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Mergers & Acquisitions
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February 17, 2025
UK Healthcare Property Biz Assura Rejects £1.6B KKR Bid
Primary care property developer Assura PLC has snubbed a £1.6 billion ($2 billion) proposed takeover approach from KKR and a U.K. pensions provider, the U.S. private equity firm said on Monday.
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February 14, 2025
FTC Political Appointees Told To Break Up With 'Leftist' ABA
Federal Trade Commission Chair Andrew N. Ferguson told agency staff in a letter that political appointees cannot hold leadership positions in the American Bar Association, attend its events or renew their memberships, citing the ABA's "leftist advocacy and its recent attacks" on the Trump administration's agenda.
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February 14, 2025
Joy Dish Soap Deal Caused $12M Loss, Manufacturer Claims
Alleging $12 million in losses, Michigan-based manufacturer N.V. Labs Inc., which does business as the Reforma Group, has sued Connecticut private equity firm Piney Lake Capital Management LP on allegations it dirtied a deal to produce Joy dish soap through a subsidiary after buying the brand from Procter & Gamble.
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February 14, 2025
'Not For Sale': OpenAI Rebuffs Musk's $97.4B Takeover Bid
The board of directors for OpenAI voted unanimously on Friday to reject a $97.4 billion offer from Elon Musk and a consortium of investors to buy the artificial intelligence platform, with the board chair saying in a statement, "OpenAI is not for sale."
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February 14, 2025
Trump Aims To End Limits On President's Power To Fire
President Donald Trump has his sights set on taking down a 90-year-old U.S. Supreme Court ruling that protects certain government officials from being fired, a U.S. Department of Justice letter confirms, and he plans to leverage his prior legal victories to deliver the precedent's death knell and expand presidential power.
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February 14, 2025
New Delisting Rules Shorten Leash For Distressed Companies
Distressed companies should take heed of new stock exchange rules that are likely to accelerate delistings for stocks that trade below minimum requirements, particularly targeting businesses that rely on reverse stock splits to inflate their share prices, attorneys say.
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February 14, 2025
Wachtell Reps Seagate On $119M Deal For Intevac
Mass-capacity data storage innovator Seagate Technology Holdings PLC, advised by Wachtell Lipton Rosen & Katz, has agreed to buy thin-film processing systems supplier Intevac Inc., led by Wilson Sonsini Goodrich & Rosati PC, in an all-cash deal valued at $119 million.
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February 14, 2025
Owens Corning Sells Glass Reinforcements Biz For $755M
Residential and commercial building products business Owens Corning, advised by Baker McKenzie, on Friday announced that it has agreed to sell its glass reinforcements business to India-based Praana Group, advised by Greenberg Traurig LLP, at an enterprise value of $755 million.
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February 14, 2025
Simpson Guides KKR On $850M-Plus Real Estate Credit Fund
Global investment giant KKR, advised by Simpson Thacher & Bartlett LLP, announced on Friday it had clinched its second opportunistic real estate credit fund, raising over $850 million for a dedicated strategy of investments in senior loans and real estate securities in the U.S. and Western Europe.
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February 14, 2025
Kirkland-Led Bain Buys Facilities Manager From PAI Partners
Private equity firm Bain Capital, which is being advised by Kirkland & Ellis LLP, will buy Apleona, a German facilities manager, from France's PAI Partners, the two companies said Friday.
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February 13, 2025
Del. Lawmakers Told Admin Response To Biz Unrest Looms
Delaware's new secretary of state told lawmakers Thursday that news is imminent regarding the state's responses to reports that companies are considering moving their charters following purportedly negative rulings in high-profile corporate lawsuits.
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February 13, 2025
Chancery OKs Appraisal Suit Fix For Sears Damage Ruling
A Sears Hometown Stores investor that saw its Delaware Court of Chancery share appraisal suit tanked by the company's bankruptcy in 2019 won a $4.06 per share payout ruling Thursday in a Court of Chancery decision focused on fair price and full and incremental damage claims.
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February 13, 2025
Clark Hill Adds Ex-Gordon Rees Corporate Atty In Pittsburgh
A corporate attorney looking to expand resources for his private investment clients has moved his practice to Clark Hill PLC's Pittsburgh office after nearly three years with Gordon Rees Scully Mansukhani LLP.
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February 13, 2025
Musk's $97B OpenAI Bid Dubbed A 'Stunt' Amid Other Rumors
After a Wall Street Journal report on Monday revealed that a consortium of investors led by Elon Musk was offering $97.4 billion to buy the nonprofit that controls OpenAI, rumors began to swirl regarding the true intentions behind the billionaire's bid.
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February 13, 2025
White & Case Environmental Partner Moves To Weil In NY
Weil Gotshal & Manges LLP announced Thursday that it has hired a White & Case LLP environmental law partner for its regulatory transactions group in New York.
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February 13, 2025
Musk Says He'll Drop OpenAI Bid If It Scraps 'For Profit' Plans
Elon Musk has hit back at OpenAI's claim that his $97.375 billion takeover bid is improper, noting if the ChatGPT maker agrees to nix plans to become a for-profit business, his offer will be dropped.
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February 13, 2025
Nissan-Honda Merger Talks End After Honda Pivots On Terms
Nissan and Honda said Thursday they are terminating merger discussions that could have created a global car-making powerhouse, with Nissan disclosing that the talks were ceased after Honda proposed an alternative structure that would have made Honda the parent.
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February 13, 2025
Travers, Foley Lead Steve Madden On £289M Kurt Geiger Deal
U.S. footwear and accessories brand Steve Madden, which was being guided by Travers Smith LLP and Foley & Lardner LLP, said Thursday that it plans to buy U.K. rival Kurt Geiger from a consortium led by the Cinven private equity group for £289 million ($361 million) to expand in international markets.
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February 13, 2025
Kirkland, Davis Polk Steer SailPoint's Upsized $1.38B IPO
Private equity-backed cybersecurity firm SailPoint began trading Thursday following an upsized $1.38 billion initial public offering that priced at the top of its range, represented by Kirkland & Ellis LLP and underwriters' counsel Davis Polk & Wardwell LLP, marking its return to public markets three years after being taken private.
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February 13, 2025
UK Greenlights PE Biz's £840M Deal For Workplace E-Trainer
Workplace training provider Learning Technologies Group PLC said Thursday the U.K. government has approved its planned £836 million ($1 billion) sale to a subsidiary of private equity group General Atlantic.
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February 12, 2025
OpenAI Says Musk Takeover Bid 'Exposes' Intent Behind Suit
OpenAI on Thursday told a California federal judge overseeing Elon Musk's lawsuit seeking to block OpenAI from becoming a for-profit enterprise that the Tesla founder has proposed acquiring OpenAI's business, saying the takeover effort reveals Musk's lawsuit to be "an improper bid to undermine a competitor."
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February 12, 2025
Bausch Health Beats Suit Over 'Faking' Financial Stability
Pharmaceutical company Bausch Health Cos. Inc. and its top brass have beaten, for now, a proposed class action accusing them of misleading shareholders about threats to the company's financial stability, with a New Jersey federal judge finding Wednesday that most of the challenged statements in the complaint are inactionable.
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February 12, 2025
Willkie DQ'd Out Of Franchise Group Ch. 11
A Delaware bankruptcy judge Wednesday denied retail chain operator Franchise Group Inc.'s request to retain Willkie Farr & Gallagher LLP in its Chapter 11, saying issues stemming from a transaction it worked on before the bankruptcy are too central to the company's reorganization plans.
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February 12, 2025
Roofing Co. Buyout Bid Heats Up With Board, Antitrust News
QXO kept up a pressure campaign against Beacon Roofing Supply Inc. on Wednesday amid a hostile takeover bid, as the technology and software company unveiled a slate of nominations to Beacon's board and announced it had received antitrust clearance from regulators in the U.S. and Canada.
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February 12, 2025
House Antitrust Chair Wants To Override Merger Overhaul
The head of the House antitrust subcommittee, Rep. Scott Fitzgerald, R-Wisc., introduced a bill Tuesday that would unwind the newly in-effect overhaul to merger filing requirements that practitioners say will significantly increase upfront burdens but that the Federal Trade Commission's Republican leadership has argued will lower costs.
Expert Analysis
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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PE Firms Should Prepare For Increased False Claims Scrutiny
The impact private equity firms may have over medical decisions and care is increasingly attracting potential liability under the False Claims Act and attention from states and the federal government, so investors should follow best practices including conducting due diligence both before and after acquisitions, say attorneys at K&L Gates.
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Navigating Antitrust Considerations In ESG Collaborations
The intersection of ESG goals and antitrust laws presents a complex challenge for businesses and their counsel — but by creating clear frameworks for collaboration, adhering to established guidelines and carefully considering the competitive implications of their actions, companies can work toward sustainability while mitigating legal risks, say attorneys at Morgan Lewis.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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FTC Focus: Private Equity Investments In Healthcare
As the Federal Trade Commission is tightening its scrutiny of private equity investment in healthcare, the agency is finding novel grounds to challenge key focus areas, including rollup acquisitions, the flip-and-strip approach and minority investments in rival providers, say attorneys at Proskauer.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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How 5 States' Deal Notification Laws Are Guiding Healthcare
Healthcare transaction notification laws at various stages of implementation in California, Illinois, Indiana, Oregon and Washington are shaping sector mergers and acquisitions, with significant transparency, continuity of care and compliance implications as providers tackle complex regulatory requirements, says Melesa Freerks at DLA Piper.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Opinion
OFAC Sanctions Deserve To Be Challenged Post-Chevron
The U.S. Supreme Court's Loper Bright decision opens the door to challenges against the Office of Foreign Assets Control's sanctions regime, the unintended consequences of which raise serious questions about the wisdom of what appears to be a scorched-earth approach, says Solomon Shinerock at Lewis Baach.
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Behind The Delay Of Final HSR Premerger Filing Rules
Erin Toomey at Epiq discusses the wait for the final version of the revised Hart-Scott-Rodino premerger filing requirements that were first introduced in June 2023, the factors that might be behind the delay, and how to plan for the potential data-focused rule change
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Why FDIC Banks May Want To Consider Fed Membership
With the Federal Deposit Insurance Corp. recently ratcheting up bank supervision and proposing idiosyncratic new policies, state-chartered nonmember banks may want to explore the benefits of becoming Federal Reserve members and consider practical steps to make the switch, say Max Bonici and Connor Webb at Venable.
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Opinion
The FTC Needs To Challenge The Novo-Catalent Deal
Novo's acquisition of Catalent threatens to substantially lessen competition in the manufacturing and marketing of GLP-1 diabetes and obesity drugs, and the Federal Trade Commission should challenge it under a vertical theory of harm, as it aligns with last year's merger guidelines and the Fifth Circuit decision in Illumina, says attorney David Balto.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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Preparing For Increased Scrutiny Of Tech Supply Chains
The U.S. Department of Commerce's recent action prohibiting sales of a Russia-based technology company's products in the U.S. is the first determination under the information technology supply chain rule, and signals plans to increase enforcement of protections that target companies in designated foreign adversary jurisdictions, say attorneys at Debevoise.