decisions in the first half of 2024.

  • July 12, 2024

    MoFo-Guided SoftBank Buys UK Chipmaker Graphcore

    SoftBank Group Corp. has acquired Graphcore, a British semiconductor chipmaker, as it eyes expansion into the artificial intelligence sector, the two companies said on Friday.

  • July 11, 2024

    Tempur Sealy, Mattress Firm Blast FTC's Merger Challenge

    Tempur Sealy and Mattress Firm fired back at the Federal Trade Commission's bid to block a proposed merger between the mattress companies, contending in separate filings that the FTC's ambiguous allegations require tossing the agency's administrative complaint.

  • July 11, 2024

    Kroger Asks To Delay At Least Part Of FTC Challenge

    Kroger and Albertsons are asking an administrative law judge from the Federal Trade Commission to pause the evidentiary portion of the agency's in-house case against the supermarket giants' merger, saying the companies are facing too many overlapping cases in different venues to adequately prepare and present their case.

  • July 11, 2024

    Only 1 Gold Mine Investor Has Class Claim, Chancery Says

    Only one of three warrant holders who sued a Nevada gold and silver mine in Delaware's Court of Chancery may move forward with a proposed class action, a Chancery Court judge has ruled, but the other pro se plaintiffs may continue with their individual claims.

  • July 11, 2024

    South Korea Looks To Nix $32M Award To U.S. Hedge Fund

    South Korea said Thursday that it will look to overturn an arbitral award ordering it to pay some $32 million to a U.S. hedge fund following a dispute over a government bribery scandal that allegedly underpinned the $8 billion merger of two Samsung affiliates in 2015.

  • July 11, 2024

    Signify, Merger Partner Clash In Chancery Over $50M Earnout

    An attorney for former Caravan Health Inc. stockholder representatives told a Delaware vice chancellor on Thursday that acquirer Signify Health Inc. sabotaged Caravan's business in order to scuttle an obligation to add as much as $50 million in performance-based "earnouts" to the $250 million merger price.

  • July 11, 2024

    $435M Yale Hospital Merger Case Set For December Jury Trial

    A lawsuit claiming that Yale New Haven Health Corp. is trying to back out of a $435 million deal to buy three Connecticut hospitals will go to a bench trial in December after a state court judge approved the parties' proposed schedule.

  • July 11, 2024

    Platinum Equity Taking Heroux-Devtek Private In $990M Deal

    Platinum Equity Advisors has agreed to purchase Heroux-Devtek in a take-private deal that values the Quebec-based manufacturer of aerospace products at CA$1.35 billion ($990.1 million), Heroux-Devtek said in a statement Thursday.

  • July 11, 2024

    SPAC Plans To Merge With Online Game Maker In $500M Deal

    Special-purpose acquisition company Relativity Acquisition Corp. on Thursday revealed that it is in talks with online casino game maker Mazaii Corp. Ltd. to acquire the company and take it public in a deal that values the casino game maker at an initial enterprise value of $500 million.

  • July 11, 2024

    Deals Rumor Mill: Saudi Aramco, Paramount Global, Carlyle

    The Carlyle Group is considering acquiring Baxter International's kidney-care spinoff Vantive for about $4 billion, Aramco attracted more than $31 billion in orders for its $6 billion bond sale, and Paramount Global plans to cut more jobs before its merger with Skydance Media closes. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • July 11, 2024

    Earned Wealth Secures $200M, Buys Peer Thomas Doll

    DLA Piper-advised Earned Wealth announced on Thursday that it received a $200 million growth investment from growth equity investors while simultaneously unveiling its acquisition of fellow medical professional-focused financial services firm Thomas Doll.

  • July 11, 2024

    Ropes & Gray, Paul Weiss Steer Bain's $4.5B Envestnet Buy

    Ropes & Gray-led Bain Capital will buy Envestnet Inc., guided by Paul Weiss, in a take-private deal that values the financial technology company at $4.5 billion, Envestnet said in a statement Thursday. 

  • July 11, 2024

    White & Case Guides Turkish Biz's $310M Port Co. Buyout

    U.K. cruise port operator Global Ports Holding PLC said on Thursday that it has agreed to be bought out by a subsidiary of its majority shareholder Global Yatirim Holding AS, a Turkish conglomerate, for $310 million.

  • July 10, 2024

    Nasdaq Says It's Immune To SPAC's 'Racial Animus' Claims

    The Nasdaq Stock Market has asked a Brooklyn federal judge to toss claims it "arbitrarily and capriciously" derailed a minority-led special purpose acquisition company's plans, arguing in a Wednesday filing that it's immune to such claims as a self-regulatory organization.

  • July 10, 2024

    AdaptHealth Investor Attys Get 25% Of $51M Deal, With Caveat

    A Pennsylvania federal judge on Wednesday granted final approval to a $51 million settlement between AdaptHealth and investors over allegations tied to its merger with a blank check company, but the plaintiffs' counsel must wait for certain shares to be sold before they can collect their $12.8 million fee.

  • July 10, 2024

    Ellenoff-Led SPAC Raises $200M To Pursue Healthcare Merger

    SIM Acquisition Corp. I, a special-purpose acquisition company formed to pursue a healthcare merger, began trading Wednesday after pricing a $200 million initial public offering, represented by Ellenoff Grossman & Schole LLP and underwriters counsel Kirkland & Ellis LLP.

  • July 10, 2024

    Thoma Bravo's Qualtrics Bid Fell Short, SAP Tells Chancery

    Thoma Bravo LP may have offered $1.2 billion more than Silver Lake Management to buy Qualtrics International Inc. from software company SAP SE in 2023, but other aspects of the bid were less attractive than Silver Lake's $12.5 billion offer, an attorney for SAP directors told Delaware's Court of Chancery on Wednesday.

  • July 10, 2024

    Skydance, Paramount Unlikely To Hit Regulatory Roadblocks

    After Skydance Media and Paramount Global finally inked a deal to merge, the parties will move through a 45-day go-shop period and a review from U.S. regulators, but experts told Law360 the deal is unlikely to hit any antitrust obstacles.

  • July 10, 2024

    Kirkland, Skadden Steer $1.8B Honeywell Natural Gas Biz Deal

    Kirkland & Ellis LLP-led Honeywell said Wednesday it has agreed to acquire Air Products' liquefied natural gas process technology and equipment business for $1.81 billion in an all-cash transaction, with Skadden Arps Slate Meagher & Flom LLP sitting on the other side of the bargaining table.

Expert Analysis

  • FDIC Bank Merger Reviews Could Get More Burdensome

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    Recently proposed changes to the Federal Deposit Insurance Corp. bank merger review process would expand the agency's administrative processes, impose new evidentiary burdens on parties around competitive effects and other statutory approval factors, and continue the trend of long and unpredictable processing periods, say attorneys at Simpson Thacher.

  • Series

    Whitewater Kayaking Makes Me A Better Lawyer

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    Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.

  • Del. Lessons For Director-Nominees On Sharing With Activists

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    The Delaware Chancery Court's recent decision in Icahn Partners v. deSouza finding that a director wasn't permitted to share certain privileged information with the activist stockholders that nominated him shows the need for companies to consider imposing appropriate confidentiality requirements on directors, say attorneys at Sullivan & Cromwell.

  • This Earth Day, Consider How Your Firm Can Go Greener

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    As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.

  • New Proposal Signals Sharper Enforcement Focus At CFIUS

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    Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.

  • 4 Ways AI Tools Can Improve Traditional Merger Analyses

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    Government officials at the American Bar Association's annual antitrust spring meeting last week reinforced the view that competition cases will increasingly rely on sophisticated data analysis, so companies will likewise need to use Big Tech quantitative techniques to improve traditional merger analyses, say Patrick Bajari, Gianmarco Calanchi and Tega Akati-Udi at Keystone.

  • Oracle Ruling Underscores Trend Of Mootness Fee Denials

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    The Delaware Chancery Court’s recent refusal to make tech giant Oracle shoulder $5 million of plaintiff shareholders' attorney fees illustrates a trend of courts raising the standard for granting the mootness fee awards once ubiquitous in post-merger derivative disputes, say attorneys at Troutman Pepper.

  • Blocked JetBlue-Spirit Deal Illustrates New Antitrust Approach

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    The U.S. Department of Justice’s recent successful block of a merger between JetBlue Airways and Spirit Airlines demonstrates antitrust enforcers’ updated and disparate approach to out-of-market benefits versus out-of-market harms, say Lisa Rumin and Anthony Ferrara at McDermott.

  • Comparing Corporate Law In Delaware, Texas And Nevada

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    With Elon Musk's recent decision to reincorporate his companies outside of Delaware, and with more businesses increasingly considering Nevada and Texas as corporate homes, attorneys at Baker Botts look at each jurisdiction's foundation of corporate law, and how the differences can make each more or less appealing based on a corporation's needs.

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • Opinion

    Aviation Watch: Not All Airline Mergers Hurt The Public

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    The U.S. Department of Justice's actions to block recent attempted airline mergers have been touted as serving the interests of the consumers — but given the realities of the deregulated air travel market, a tie-up like the one proposed between JetBlue and Spirit might have been a win for the public, says Alan Hoffman, a retired attorney and aviation expert.

  • The Merger Cases That Will Matter At ABA Antitrust Meeting

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    While the American Bar Association's Antitrust Spring Meeting this week will cover all types of competition law issues in the U.S. and abroad, expect the federal agencies' recent track record in merger enforcement to be a key area of focus on the official panels and in cocktail party chatter, say attorneys at Freshfields.

  • Calif. Verdict Showcases SEC's New 'Shadow Trading' Theory

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    Last week's insider trading verdict, delivered against biopharmaceutical executive Matthew Panuwat by a California federal jury, signals open season on a new area of regulatory enforcement enabled by the U.S. Securities and Exchange Commission's shadow trading theory, say Perrie Weiner and Aaron Goodman at Baker McKenzie.

  • Climate Disclosure Mandates Demand A Big-Picture Approach

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    As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.

  • Series

    Playing Hockey Makes Me A Better Lawyer

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    Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.

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