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Private Equity
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October 15, 2024
Frontier May Be Worth 2 Times Verizon's Bid, Investor Warns
Frontier Communications Parent Inc. stockholder Cooper Investors Pty Ltd. on Tuesday expressed "strong opposition" to Verizon Communications Inc.'s planned $20 billion deal to absorb the company, arguing Frontier could be worth nearly double the $38.50 per share that Verizon plans to pay.
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October 15, 2024
Simpson Thacher, Milbank Guide $2B DataBank Equity Raise
Data center developer and operator DataBank announced on Tuesday it has raised $2 billion in equity, led by AustralianSuper's $1.5 billion commitment, in an investment round arranged by Simpson Thacher and Milbank.
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October 15, 2024
Law Firms Diverge As Anti-ESG Pushback Continues
A continuing onslaught of legislation and litigation opposing corporate environmental, social and governance actions has created a fork in the road for law firms, with some choosing to scale back efforts and others pushing ahead with their internal ESG and diversity, equity and inclusion goals.
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October 15, 2024
The 2024 Law360 Pulse Social Impact Leaders
Check out our Social Impact Leaders ranking, analysis and interactive graphics to see which firms stand out for their engagement with social responsibility and commitment to pro bono service.
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October 15, 2024
Paul Weiss Steers Apollo In $4.8B Direct Lending Fundraise
Private equity giant Apollo Global Management Inc., advised by Paul Weiss Rifkind Wharton & Garrison LLP, announced on Tuesday that it closed its sophomore large-cap direct lending fund after securing roughly $4.8 billion of capital.
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October 14, 2024
Latham-Led TI Fluid To Back Apollo's Increased £1B Offer
Auto parts supplier TI Fluid Systems PLC said Monday that it has received an offer worth approximately £995 million ($1.3 billion) from private equity-backed Canadian competitor ABC Technologies Inc., which the British company indicated it is inclined to accept.
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October 14, 2024
Permira Wraps $7.2B Deal For Squarespace Amid Litigation
Private equity firm Permira said Monday that it has successfully bought the outstanding stock of Squarespace Inc. in its proposed $7.2 billion deal to take the website builder private, amid ongoing shareholder litigation in the U.S. challenging the transaction.
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October 11, 2024
New Squarespace Suit Filed For Take-Private Docs
A second shareholder of website builder Squarespace Inc. has sued in the Delaware Court of Chancery for books and records on the company's proposed $7.2 billion take-private deal with private equity giant Permira Advisors LLC, less than two weeks after the sidelining of an earlier books suit focusing on the same deal, which is set to expire late Oct. 11.
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October 11, 2024
M&A Dispute Triggers Could Shift Moving Into 2025
Legal disputes are a fact of life when it comes to mergers and acquisitions, but the deal provisions seen as the most likely to spur conflict have shifted since the impacts of the COVID-19 pandemic have subsided, according to attorneys surveyed in a new report from Berkeley Research Group.
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October 11, 2024
Fintech-Focused Cohen SPAC Leads 2 IPOs Worth $250M
Cohen Circle Acquisition Corp. I, a special purpose acquisition company founded by financial services industry veteran Betsy Cohen, began trading Friday, one of two SPACs that completed initial public offerings for a combined $250 million.
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October 11, 2024
6 Firms Guide IPO Trio From Biotech, Medical Device Cos.
Two venture-backed biotechnology startups and a medical device maker began trading Friday after pricing three initial public offerings that raised $510 million combined — all of which were enlarged from original plans — under guidance from six law firms.
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October 11, 2024
Kirkland, Skadden Compete Atop M&A Adviser League Tables
The two firms at opposite ends of the bargaining table on the largest merger announced this year — Mars' $36 billion agreement to purchase Kellanova — are also running neck-and-neck in the mergers and acquisitions league tables when measured by dollar volume, according to data provided by Dealogic.
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October 11, 2024
Kramer Levin Formalizes Its Private Credit Practice
Kramer Levin Naftalis & Frankel LLP has formalized a private credit practice co-led by partners David Berg and Yasho Lahiri, putting a name to the work the firm has already been doing in the space.
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October 11, 2024
Taxation With Representation: Davis Polk, Latham, Kirkland
In this week's Taxation With Representation, Rio Tinto agrees to acquire Arcadium Lithium for roughly $6.7 billion, Ares Management Corp. and GCP International reach a $3.7 billion deal, and Butterfly Equity announces plans to buy The Duckhorn Portfolio for $2 billion.
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October 10, 2024
Chancery OKs $9.5M Deal For Katapult SPAC Challenge
A $9.5 million deal settled a Delaware Court of Chancery stockholder suit Thursday seeking damages arising from a stock slump following the $883 million blank check company deal that took subprime consumer lender Katapult Holdings Inc. public in June 2021.
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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
Proskauer Adds Akin Knowledge Management Ace In NY
Proskauer Rose LLP is expanding its private funds team, bringing in an Akin Gump Strauss Hauer & Feld LLP knowledge management expert as a partner in its New York office.
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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
Brazilian Firm Cites Market Conditions In Delaying US IPO
Private equity-backed lubricants maker Moove Lubricants Holdings is hitting pause on initial public offering plans because of "adverse market conditions," according to a Wednesday securities filing from its parent company.
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October 10, 2024
Siguler Guff Snags Over $900M For Credit Opportunities Fund
New York-based private markets investment firm Siguler Guff & Company LP, advised by Ropes & Gray LLP, on Thursday announced that it closed its third small business lending fund and related accounts with more than $900 million in tow.
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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
Gensler Mum On Future As AI, Crypto Rules Await Action
U.S. Securities and Exchange Commission Chair Gary Gensler declined to comment Wednesday on his or the agency's future should former U.S. President Donald Trump win a second term in office this November, even as questions remain about the post-election future of proposed regulations, like those that would safeguard crypto assets and crack down on the use of predictive data analytics.
Expert Analysis
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The Good, The Bad And The Ugly Of Healthcare's PE Boom
While an influx of capital may provide access to new resources and innovative technologies, the private equity model's method of funding may be fundamentally at odds with patient-first healthcare, and in recent years that inherent tension has gotten ugly, say Eva Gunasekera and Jaclyn Tayabji at Tycko & Zavareei.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.
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Will Texas Stock Exchange Provide Regulatory Haven?
While the newly proposed Texas Stock Exchange may represent a market reaction to increasingly complex regulations, those looking to list on a national securities exchange should consider that their choice of an exchange may not relieve them of some of the most burdensome public company requirements, say Elizabeth McNichol and Ryan Lilley at Katten.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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A Checklist For Lenders Preparing For CRE Loan Defaults
Considering the recent interest rate environment, lenders should brush up on the proper steps that they should take when preparing to respond to a borrower's default on a commercial real estate loan, and borrowers should understand what lenders will be reviewing, says attorney Norma Williams.
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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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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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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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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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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.