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Mergers & Acquisitions
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November 05, 2024
Trump Media Reports $19M Quarterly Loss On Election Day
The parent of projected Republican presidential winner Donald Trump's social media platform reported a $19.2 million quarterly loss in an Election Day filing Tuesday, the same day trading of its shares were halted three times because of volatility.
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November 05, 2024
Pa. AG Gets Order To Stop Glass Plant Dismantling
The investment-firm parent of kitchenware company Anchor Hocking Holdings can't dismantle a recently shuttered glass plant in Pennsylvania until the state attorney general argues her case that the purchase and closure of the plant may be anticompetitive, according to a court order unsealed Monday.
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November 05, 2024
Bankruptcy Not Delaying NJ Health System's Antitrust Case
A New Jersey federal magistrate judge on Tuesday partly denied CarePoint Health Management's request to delay its antitrust case against RWJBarnabas Health Inc. because of CarePoint's recent bankruptcy filing.
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November 05, 2024
Fubo Defends Block Of Sports Streaming Service At 2nd Circ.
Fubo is defending a New York federal judge's order blocking the launch of a sports-only streaming service from ESPN, Fox and Warner Bros. Discovery at the Second Circuit, telling judges there that competitors wouldn't stand a chance in the sports streaming market without the programming that the three behemoths control.
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November 05, 2024
Shuttered NHL Talent Rep Wants $1.2M Finnish Arb. Suit Nixed
The owner of a now-defunct talent agency that represented professional hockey players has asked a Massachusetts federal judge to toss a $1.2 million lawsuit and said he intends to appeal a decision freezing his assets while the suit from a rival Finland–based management company proceeds in U.S. federal court.
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November 05, 2024
Film Production Services Co. Hits Ch. 11 With Sale Plans
A film production services company owned by embattled private equity firm 777 Partners has filed for Chapter 11 protection in Delaware with $88.9 million in liabilities, blaming the COVID-19 pandemic, Hollywood strikes and its owner's legal and financial troubles.
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November 05, 2024
Lifeway Rejects Danone Buyout, Implements 'Poison Pill'
Illinois-based fermented foods maker Lifeway Foods Inc. said Tuesday it has rejected a roughly $283 million offer from Danone North America PBC to buy the remaining stake it doesn't own in the company, and Lifeway has also implemented a so-called poison pill strategy to prevent Danone from prevailing.
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November 05, 2024
Mayer Brown Lands Paul Hastings PE Atty In Chicago
Mayer Brown LLP is preparing for a possible uptick in mergers and acquisitions work next year with the addition of an experienced private equity attorney in Chicago from Paul Hastings LLP.
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November 05, 2024
Alterra, JP Morgan JV Sells Property Portfolio In $490M Deal
A joint venture between Alterra IOS and institutional investors advised by J.P. Morgan Asset Management on Tuesday announced that it has sold a 51-property portfolio to Peakstone Realty Trust in an off-market transaction valued at $490 million that was built by five law firms.
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November 05, 2024
Simpson Thacher Acquires 'Rising Star' M&A Partner Duo
Simpson Thacher & Bartlett LLP said Tuesday that it has added two new partners in its mergers and acquisitions practice to help the firm keep up with demand for high-end M&A services.
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November 05, 2024
Glazer Sues In Del. For Appraisal In $7.2B Squarespace Deal
Five funds of Glazer Capital LLC sued late Monday for Delaware Court of Chancery appraisal of the investment management firm's more than 2.8 million shares of website builder Squarespace Inc., seeking to better the company's $46.50 per share price for a recently closed take-private acquisition by interests of Permira Advisers LLC.
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November 05, 2024
Atos Inks Deal To Sell Worldgrid Biz To Alten At €270M Value
French information technology company Atos said Tuesday it has agreed to sell its Worldgrid business at an enterprise value of €270 million ($294 million) to Alten, an engineering and technology consulting firm also based in France, nearly five months after disclosing that the deal was in the works.
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November 05, 2024
Emerson Eyes Remaining AspenTech Shares At $15.1B Value
Emerson Electric said Tuesday it has proposed to buy the remaining shares of AspenTech common stock it does not already own for $240 per share in cash, an offer that would give the industrial software company a $15.1 billion enterprise value.
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November 05, 2024
On The Ground: How Attorneys Safeguarded The Election
Attorneys worked tirelessly Tuesday to support citizens and election workers on the final day of voting in one of history's most contentious presidential contests.
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November 05, 2024
EQT Makes $1.4B Takeover Offer For Component Distributor
Swedish private equity firm EQT AB unveiled a $1.4 billion take-private bid for machinery component distributor OEM International AB on Tuesday after securing shareholders' backing for the takeover offer.
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November 05, 2024
UK Could Clear £16.5B Vodafone-Three Deal After Fixes
The Competition and Markets Authority said Tuesday that it could wave through a proposed £16.5 billion ($21.4 billion) merger between Vodafone Group PLC and the telecommunications networks of Three UK if they commit to investing in infrastructure and protecting customers.
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November 04, 2024
Del. Judge To Approve Avante Ch. 11 Financing
A Delaware bankruptcy judge Monday agreed to approve debtor-in-possession financing for Jordan Health, the corporate parent of medical equipment service provider Avante Health, after the debtor and DIP lender struck a deal with the official committee of unsecured creditors.
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November 04, 2024
Door Factory Buyer Wants To Defend Deal In Antitrust Case
The proposed buyer of a door-skin manufacturing plant asked a Virginia federal court for permission to intervene in the private antitrust case that led to a landmark order forcing Jeld-Wen to unload the factory.
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November 04, 2024
Nextdoor Inc. Investors Sue After De-SPAC Stock Drop
Investors in a special purpose acquisition company that took neighborhood network app Nextdoor Inc. public at a $4.3 billion valuation in July 2021 have sued the SPAC's sponsors and founding directors for damages in Delaware's Court of Chancery, accusing architects of the deal of overvaluing the business.
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November 04, 2024
Asia-Pacific Helped Prop Up Q3 M&A Activity, Report Says
Mergers and acquisitions in the Asia-Pacific region hit numbers during the third quarter this year that haven't been seen since 2021's dealmaking heyday, helping to boost global figures amid mixed performances in the U.S. and Europe, S&P Global found in a recent report.
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November 04, 2024
Sports Collectibles Co. Sued For Books And Records
An early investor in a sports collectibles seller sued the company in Delaware's Chancery Court demanding access to its books and records, saying that its failure to comply with U.S. Securities and Exchange Commission reporting requirements in the wake of struggles following its 2023 acquisition "raises performance concerns."
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November 04, 2024
Vinson & Elkins Adds Simpson Thacher Atty As M&A Co-Head
Vinson & Elkins LLP has brought on a veteran mergers and acquisitions lawyer as a New York-based co-head of strategic M&A, the firm said Monday.
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November 04, 2024
Federal Trade Commission Atty Returns To Katten In DC
An attorney who spent more than a decade at the Federal Trade Commission has returned to private practice at Katten Muchin Rosenman LLP, where he began his legal career, boosting the firm's offerings for clients as they navigate increased antitrust scrutiny and enforcement.
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November 04, 2024
Bell Canada Paying $3.65B For US Internet Co. Ziply Fiber
Bell Canada has agreed to acquire U.S. internet provider Ziply Fiber for approximately CA$5 billion ($3.65 billion), Bell parent company BCE Inc. said Monday.
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November 04, 2024
Paul Hastings Adds NY Finance Atty From Winston & Strawn
Paul Hastings LLP announced Monday that it has added a leveraged finance lawyer from Winston & Strawn LLP as a partner in New York to strengthen its private equity and mergers and acquisitions platforms.
Expert Analysis
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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.
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SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early
After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.