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Mergers & Acquisitions
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September 12, 2024
King & Spalding Adds Former Kirkland Partner In Atlanta
King & Spalding LLP said Thursday the firm had bolstered its ranks in Atlanta by bringing on a lawyer from Kirkland & Ellis LLP who specializes in the executive compensation and employee benefits aspects of corporate transactions.
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September 12, 2024
Nippon's Push To Save US Steel Buy And Other Deal Rumors
An executive of Japan-based Nippon flew to Washington, D.C., this week to push for approval of its $14.9 billion deal with US Steel, the FTC is wary of a Canadian takeover of 7-Eleven, and a former NBA player is buying a 10% stake in the Milwaukee Bucks. Here, Law360 breaks down these and other notable deal rumors reported over the past week.
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September 12, 2024
Wilson Sonsini Hires Tax Pro From Slaughter and May
Wilson Sonsini Goodrich & Rosati PC has recruited a tax specialist from Slaughter and May to its office in London to boost its strengths representing U.K. and European technology and life sciences companies that are expanding in the U.S. and globally.
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September 12, 2024
EU Probes Bankrupt German Racetrack Sale After Court Loss
The European Commission relaunched an investigation Thursday into whether Germany supplied illegal state aid in the sale of the Nürburgring motorsports complex after the European Union's top court struck down the competition authority's 2014 decision to clear the aid.
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September 12, 2024
Italian Watchdog Probing Swisscom's €8B Vodafone Deal
Swisscom said Thursday that the Italian Competition Authority has launched an in-depth probe into its proposed €8 billion ($8.8 billion) cash purchase of Vodafone Italia, a transaction the Swiss telecoms company said is on track to complete.
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September 12, 2024
Marlowe To Spin Off Health Unit For £225M AIM Listing
Regulatory compliance firm Marlowe PLC said Thursday that it intends to spin off its occupational health division to form an independent company, Optima Health PLC, and list it on the junior market of the London Stock Exchange at a valuation of £225 million ($294 million).
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September 12, 2024
Digital Media Solutions Hits Ch. 11 With Plans To Sell
Digital advertising firm Digital Media Solutions filed for Chapter 11 protection in a Texas bankruptcy court with eyes toward a sale process that would have its prepetition lenders acting as lead bidders for a proposed auction.
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September 12, 2024
Cleary Gottlieb-Led General Mills Snacks On $2B Yogurt Sale
General Mills Inc. said Thursday that it will sell its North American yogurt business to two French dairy companies for $2.1 billion in total cash, allowing it to focus on its core brands.
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September 12, 2024
Mastercard To Buy Recorded Future Security Co. For $2.65B
Mastercard Inc. said Thursday that it plans to buy global threat intelligence company Recorded Future from software investor Insight Partners for $2.65 billion to bolster its cybersecurity offering.
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September 12, 2024
Energy Biz Bowleven Edges Closer To Quitting LSE Listing
Bowleven said Thursday that it has now closed the window for its shareholders to sell their stock before the energy business leaves the junior market of the London Stock Exchange after it received an offer from venture capitalists Crown Ocean Capital to go private.
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September 12, 2024
UK Investment Biz Sells Unit To Canaccord For Up To £51M
London-based investment manager Brooks Macdonald said Thursday that it has agreed to sell its asset management division to a subsidiary of Canaccord Genuity, a Canadian financial services firm, for a maximum of £50.85 million ($66.35 million).
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September 12, 2024
Sanofi Sets €320M Licensing Deal With US, French Biotechs
Pharmaceutical giant Sanofi SA said Thursday that it will pay up to €320 million ($353 million) to U.S. biotechnology group RadioMedix Inc. and French medicine developer Orano Med for an exclusive license for a radiation treatment for rare cancers.
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September 11, 2024
Litigation Spending To Rise As Cases Grow More Aggressive
A substantial number of large companies are expecting to increase their litigation spending by double digits next year in the face of more complex and hard-fought cases — and they are more open to bringing in new legal talent to navigate the matters, according to a report released Thursday.
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September 11, 2024
Split 6th Circ. Backs SEC Win In Proxy Adviser Rule Change
A divided Sixth Circuit has upheld the U.S. Securities and Exchange Commission's decision to partially undo Trump-era rules governing proxy advisers, creating an apparent split with the Fifth Circuit on whether the agency's regulatory actions violated the Administrative Procedure Act.
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September 11, 2024
Politics Impacting US Steel-Nippon Review, Biz Groups Warn
Political pressure may be "unduly influencing" the national security review of Nippon Steel's $14.9 billion deal for U.S. Steel and could hamper future foreign investment into the U.S., business groups told Treasury Secretary Janet Yellen on Wednesday.
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September 11, 2024
Studio Behind 'Sound Of Freedom' Worth $1.6B In SPAC Deal
Angel Studios, which released the controversial 2023 film "Sound Of Freedom" about human trafficking, will go public through a merger with a special purpose acquisition company in a deal announced Wednesday that stands to value the combined company at $1.6 billion.
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September 11, 2024
Ipsen Exec Made Illegal Trades Before Merger, Feds Say
An Ipsen Biopharmaceuticals executive has been charged with allegedly amassing roughly $260,000 in ill-gotten gains through insider trading on the stock of a smaller rival that Ipsen purchased in 2022, federal prosecutors announced Tuesday.
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September 11, 2024
Investor 'Blindsided' By Dye & Durham's Increasing Debt Load
Activist hedge fund Engine Capital LP said in a letter Wednesday that it was "incredibly disappointed" and "blindsided" by news in legal tech provider Dye & Durham Ltd.'s fourth quarter results that it made two acquisitions for a total of nearly CA$70 million, instead of focusing on reducing debt.
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September 11, 2024
Invitation Homes' $200M Summer Spend Added 580 SFRs
Single-family rental operator Invitation Homes acquired 580 homes in three key markets over July and August, for a total investment of roughly $216 million, the Dallas-based company said Tuesday.
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September 11, 2024
Dickson Minto Breaks Tradition With Walker Morris Hire
Dickson Minto is breaking with its long tradition of virtually exclusively promoting partners from within its ranks by tapping into the lateral hiring market to rebuild its London offering, the Scottish firm's boss told Law360 Wednesday as the firm brings on a real estate veteran from Walker Morris LLP.
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September 11, 2024
Anglo American Sells $400M Of Shares In Platinum Subsidiary
Anglo American said Wednesday that it has raised 7.2 billion South African rand ($400 million) by selling shares in one of its subsidiaries — a sale that could ultimately lead to the listing of the world's largest producer of platinum on the London Stock Exchange.
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September 11, 2024
Dentons Adds 2 Corp. Pros In Dublin From US Rivals
Dentons has recruited two new corporate partners to its Dublin office from U.S. rivals as it looks to expand its mergers and acquisitions practice in the Irish market and capitalize on its global footprint.
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September 11, 2024
Latham Hires Senior Tax Pro From Travers Smith In London
Latham & Watkins LLP said on Wednesday that it has recruited a former head of tax at Travers Smith LLP for its office in London, a blow for the U.K. law firm, which has been hit by the departure of a series of partners.
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September 11, 2024
Dubai Builder Sells Entire Stake In UK Rival Costain For £38M
Dubai-based builder ASGC Construction LLC said Wednesday that it has ended its investment in Costain Group PLC, a British building engineering company, with a sale to institutional investors.
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September 11, 2024
Aussie Metal Exploration Biz Raises £250M To Fund M&A
Greatland Gold, an Australian metal exploration company, said Wednesday that it has raised £248.6 million ($325.1 million) by issuing new shares to help fund its expected buyout of Newmont Corp., a miner based in the U.S.
Expert Analysis
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Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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What To Know About OCC Proposals For Bank Merger Review
The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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9 Considerations For Divestitures, Carveouts And Spinouts
Amid new economic optimism, data protection, transitional services and seven other considerations can help legal practitioners untangle complex divestitures, carveouts and spinouts to unlock value for corporate sellers, say Kimberly Petillo-Décossard and Kristen Rohr at White & Case.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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Mitigating The Risk Of Post-Closing M&A Earnout Disputes
Today's uncertain deal environment makes a well-crafted earnout an excellent way for parties to accomplish a desired transaction that would not otherwise occur, but transacting parties also need to take key steps to avoid the risk of post-closing disputes that earnouts can present, say Chad Barton and Claire Lydiard at Holland & Knight.
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Planning For Stymied HSR Filings At FTC If Shutdown Occurs
If the government were to shut down in early March, the inability to submit Hart-Scott-Rodino filings with the Federal Trade Commission would grind transactions to a halt, and parties should consider numerous implications as they are negotiating or planning to close pending transactions, say attorneys at DLA Piper.
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Texas Ruling Clarifies That Bankruptcy Shields LLC Rights
A Texas bankruptcy court’s recent ruling in In re: Envision makes it clear that the Bankruptcy Code preempts a section of Delaware state law that terminates a member’s interest in an LLC upon a bankruptcy filing, clarifying conflicting case law, say Larry Halperin and Joon Hong at Chapman and Cutler.
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Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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What To Know About RWI In Acquisition And Divestiture Deals
As a slower pace of merger activity turns underwriters toward new industries, representations and warranties insurance policies are increasingly being written for acquisition and divestiture energy deals, making it important for contracting parties to understand how the RWI underwriting process works in this new sector, say attorneys at Haynes Boone.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
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The Latest Antitrust Areas For In-House Counsel To Watch
The U.S. Department of Justice and the Federal Trade Commission's increasingly aggressive approach to antitrust enforcement means in-house counsel should closely monitor five key compliance issues, say attorneys at Squire Patton.
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Navigating New Regulations In Healthcare And Other M&A
While notice requirements recently enacted in several states are focused on the healthcare industry for now, this trend could extend to other industries as these requirements are designed to allow regulators to be a step ahead and learn more about a transaction long before it occurs, say Kathleen Premo and Ashley Creech at Epstein Becker.
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Aviation Back On Course, But Keep Seat Belts Fastened
While the airline industry finally returned to profitability last year for the first time since the onset of COVID-19, and is poised for historic levels of traffic in 2024, supply chain problems and economic and geopolitical uncertainty persist — so more turbulence may lie ahead, say Kevin Lewis and Bart Biggers at Sidley.
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Del. Dispatch: Clarification On Fiduciary Duties Of Controllers
The Delaware Chancery Court’s January opinion in a Sears Hometown and Outlet Stores' stockholder dispute — holding that a controlling stockholder owes the company and minority shareholders some fiduciary duties when selling shares or voting to change the status quo — suggests instances where investors opposing board decisions should tread carefully, say attorneys at Fried Frank.