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Private Equity
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June 10, 2024
Addus HomeCare Buys Gentiva's Personal Care Biz For $350M
Home care services company Addus HomeCare Corp. on Monday unveiled plans to buy the personal care operations from hospice company Gentiva for an anticipated price of roughly $350 million in a deal shaped by three law firms.
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June 10, 2024
Catching Up With Delaware's Chancery Court
Big players and big moves dominated much of the past week in Delaware's Court of Chancery, as Tesla in particular and big corporations in general showed their pique over rulings that went toward stockholders or against conventional expectations.
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June 10, 2024
Vista Outdoor Rejects MNC's Over $3B Takeover Bid
Vista Outdoor Inc. said Monday that it rejected MNC Capital Partners' over $3 billion takeover offer that it lobbed at the outdoor goods company last week, while simultaneously announcing a new $2 billion offer for its sporting products division from an undisclosed U.S.-based private investment firm.
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June 10, 2024
Elliott Presses Southwest Airlines For Leadership Changes
Elliott Investment Management LP said Monday that it has amassed a stake in Southwest Airlines of approximately $1.9 billion as it pushed the airline to make leadership changes, but Southwest was quick to defend its top brass.
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June 07, 2024
Speech Pathologists Say BakerHostetler Bungled Biz Deal
A trio of Los Angeles-based speech pathologists have filed a malpractice suit against their former BakerHostetler counsel in California state court, accusing the firm and an Ohio-based partner of negligence in failing to properly advise them amid a business deal, allegedly resulting in the therapists losing their successful practice and more than $1 million.
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June 07, 2024
Casper Investors Ink $3M Deal Over Mattress Co.'s Woes
Investors in mattress company Casper Sleep Inc. have asked a Brooklyn federal judge for an initial nod for their $3 million deal that would end claims the company misrepresented its financial prospects in the lead-up to its February 2020 initial public offering.
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June 07, 2024
6th Circ. Revives Investors' Suit Over Leech Tishman Advice
A Sixth Circuit panel has revived a group of investors' claims that Pittsburgh-based Leech Tishman Fuscaldo & Lampl's lawyers gave fraudulent and negligent advice about clean energy investments that turned out to be a Ponzi scheme, reasoning that a one-year statute of limitations had been tolled for some claims and didn't apply to others.
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June 07, 2024
David Beckham Settles Suit With Mark Wahlberg's Fitness Biz
Fitness club franchising company F45 Training, promoted by early investor Mark Wahlberg, has settled a breach of contract suit originally filed in California state court in 2022 that centered around a promotional deal involving international soccer icon David Beckham.
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June 07, 2024
Nossaman Picks Up Pensions Partner In Phoenix
Nossaman LLP has brought on a public pension plan expert from Kutak Rock LLP as a partner in its Phoenix office, continuing the firm's expansion of its benefits and investments group.
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June 07, 2024
Goodwin, Cooley Lead J&J-Backed Neurological Firm's IPO
Johnson & Johnson-backed neurological firm Rapport Therapeutics Inc. rallied in debut trading Friday after it completed a $136 million initial public offering within its price range, guided by Goodwin Procter LLP and underwriters counsel Cooley LLP.
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June 07, 2024
DLA Piper Steers Tech-Focused SPAC's $250M Filing
Special-purpose acquisition company GigCapital7 on Friday announced plans to raise up to $250 million in an initial public offering, and said that it intends to use the proceeds to fund a future merger with a company in the technology sector.
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June 07, 2024
Shein's Pursuit Of London IPO Proves US-China Rift Persists
Online fashion giant Shein's expected pivot to London rather than the United States for its initial public offering — triggered by persistent tensions between China and the U.S. — will be closely watched by IPO prospects mulling where to list their shares in a dicey geopolitical climate, experts say.
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June 07, 2024
Emboldened SEC Spells Double Trouble For Defense Bar
The U.S. Securities and Exchange Commission's enforcement division has taken an increasingly aggressive stance in recent years thanks in part to an influx of federal prosecutors joining the agency and court decisions that have gradually become more permissive on parallel civil and criminal investigations, defense lawyers say.
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June 07, 2024
Bryan Cave, Goodwin Guide New Era's Merger With '47 Brand
Acon Investments-owned New Era Cap LLC announced Friday that it agreed to buy fellow sports lifestyle brand '47 to create a merged business that brings in roughly $2 billion in annual revenue in a deal built by Bryan Cave Leighton Paisner LLP and Goodwin Procter LLP.
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June 07, 2024
Davis Polk Guides Emerson On $3.5B Copeland JV Exit
Davis Polk & Wardwell LLP represented Emerson on a newly inked agreement to sell its remaining stake in its Copeland joint venture to Blackstone in a $3.5 billion deal.
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June 07, 2024
PE Firm TDR To Take Control Of UK's Asda Grocery Chain
Private equity shop TDR Capital will become majority owner of British supermarket giant Asda by acquiring the shares held by one of the British Indian billionaire Issa brothers, the companies said Friday.
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June 07, 2024
Ropes & Gray-Repped Bain Buying PowerSchool In $5.6B Deal
Bain Capital has agreed to buy PowerSchool Holdings Inc., a provider of cloud-based software for K-12 education, in a deal that values the business at $5.6 billion, the companies said in a statement Friday.
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June 06, 2024
Simpson Thacher, Latham Guide Waystar's $968M IPO
Private equity-backed hospital billing firm Waystar Holding Corp. priced a $967.5 million initial public offering within its range on Thursday, represented by Simpson Thacher & Bartlett LLP and underwriters' counsel Latham & Watkins LLP, marking the largest IPO since April.
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June 06, 2024
Trump Media SPAC Sponsor Must Post Bond In Chancery Row
Dissenting members of the LLC sponsor for the blank check company that took Trump Media & Technology Group public in March must post a hefty 10% security for potential losses on more than 1.5 million shares — now trading at $46 — snarled in a sponsor control dispute.
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June 06, 2024
MNC Capital Ups Bid For Vista Outdoor To More Than $3B
MNC Capital Partners on Thursday upped its bid to take over outdoor products company Vista Outdoor Inc. to over $3 billion after the company rejected MNC's previous buyout offers on multiple occasions due to its already-inked agreement to sell its sporting products division to Czech defense company Czechoslovak Group AS.
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June 06, 2024
Crowell & Moring's Latest Ex-GC Boosts Fin Services Team
As more general counsels look to opportunities in BigLaw, Crowell & Moring announced Thursday that it has hired the former general counsel and chief compliance officer at investment firm Commonwealth Asset Management.
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June 06, 2024
'Brussels Effect' Of EU's AI Act Is Uncertain, Legal Pros Say
BigLaw attorneys advising international clients on the European Union's AI Act tell Law360 there are significant uncertainties over vague terms in the 458-page statute, how its steep eight-figure fines will be enforced, and whether it will set a new standard globally as part of the "Brussels effect."
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June 06, 2024
Deals Rumor Mill: Carl Icahn, Bill Ackman, Michael Bloomberg
Carl Icahn invests in Caesars, Bill Ackman plans Pershing's public offering, and Michael Bloomberg joins prospective Timberwolves buying group. Here, Law360 breaks down the notable deal rumors from the past week.
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June 06, 2024
5 Firms Steer Pair Of Cross-Border IPOs Totaling $230M
Australian-listed location app Life360 Inc. and Israeli nanotechnology startup Gauzy Ltd. began trading on Thursday after pricing two cross-border initial public offerings that raised a combined $230 million, steered by five law firms.
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June 06, 2024
Aquiline Secures More Than $3.4B Across 2 New Funds
Financial services-focused private investment firm Aquiline Capital Partners LP on Thursday announced that it garnered more than $3.4 billion of capital across its two latest funds, a financial services-focused private equity fund and a continuation fund.
Expert Analysis
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NY CRE Lenders Need Clarity On Foreclosure Standing
Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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Wachtell-X Ruling Highlights Trend On Arbitrability Question
A growing body of case law, including a California state court's recent decision in X Corp. v. Wachtell, holds that incorporation of specific arbitral body rules in an arbitration provision may in and of itself constitute clear and unmistakable evidence of delegation of arbitrability to an arbitrator, and thus such clauses should be drafted carefully, say attorneys at Norton Rose.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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Adjusting Deals To Reflect Shifts In The CRE Market
As the commercial real estate market strengthens and moves out from a challenging time, industry participants should consider any concessions made due to recent trends and update transaction documents accordingly before entering into new deals, says Alexander Davis at Mayer Brown.
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Opinion
Conflicts Abound When Activist Short-Sellers Publish Reports
The self-serving relationship between activist short-sellers and plaintiff-side litigators is conflict-ridden and hinders the fact finder's impartiality when a short report forms the basis for lead plaintiffs' allegations, say Nessim Mezrahi and Stephen Sigrist at SAR.
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Financing Healthcare Deals In Uncertain Markets This Year
As challenges to closing and financing new deals prevail into 2024, lenders in new healthcare transactions are talking about alternative approaches for sponsors to consider, such as private credit alternatives and utilization of junior capital, say attorneys at McDermott.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.
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Bank-Fintech Partnerships Can Thrive Despite A Tough 2023
Many banking-as-a-service players experienced regulatory enforcement activities in 2023, including consent orders and more targeted, detailed guidance aimed at bank-fintech partnerships, and while it seems this trend will continue in 2024, savvy banks can use the turmoil of last year as a guide for how to better manage the risks inherent in partnerships, says Justin Steffen at Barack Ferrazzano.
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Series
ESG Around The World: South Africa
While South Africa has yet to mandate the reporting of nonfinancial and environmental, social, and corporate governance issues, policy documents and recent legislative developments are likely to have a material impact in the country's transition to a low-carbon economy and in meeting its international obligations, say Glynn Kent at Eversheds Sutherland.
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4 Legal Ethics Considerations For The New Year
As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.
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Corporate Transparency Act Takeaways For Banking Industry
As of Jan. 1, the Corporate Transparency Act requires millions of companies to report the identities of their beneficial owners and applicants to the Financial Crimes Enforcement Network, and this groundbreaking change adds compliance obligations and complexity for lenders, borrowers and investors, says George Singer at Holland & Hart.
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What The Law Firm Of The Future Will Look Like
As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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4 PR Pointers When Your Case Is In The News
Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.