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Mergers & Acquisitions
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August 16, 2024
Taxation With Representation: Cleary, Kirkland, Skadden
In this week's Taxation with Representation, Mars Inc. sets a 2024 record with its $36 billion acquisition of Kellanova, Carlyle inks a $3.8 billion purchase with Baxter International Inc., and Performance Food Group Co. agrees to a $2.1 billion cash deal with Cheney Bros. Inc.
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August 16, 2024
Harris Economic Plan Targets Food Mergers, Price-Gouging
Vice President Kamala Harris unveiled an economic plan Friday that said her administration would "crack down" on large corporate food mergers and introduce the first-ever ban on price-gouging, a promise that comes just days after the announcement of one of the largest ever food industry tie-ups.
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August 16, 2024
Gibson-Led Energy Biz Wraps $106M Natural Gas Assets Buy
Petroleum company Diversified Energy said Friday that it has completed the $106 million acquisition of natural gas assets in eastern Texas from Crescent Pass Energy LLC in a move that increased its footprint in the central U.S.
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August 16, 2024
NC Litigation Highlights Of 2024: A Midyear Report
Several-high profile cases in North Carolina came to a close in the first half of the year, from a second bribery conviction against an insurance magnate beset by legal woes, to the anticlimactic withdrawal of a state Supreme Court justice's much-watched free speech suit. Here, Law360 looks at those and other notable rulings so far in North Carolina.
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August 15, 2024
FanDuel Co-Founders Add Scottish Claims To Suit Over Sale
Co-founders of FanDuel have fortified their lawsuit accusing late-stage institutional investors of cheating early and longtime investors out of their fair share of equity when the company was sold in 2018, adding several claims under Scottish law.
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August 15, 2024
Alaska, Hawaiian Airlines Extend DOJ Review Deadline, Again
Alaska Air Group Inc. and Hawaiian Airlines disclosed a third extension in as many weeks Thursday for the U.S. Department of Justice to review their proposed $1.9 billion merger before it can close, moves that suggest at least that the DOJ has raised serious concerns about the transaction.
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August 15, 2024
Judge Gives Plaintiffs' Attys $1M In Fees For Derivative Row
A Massachusetts federal judge sliced 60% off a request for attorney fees in a shareholder derivative lawsuit Wednesday, awarding plaintiffs' counsel $1 million for their work on the case, which led to a noncash settlement.
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August 15, 2024
Deals Rumor Mill: Paramount, Blackstone, Starbucks
The heir to Canadian liquor purveyor Seagram is preparing a bid for Paramount's parent company, Blackstone explores a potential $2.6 billion sale of Clarion Events, and activist investor Starboard sets sights on Starbucks. Here, Law360 breaks down these and other notable deal rumors from the past week.
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August 15, 2024
A&O Shearman Promotes 3 Attys As Latin America Co-Heads
Three Allen Overy Shearman Sterling partners have been elevated as co-heads of the firm's Latin America practice, the firm has announced.
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August 15, 2024
Cooley Steers $1.6B Sale Of PE-Backed Campus Tech Co.
Roper Technologies Inc. said Thursday it has agreed to purchase campus technology and payment solutions company Transact Campus Inc., which is majority-owned by Reverence Capital Partners, for $1.6 billion.
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August 15, 2024
Lockheed Martin Buys Satellite Maker In $450M Deal
Global aerospace and defense company Lockheed Martin, advised by Hogan Lovells LLP, on Thursday unveiled plans to buy satellite maker Terran Orbital, led by Akin Gump Strauss Hauer & Feld LLP, in a deal that boasts an enterprise value of roughly $450 million.
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August 15, 2024
Paul Hastings Adds M&A, Shareholder Activism Lawyer
Paul Hastings LLP announced Thursday that it has boosted the firm's mergers and acquisitions and shareholder activism platform with a longtime Goodwin Procter LLP partner.
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August 15, 2024
Lease Operators' £26.4M Bid For Trinity Clears One Hurdle
Oil and gas company Trinity Exploration & Production PLC said Thursday that it has received a green light from the Trinidad and Tobago government for its anticipated £26.4 million ($33.8 million) sale to Lease Operators Ltd.
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August 15, 2024
Carrier Wraps Strategic Exit Plan With $3B Sale Of Fire Units
Carrier Global Corp. said Thursday it has inked an agreement to sell its commercial and residential fire units to an affiliate of Lone Star Funds at an enterprise value of $3 billion, completing the company's strategic plan to sell off several business units and focus on its core ventilation business.
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August 15, 2024
PE-Backed Green Energy Biz To Buy £68M Stake In Gas Plant
U.K. renewable energy supplier Future Biogas said Thursday that it has agreed to buy a controlling stake in a gas production facilities portfolio from JLEN, an environmental infrastructure investment fund, for £68.1 million ($88 million).
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August 14, 2024
Synopsys Escapes Exclusivity Breach Suit At Chancery
Delaware's Chancery Court on Wednesday dismissed private equity firm Sunstone Partners' lawsuit accusing Synopsys Inc. of breaching an exclusivity provision for a potential sale of its security testing services business, saying Sunstone failed to adequately allege Synopsys solicited proposals from other potential buyers.
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August 14, 2024
Top Stories From Real Estate's Latest Quarterly Updates
Catch up on the headlines made by the largest public real estate companies during their latest quarterly earnings calls with investors, from data centers and lease deals to market forecasts and casinos.
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August 14, 2024
4 States Oppose FTC Bid To Block Kroger-Albertsons Deal
Four Republican-led states defended Kroger's proposed $25 billion acquisition of Albertsons in an amicus brief Wednesday, telling the Oregon federal judge overseeing the Federal Trade Commission's challenge to the deal that blocking it would actually "weaken, not protect, competition."
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August 14, 2024
Class Split Disrupts Hearing On $8.7M Sears Suit Settlement
A Sears Hometown and Outlet Stores stockholder that saw its share appraisal case tanked by the company's bankruptcy in late 2022 won Court of Chancery clearance Wednesday to intervene with a novel, alternative claim for recovery through a separate, ongoing SHOS class damages suit.
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August 14, 2024
Tyson Says Mo. Plant Sale Did Not Violate Antitrust Law
Tyson Foods Inc. has asked a Missouri federal court to find that its sale of a shuttered chicken processing plant to egg producer Cal-Maine Foods Inc. did not violate antitrust law after Tyson said a former contract farmer threatened to sue.
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August 14, 2024
BP Unit Can't Escape Truck Stop Suit, Developers Claim
Companies suing a BP subsidiary for terminating their truck stop franchise agreement and leaving them stuck with unrecoverable development costs hit back against its "shotgun approach" to have their suit seeking more than $300 million in damages thrown out, telling an Ohio federal judge that their complaint is grounded in compelling claims.
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August 14, 2024
EU OKs Siemens' $3.8B Sale Of Innomotics To PE Firm KPS
European Union antitrust enforcers signed off Wednesday on German tech conglomerate Siemens AG's plan to sell its Innomotics large motors and drives unit to New York City-based private equity firm KPS Capital Partners, finding that the deal, with an enterprise value of €3.5 billion ($3.9 billion), poses "limited" overlap concerns.
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August 14, 2024
M&A Surge May Bring Opportunities For Cybercriminals
An increase in mergers and acquisitions is creating more openings for cybercriminals to exploit companies and their customers, highlighted by February's Change Healthcare breach and other major hacks, according to a new report from cybersecurity firm Resilience.
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August 14, 2024
Squarespace Shareholder Opposes $6.9B Go-Private Deal
Squarespace Inc. minority shareholder Glazer Capital LLC on Wednesday announced its intent to vote against the company's planned $6.9 billion buyout by private equity giant Permira, saying it has "serious concerns" about the fairness and integrity of the sale process.
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August 14, 2024
Playtech Confirms Talks For £2B Sale Of Italian Biz To Flutter
Gambling technology company Playtech PLC confirmed Wednesday it is in talks for the potential sale of its Italian online and retail sports betting unit to the owner of Paddy Power for an estimated £2 billion ($2.57 billion).
Expert Analysis
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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
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 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.
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Antitrust In Retail: The Meaning Of 'Accessible Luxury'
In order for the Federal Trade Commission to block a deal that would put six "accessible luxury" brands, including Coach and Michael Kors, under one roof, the agency will need to prove that this category is distinct from the true luxury or mass-market categories, says David Kully at Holland & Knight.
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A Case Study For Calif. Cities In Water Utility Takeovers
With growing water scarcity and drier weather looming, some local governments in California have sought to acquire investor-owned water utilities by eminent domain — but the 2016 case of Claremont v. Golden State Water is a reminder that such municipalization attempts must meet certain statutory requirements, say attorneys at Nossaman.
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4 Important Events In Bank Regulation: A Midyear Review
The first six months of 2024 have been fairly stable for the banking industry, though U.S. Supreme Court decisions and proposals from regulators have significantly affected the regulatory standards applicable to insured depository institutions, says Christina Grigorian at Katten.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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6 Tips For Maximizing After-Tax Returns In Private M&A Deals
With potential tax legislation likely to spur a surge in private business sales, sellers can make the most of after-tax proceeds with strategies that include price allocation and qualified investment options, say Isaac Grossman and Daniel Studin at Morrison Cohen.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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The Current State Of Healthcare Transaction Reviews In Calif.
As of April, certain healthcare transactions in California have been subject to additional notification compliance requirements, and complying with these new rules could significantly delay and discourage some deals, says Andrew Demetriou at Husch Blackwell.