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Private Equity
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May 10, 2024
Vegas Hotels, Software Cos. Escape Price-Algorithm Suit
A Nevada federal judge has permanently tossed a proposed class action that accused two software companies and multiple hotel operators of using an algorithm software in a price-fixing scheme for hotel room prices on the Las Vegas Strip.
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May 10, 2024
Everton Accepts Two-Point Penalty Over Financial Breaches
Everton Football Club said Friday it will not fight the decision by the Premier League Independent Commission to impose a two-point deduction for its violation of the league's rules regarding financial viability, as the team faces a potential sale.
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May 10, 2024
Altman's Nuclear Fission Biz Fizzles After SPAC Deal Closes
Shares of Oklo Inc., a nuclear-fission startup backed by OpenAI CEO Sam Altman, were down nearly 50% on Friday, the company's first day of trading after completing its merger with Altman's special-purpose acquisition company AltC Acquisition Corp.
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May 10, 2024
Financial Tech Co. Wants New Trial In $7.8M Breach Suit
A financial technology company ordered to pay more than $7.8 million to an Atlanta-area capital recruiting firm for violating an agreement to pay the recruiter to connect it with investors has asked a Georgia federal judge for either a new trial or judgment as a matter of law.
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May 10, 2024
Digital Platform Xtribe To Go Public Via $141M SPAC Merger
Technology-driven marketplace company Xtribe PLC, advised by Cozen O'Connor PC, has announced plans to go public via a merger with Haynes and Boone LLP-led special-purpose acquisition company WinVest Acquisition Corp. in a deal that values Xtribe at an implied equity value of $141 million.
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May 10, 2024
Climate Control Co. Favors Apollo-Backed €392M Buyout Bid
European climate control specialist Purmo said on Friday its board intends to recommend its purchase by a special purpose vehicle indirectly owned by U.S. private equity giant Apollo Global Management and Rettig, a Finnish investment company, for approximately €392 million ($422 million or £337.5 million).
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May 09, 2024
Hedge Fund Manager Says Partner Cut Him Out Of Company
A hedge fund manager accused his business partner in Texas state court of wrongfully cutting him out of a Dallas-based wealth management company, saying the partner tried to strong-arm him into transferring his ownership interest.
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May 09, 2024
Skadden-Led Firm Nets $250M In May's Second SPAC Listing
GP-Act III Acquisition Corp., a Skadden-led special-purpose acquisition company backed by multiple private investment firms, began trading on Thursday after completing a $250 million initial public offering, marking the second SPAC listing this month in an otherwise battered market.
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May 09, 2024
Masimo Makes Offer To End Activist Politan's Proxy Contest
Medical technology company Masimo Corp. revealed Thursday that it is willing to appoint one of the director nominees put forth by activist investment firm Politan Capital Management LP in exchange for the company dropping its proxy fight, though Politan signaled distaste with the proposed deal.
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May 09, 2024
TPG Lands Nearly $8B Across 3 Asia-Focused Funds
Private equity giant TPG, advised by Cleary Gottlieb Steen & Hamilton LLP and Fried Frank Harris Shriver & Jacobson LLP, has closed three Asia-focused funds after securing a combined total of nearly $8 billion from investors.
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May 09, 2024
Bain Capital Plugs $250M Into Professional Services Firm
Technology-enabled professional services company Sikich LLC on Thursday announced that it has secured a $250 million minority growth investment from private equity giant Bain Capital in a transaction built by four firms.
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May 09, 2024
Brightstar Capital Scores Slot Machine Supplier In $1.1B Deal
Gaming supplier PlayAGS Inc., guided by Cooley LLP, on Thursday announced that it has agreed to be acquired by Kirkland & Ellis LLP-advised Brightstar Capital Partners in a $1.1 billion take-private transaction.
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May 09, 2024
Trump SPAC Investor Convicted Of Insider Trading
A Manhattan federal jury on Thursday convicted a Florida investment pro of securities fraud and conspiracy for allegedly exploiting confidential plans to take Donald Trump's media company Truth Social public in a $23 million insider trading case.
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May 09, 2024
PE Firm Sells Another £60.2M Of Shares Of Ads Biz
An investment company backed by private equity firm Apax Partners said Thursday that it has sold part of its stake in online classifieds group Baltic Classifieds Group PLC for £60.2 million ($75 million).
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May 09, 2024
Deals Rumor Mill: Paramount, Peloton, International Paper
Sony and Apollo plan to break up Paramount if their $26 billion bid prevails, private equity firms are eyeing a Peloton buyout, and International Paper gets a $15 billion bid from Brazil's Suzano. Here, Law360 breaks down the notable deal rumors from the past week.
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May 09, 2024
Concord Won't Increase 'Final' $1.5B Bid For Rival Hipgnosis
Concord Chorus Ltd. said Thursday that it has ruled out raising its "final" all-cash offer of $1.25 per share for rival music rights company Hipgnosis Songs, which leaves only an improved bid by private equity firm Blackstone in the running to buy it.
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May 08, 2024
ESOP Trustee Can't Ax Suit Claiming $60M Inflated Stock Deal
A Michigan federal judge left most of a suit intact Wednesday alleging the trustee of a steel company's employee stock ownership plan allowed it to buy $60 million in company stock at an inflated price, ruling that the worker behind the suit backed his claims with enough detail.
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May 08, 2024
Truth Social Backer's Insider Trading Alibi In Jury's Hands
A Manhattan federal jury weighed charges Wednesday against a Florida investor accused of fueling a $23 million insider trading scheme that exploited confidential plans to take Truth Social public, after the defense argued it was someone else who tipped speculators.
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May 08, 2024
Scooter Co.'s Mismanagement Cost ESOP Millions, Suit Says
A scooter company violated federal benefits law by putting too much of workers' retirement funds into investments that produced meager returns and causing its employee stock ownership plan to lose out on about $3.3 million since 2018, a proposed class action filed in Pennsylvania federal court said.
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May 08, 2024
Japanese Crypto Exchange Coincheck Eyes US Listing In '24
Simpson Thacher-led Japanese cryptocurrency exchange Coincheck Group BV plans to complete a long-awaited merger with a special-purpose acquisition company by the year's second or third quarter, a combination that would make it the second U.S.-listed crypto venue.
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May 08, 2024
Reed Smith Lands Kirkland Corporate Pro In Houston
A former Kirkland & Ellis partner has joined Reed Smith LLP's Houston office as a capital markets and corporate lawyer, the firm announced Wednesday.
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May 08, 2024
Gibson Dunn Adds Ex-Wachtell, Paul Weiss Attys As Partners
Gibson Dunn & Crutcher LLP has added a former Wachtell Lipton Rosen & Katz corporate attorney and a former Paul Weiss Rifkind Wharton & Garrison LLP lawyer who specializes in liability management as partners in New York, the firm has announced.
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May 08, 2024
HSF, Ashurst-Led Ardonagh Buys Insurer For $1.5B
U.K. insurance broker Ardonagh Group Ltd. said on Wednesday it has agreed to acquire Australia-based PSC Insurance Group Ltd. in a transaction worth $2.25 billion Australian dollars ($1.48 billion), to help it expand into new markets.
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May 08, 2024
Skadden Taps SoFi Bank, Shearman Attys For Co-Lead Roles
Skadden Arps Slate Meagher & Flom LLP has hired two new co-leaders of its financial institutions regulatory group to advise banks, financial institutions and other market participants on regulatory and legislative developments, the firm announced Wednesday.
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May 08, 2024
Kirkland Drives Vance Street To $775M Fund IV Closing
Los Angeles-based private equity shop Vance Street Capital, advised by Kirkland & Ellis LLP, on Wednesday announced it held the first and final close for its fourth fund with $775 million in tow.
Expert Analysis
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Blockchain Tech's Role As A Driver Of M&A Action Evolves
Distributed ledger and other blockchain derivative technologies are uniquely positioned to drive M&A activity, and will play a pivotal role in shaping the future of financial and investment landscapes despite the turmoil in the cryptocurrency space, say Louis Lehot and Pat Daugherty at Foley & Lardner.
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Transaction Risks In Residential Mortgage M&A Due Diligence
As the residential mortgage market continues to consolidate due to interest rate increases and low housing volume, buyers and sellers should pay attention to a number of compliance considerations ranging from fair lending laws to employee classification, say attorneys at Mayer Brown.
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ABA's Money-Laundering Resolution Is A Balancing Act
While the American Bar Association’s recently passed resolution recognizes a lawyer's duty to discontinue representation that could facilitate money laundering and other fraudulent activity, it preserves, at least for now, the delicate balance of judicial, state-based regulation of the legal profession and the sanctity of the attorney-client relationship, say attorneys at Ballard Spahr.
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With Equity Markets Down, Venture Lending Provides Solution
Given the growth of private debt funds, new entrants in the market and equity markets remaining sluggish, more borrowers are turning to venture debt financing, with long-standing venture funds offering flexibility and expertise without the risks of larger banks, says Jennifer Post at Thompson Coburn.
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Law Firm Professional Development Steps To Thrive In AI Era
As generative artificial intelligence tools rapidly evolve, professional development leaders are instrumental in preparing law firms for the paradigm shifts ahead, and should consider three strategies to help empower legal talent with the skills required to succeed in an increasingly complex technological landscape, say Steve Gluckman and Anusia Gillespie at SkillBurst Interactive.
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HHS Neuromonitoring Advisory May Have Broad Relevance
The Health Department Office of Inspector General's recent advisory opinion rejecting a neuromonitoring service's proposal for a shell arrangement isn't surprising, but it could be a harbinger of more warnings against problematic joint venture arrangements to come, says Mary Kohler at Kohler Health Law.
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Previewing Big Changes To NY's Finance Cybersecurity Rules
With the New York State Department of Financial Services likely to significantly amp up its cybersecurity requirements for financial institutions later this year, covered entities should prepare to adapt their technical security safeguards and employee protocols to comply with the proposed amendments, say attorneys at Squire Patton.
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Merger Proposals Reflect Agency Leaders' Antitrust Principles
Attorneys at Covington trace the recently proposed Hart-Scott-Rodino and merger guidelines changes to certain foundational concerns of the Federal Trade Commission and U.S. Department of Justice Antitrust Division leadership, including issues related to concentration associated with horizontal and vertical mergers.
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2nd Circ. Ruling Is Good For Syndicated Lending Stability
The Second Circuit’s recent Kirschner v. J.P. Morgan Chase decision reaffirms the long-held market practice that syndicated loans are not securities, representing a positive development for the continued strength of the syndicated lending market, and demonstrating the importance of structuring loan terms to avoid mischaracterization, say attorneys at Latham.
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The Basics Of Being A Knowledge Management Attorney
Excerpt from Practical Guidance
Michael Lehet at Ogletree Deakins discusses the role of knowledge management attorneys at law firms, the common tasks they perform and practical tips for lawyers who may be considering becoming one.
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Pitfalls Of The SAFE Tool For Startups
Although a simple agreement for future equity is a cornerstone of startup finances and a quick way for them to paper investments, even sophisticated entrepreneurs and venture capitals sometimes fail to realize the mathematical risks contained in their SAFE, say attorneys at Lowenstein Sandler.
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To Hire And Keep Top Talent, Think Beyond Compensation
Firms seeking to appeal to sophisticated clients and top-level partners should promote mentorship, ensure that attorneys from diverse backgrounds feel valued, and clarify policies about at-home work, says Patrick Moya at Quaero Group.
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How Merger Review Overhaul Could Affect Health Industry
For those in the health care industry considering growth and expansion strategies, the antitrust agencies' recent proposals for new Hart-Scott-Rodino rules and more complex merger guidelines will increase deal timelines, the merging parties' burden, and overall uncertainty and potential antitrust risk as to the outcome, say attorneys at Husch Blackwell.
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Perspectives
More States Should Join Effort To Close Legal Services Gap
Colorado is the most recent state to allow other types of legal providers, not just attorneys, to offer specific services in certain circumstances — and more states should rethink the century-old assumptions that shape our current regulatory rules, say Natalie Anne Knowlton and Janet Drobinske at the University of Denver.
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Identifying Trends And Tips In Litigation Financing Disclosure
Growing interest and controversy in litigation financing raise several salient concerns, but exploring recent compelled disclosure trends from courts around the country can help practitioners further their clients' interests, say Sean Callagy and Samuel Sokolsky at Arnold & Porter.