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Mergers & Acquisitions
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November 13, 2024
Connecticut Atty Frees AAA From Firm Break-Up Spat
Connecticut attorney Andrew P. Garza has removed the American Arbitration Association as a defendant from a lawsuit seeking to block his former 50-50 partner Ryan C. McKeen from arbitrating a dispute about their law firm's breakup, according to a withdrawal notice filed Tuesday in state court.
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November 13, 2024
Cadwalader Brings New Partner To Corp. Team From Kirkland
Cadwalader Wickersham & Taft LLP announced Tuesday that it had hired an adviser to companies and private equity funds from Kirkland & Ellis LLP, touting her experience in complex business transactions.
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November 13, 2024
Rivian Stock Electrified As $5.8B VW Deal Set Into Motion
Rivian Automotive's stock got a jolt of energy Wednesday after the electric vehicle maker and Volkswagen Group said they were launching a joint venture worth up to $5.8 billion.
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November 13, 2024
FTC Antitrust Case Against Meta Is Heading To Trial
A D.C. federal court ruled Wednesday that Meta will have to face trial on the Federal Trade Commission's claims that the Facebook parent company monopolized personal social networking through its acquisitions of Instagram and WhatsApp.
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November 13, 2024
7-Eleven Exec Throws Hat In Ring With Buyout Bid
The parent of 7-Eleven said Wednesday it has received a nonbinding bid from an executive and one of his companies, at a reported $11 billion premium over a prior $47 billion takeover offer from Canada's Alimentation Couche-Tard Inc.
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November 13, 2024
Just Eat To Sell US Biz To Rival Delivery Co. At $6.5B Loss
Just Eat said Wednesday that it has agreed to offload Grubhub to rival online food delivery company Wonder Group for $650 million — a $6.5 billion loss from the purchase price in 2020 at the height of the COVID-19 pandemic.
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November 12, 2024
Shuttered NHL Talent Rep Appeals Asset Freeze To 1st Circ.
The owner of a now-defunct talent agency that represented professional hockey players is asking the First Circuit to overturn a ruling that froze his assets while a suit from a rival Finland-based management company proceeds in Massachusetts federal court.
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November 12, 2024
3 Firms Guide Rare Canadian IPO Eyed By Groupe Dynamite
Canadian women's clothing retailer Groupe Dynamite Inc. has launched plans for an estimated C$300 million ($215 million) initial public offering, marking a rare Canadian listing under guidance from three law firms.
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November 12, 2024
Tempur Sealy Merger 'Surprisingly Bold,' Competitor Testifies
The CEO of a Utah-based mattress company told a Houston federal judge Tuesday that Tempur Sealy's proposed remedies under its $4 billion planned Mattress Firm purchase were "surprisingly bold" as the Federal Trade Commission began its case in opposition of the merger.
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November 12, 2024
Hertz Investors Urge Chancery Not To Toss Stock Warrant Suit
An attorney for two Hertz Inc. institutional investors told a Delaware judge Monday that the vehicle rental giant relied on an impermissible reinterpretation of a warrant agreement to reject a redemption demand purportedly triggered by the company's post-Chapter 11 recapitalization.
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November 12, 2024
Truth Social Sponsor's Shares Mostly Gone, Del. Court Told
An attorney for the former CEO of a company central to the public stock listing of Donald Trump's social media platform told a Delaware vice chancellor Monday only 45,000 shares remain available from an 8.1 million share founders' stake now at the center of multiple suits in multiple courts.
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November 12, 2024
Cardinal Health, Endeavor Group Top Veterans Day M&A Deals
While banks and federal offices were closed on Monday for Veterans Day, some companies were busy at work announcing various M&A transactions, including Cardinal Health's plan to pay a total of $3.9 billion to acquire two separate companies and Endeavor Group's sale of OpenBet and IMG Arena for $450 million.
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November 12, 2024
Trump's 'Pro-Business' Agenda Could Be A Boon For M&A
President-elect Donald Trump's "pro-business" priorities and an anticipated relaxation of antitrust scrutiny are expected to boost mergers and acquisitions activity, but his tariff plan may have mixed results across sectors — and select deals could be subject to his "unpredictability," attorneys told Law360.
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November 12, 2024
Proskauer Brings On NY Corporate Duo From Ropes & Gray
Proskauer Rose LLP has added two new corporate lawyers to its New York office, saying the former Ropes & Gray LLP pair's experience with distressed and special situations will be an asset to Proskauer's mergers and acquisitions team.
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November 12, 2024
Morgan Lewis M&A Pro Jumps To Baker Botts In Palo Alto
Baker Botts LLP has hired an attorney who previously worked at Morgan Lewis & Bockius LLP, Winston & Strawn LLP and other firms to bolster its mergers and acquisitions practice on the West Coast.
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November 12, 2024
DOJ Suing To Block UnitedHealth Unit's $3.3B Amedisys Deal
The U.S. Department of Justice and four U.S. states filed a lawsuit Tuesday seeking to block UnitedHealth Group's Optum unit from going through with its planned $3.3 billion purchase of Amedisys Inc., arguing the deal will harm competition in the home health and hospice services.
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November 12, 2024
Elliott Reveals $5B Honeywell Holding, Calls For Change
Elliott Investment Management LP said Tuesday it has amassed a $5 billion stake in Honeywell International Inc. as the firm pushed the industrial conglomerate to separate itself into two independent companies.
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November 12, 2024
Arthur Cox-Led Kerry Group To Sell Dairy Biz For €500M
Food flavorings business Kerry Group said Tuesday that it has agreed to sell its dairy foods subsidiary Kerry Dairy Ireland to its affiliate Co-Op for €500 million ($530 million) in a deal guided by Arthur Cox LLP and McCann FitzGerald LLP.
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November 12, 2024
Brookfield To Sell German, Dutch Assets Of Tritax To Segro
British real estate investment trust Segro said Tuesday that it had reached a deal with Brookfield to buy parts of Tritax EuroBox PLC after Brookfield completes a £557 million ($728 million) proposed acquisition of Tritax, a logistics property investor.
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November 11, 2024
AI-Focused Semiconductor Maker Puts SPAC Deal On Hold
Sivers Semiconductors AB said Monday that it has paused the proposed merger of its laser semiconductor subsidiary with special purpose acquisition company byNordic Acquisition Corp., because of the market conditions for small cap companies in the U.S.
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November 11, 2024
Clifford Chance Leads £207M Swiss Bourse Bid For UK's Aquis
Aquis Exchange PLC said Monday that it has backed a £207 million ($267 million) cash offer from Swiss bourse operator SIX Exchange Group AG, a deal that will hand over London's challenger stock market to a foreign buyer.
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November 08, 2024
1st Circ. Affirms Order Ending Jet Blue-American Partnership
The First Circuit backed a lower court decision blocking a partnership between JetBlue and American Airlines that it found substantially diminished competition in the domestic air travel market, saying it found no error in the district judge's thorough review of the deal that could revive the venture.
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November 08, 2024
Kustom Entertainment's $222M SPAC Merger Goes Kaput
Blank-check company Clover Leaf Capital is terminating its planned merger with live entertainment organizer Kustom Entertainment Inc., according to a Friday announcement.
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November 08, 2024
Experienced Dealmakers Lead 3 SPACs Raising $365M Total
Three special purpose acquisition companies began trading Friday after pricing initial public offerings that raised $365 million combined under guidance from four law firms, marking the latest sign that more SPACs, particularly those with prior deals under their belts, are willing to test an improving market.
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November 08, 2024
Astrana Health Acquires Prospect Health In $745M Deal
Healthcare company Astrana Health Inc., advised by Russ August & Kabat LLP, on Friday announced plans to buy integrated care delivery system Prospect Health System, led by Sheppard Mullin Richter & Hampton LLP, in a $745 million deal meant to ensure that health care remains local and personalized for patients across four states.
Expert Analysis
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How BIS' Rule Seeks To Encourage More Voluntary Disclosure
Updated incentives, penalties and enforcement resources in the Bureau of Industry and Security's recently published final rule revising the Export Administration Regulations should help companies decide how to implement export control compliance programs and whether to disclose possible violations, say attorneys at Freshfields.
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.
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Harris Unlikely To Shelve Biden Admin's Food Antitrust Stance
A look at Vice President Kamala Harris' past record, including her actions as California attorney general, shows why practitioners should prepare for continued aggressive antitrust enforcement, particularly in the food and grocery industries, if Harris wins the presidential election, says Steve Vieux at Bartko.
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Opinion
This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Series
Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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John Deere Penalty Shows Importance Of M&A Due Diligence
The U.S. Securities and Exchange Commission's recent $10 million penalty against John Deere underscores the risks of not conducting robust preacquisition due diligence and not effectively integrating a new subsidiary into the existing compliance framework, say attorneys at Ropes & Gray.
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8 Issues AI Firms May Encounter As M&A Action Accelerates
As the AI merger climate heats up, potential complications may arise, including antitrust scrutiny, talent retention agreements, and aggressive and protective deal terms intended to compensate for lofty valuations, say Scott Schwartz and Kishan Barot at Manatt.
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Series
Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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Del. Dispatch: Cautionary Tales Of 2 Earnout Effort Breaches
The Delaware Court of Chancery's tendency to interpret earnout provisions precisely as written, highlighted in two September rulings that found buyers breached their shareholder obligations when they failed to make reasonable efforts to hit certain product development milestones, demonstrates the paramount importance of precisely wording these agreements, say attorneys at Fried Frank.
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Building US-Japan Relationships In The M&A Market
The prospect of U.S.-Japanese mergers and acquisitions presents stronger competition to U.S. investors in the global M&A markets, while also opening up an additional exit route for sellers looking to offload strategic assets, says Nick Wall at A&O Shearman.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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Key Takeaways From DOJ's New Corp. Compliance Guidance
The U.S. Department of Justice’s updated guidance to federal prosecutors on evaluating corporate compliance programs addresses how entities manage new technology-related risks and expands on preexisting policies, providing key insights for companies about increasing regulatory expectations, say attorneys at Debevoise.
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How Lucia, Jarkesy Could Affect Grocery Merger Challenge
While the Federal Trade Commission is taking a dual federal court and administrative tribunal approach to block Kroger's merger with Alberstons, Kroger's long-shot unconstitutionality claims could potentially lead to a reevaluation of the FTC's reliance on administrative processes in complex merger cases, say attorneys at Saul Ewing.