Mergers & Acquisitions

June 27, 2024
AbbVie Buys Bowel Disease Biotech Celsius For $250M

Chicago-based pharmaceutical company AbbVie said Thursday it has acquired Celsius Therapeutics Inc., a privately held clinical-stage biotechnology company developing therapies for patients with inflammatory disease, for $250 million.
June 27, 2024
Deals Rumor Mill: Boeing, Blackstone, Bosch

Boeing offers $4 billion for parts maker Spirit AeroSystems, Blackstone could sell Legence at up to $5 billion value, and Bosch mulls a bid for Whirlpool. Here, Law360 breaks down the notable deal rumors from the past week.
June 27, 2024
Free-Speech Orgs Tell DC Circ. TikTok Ban Is Prior Restraint

A collection of free speech and press groups has urged the D.C. Circuit to strike down Congress' TikTok sale-or-ban law, calling the statute a "direct and serious threat" to First Amendment freedoms in an amicus brief.
June 27, 2024
Boeing Settles Suit Claiming NC Fund Ransomed Plane Parts

The Boeing Co. and the private investment firm it accused of forcing a new supply contract under false pretenses before raising prices for aircraft parts by more than 300% have agreed to settle their dispute, according to a new notice filed in North Carolina federal court.
June 27, 2024
Honeywell Says Sourcing Co. Backpedaled On Supply Deal

Honeywell has accused a sourcing company of trying to claw its way out of a contract to buy medical-grade gloves by fabricating quality concerns and launching a bogus recall in an allegedly underhanded way to make itself more appealing to potential buyers.
June 27, 2024
Sichenzia Ross Guiding Fuel Cell Co. On $130M SPAC Merger

Sichenzia Ross Ference Carmel LLP is advising Infintium Fuel Cell Systems Inc. on a newly inked blank-check company consolidation deal that values the hydrogen fuel cell technology provider at $130 million.
June 27, 2024
Kirkland, V&E Build $2.55B Sale Of Uinta Basin Assets

SM Energy Company, advised by Kirkland & Ellis LLP, on Thursday unveiled plans to acquire the Uinta Basin oil and gas assets from private equity-backed XCL Resources LLC, led by Vinson & Elkins LLP, for an unadjusted purchase price of $2.55 billion, then sell an undivided 20% of those assets to Kirkland-led Northern Oil and Gas for $510 million.
June 27, 2024
Nokia To Sell Submarine Network To France In $375M Deal

Skadden-led Nokia said Thursday it has agreed to sell submarine network business Alcatel Submarine Networks, or ASN, to the French state at an enterprise value of €350 million ($375 million).
June 27, 2024
Vista Delays Czech Deal Vote In Light Of $3.2B MNC Bid

Vista Outdoor Inc. said Thursday it will postpone a special meeting of stockholders to vote on the sale of part of its business to a Czech defense group in light of a new $3.2 billion buyout offer from Dallas-area private equity shop MNC Capital Partners LP.
June 27, 2024
Freshfields Helps Saint-Gobain Seal $1B Deal For Dubai Biz

Saint-Gobain said Thursday that it will buy Dubai-headquartered Fosroc for $1.025 billion in cash as it looks to boost its worldwide presence in the construction chemicals market.
June 26, 2024
Judge Denies ConvergeOne Lenders' Bid To Halt Ch. 11 Plan

A Texas federal judge has rejected a request by a group of ConvergeOne lenders to stay a bankruptcy court's order approving an equity rights offering included in the information technology company's Chapter 11 plan, ending the spurned lenders' challenge to a deal they claimed ran afoul of bankruptcy rules.
June 26, 2024
Six Flags, Cedar To Close $8B Merger Following DOJ OK

Six Flags Entertainment Corp. and Ohio-based amusement park peer Cedar Fair LP have cleared regulatory scrutiny from the U.S. Department of Justice, paving the way for a July 1 closing of the two companies' previously announced blockbuster $8 billion merger.
June 26, 2024
Olo Moots Investor's Chancery Suit By Axing Free Takeover

Directors of New York-based online food-ordering venture Olo have mooted a proposed class challenge to a company stock buyback program by effectively barring moves that would give the company's top investor majority control of the business, Delaware's chancellor ruled on Monday.
June 26, 2024
Investor Appeals Chancery Toss Of $2.4B SPAC Deal Suit

A stockholder of the blank-check company that took electric vehicle company Canoo Holdings Ltd. public in March 2021 has appealed to the Delaware Supreme Court the dismissal of his proposed Delaware Court of Chancery class action challenging the $2.4 billion deal.
June 26, 2024
Akerman Adds Foley Hoag Corporate Atty In DC

Akerman hired a competition counsel from Foley Hoag LLP in Washington who spent the past four and half years representing clients in a range of antitrust matters.
June 26, 2024
FCC Allows Foreign Stake In Montana Telecom After Review

The Federal Communications Commission is allowing a pair of foreign nationals to move forward with their acquisition of Montana telecommunications company iSmart and its multinational parent, saying the federal government concluded a national security review of the transfer and that iSmart's parent company, Truphone, satisfied requirements from a 2022 consent decree it entered with the FCC.
June 26, 2024
$10B AIR-Blackstone Deal Set To Close After Investor Nod

Denver-based Apartment Income REIT Corp.'s shareholders have approved an agreement to sell off the real estate investment trust to private equity giant Blackstone for $10 billion, paving the way for its close within the next several days.
June 26, 2024
Haleon To Sell Nicotine Replacement Biz For Up To £500M

Haleon PLC said Wednesday that it will sell its nicotine replacement business outside the U.S. to Indian pharmaceutical group Dr. Reddy's Laboratories for up to £500 million ($632 million) to streamline its business.
June 26, 2024
MNC Capital Makes 'Final' $3.2B Offer For Vista Outdoor

MNC Capital Partners LP said Wednesday it has bumped up its all-cash offer to buy Vista Outdoor Inc. to $42 per share, or about $3.2 billion, in its final bid to scoop up the sporting goods maker.
June 26, 2024
Zurich To Acquire AIG's Travel Insurance Biz For $600M

Zurich Insurance Group said Wednesday that it will buy the personal travel insurance business from U.S. financial group AIG for $600 million to help the Swiss insurer to become a leading provider of holiday cover in the U.S.
June 25, 2024
Disney Must Face Trimmed ESPN Streaming Fee Antitrust Suit

A California federal judge on Tuesday threw out some antitrust claims in a sprawling proposed class action over Disney's ESPN livestreaming carriage agreements, although he permitted other portions of the suit to proceed, finding that consumers have adequately alleged Disney's actions could have hobbled competition.
June 25, 2024
SEC Accuses Ex-CEOs Of Duping Market In $138M Offering

The U.S. Securities and Exchange Commission on Tuesday reached a $1 million deal with a company allegedly involved in a market manipulation scheme and also brought claims against the two former CEOs who allegedly led the scheme, which fraudulently raised $137.5 million from investors, according to the regulator.
June 25, 2024
Sarissa Capital, Founder Settle Bioverativ Suit In Del. For $40M

Remaining parties in a Delaware Court of Chancery class action over the $11.6 billion sale of biotech venture Bioverativ Inc. to Sanofi Inc. in 2018 have agreed to settle their outstanding claims for $40 million in cash, according to a stipulation filed with the court Tuesday.
June 25, 2024
Chancery Tentatively OKs $15.5M Lordstown SPAC Suit Deal

A $15.5 million class settlement for a stockholder suit that challenged the special-purpose acquisition company deal that took Lordstown Motors Inc. public won tentative Delaware Court of Chancery approval Tuesday, conditioned on confirmation of one expense claim.
June 25, 2024
Rocket Co. Shareholders Sue For Info On Take-Private Deal

Two Astra Space Inc. shareholders sued the satellite launch company seeking records concerning a take-private deal that has valued company stock at a discount, voicing suspicions that the merger was approved to squeeze out minority shareholders.

Expert Analysis

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.
SEC Case May Expand Scope Of Insider Trading Liability

The U.S. Securities and Exchange Commission's first-of-its-kind enforcement action against an individual in a case involving "shadow trading" demarcates an expansion of insider trading liability to circumstances in which there is a market connection between the source of information and the issuer of the securities traded, say attorneys at Steptoe.
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.
The Year Ahead In Foreign Investment And National Security

In 2024, expect the Committee on Foreign Investment in the United States, already at the forefront of addressing national security threats, to increase monitoring and enforcement related to outbound investment, focus on supply chain resilience in nondefense sectors, and heighten oversight of agricultural transactions, say attorneys at Holland & Knight.
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.
Antitrust Enforcement Initiatives To Watch In 2024

The U.S. Department of Justice is likely to prioritize information-sharing prosecutions in 2024, following last year's withdrawal of safe harbors, as well as labor market enforcement after trial losses forced a pullback in 2023, say attorneys at Fried Frank.
Law Firm Strategies For Successfully Navigating 2024 Trends

Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
The Most-Read Legal Industry Law360 Guest Articles Of 2023

A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
What The 2023 Bank Failures Taught Us, And What's To Come

As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
Trends Shaping The 2024 Consumer Packaged Goods Industry

The better-for-you segment within the consumer packaged goods industry is poised for a significant evolution in 2024, and industry players must remain agile and adaptive through M&A activities, legal considerations, sustainability initiatives and changing technology, says Christopher Cain at Foley & Lardner.
Attorneys' Busiest Times Can Be Business Opportunities

Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
In The World Of Legal Ethics, 10 Trends To Note From 2023

Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.
Del. Dispatch: The 2023 Corporate Cases You Need To Know

Corporate and mergers and acquisitions litigation has continued at a fevered pace this year, with the Delaware courts addressing numerous novel issues with important practical implications, including officer exculpation and buyer aiding-and-abetting liability, say attorneys at Fried Frank.
How Attorneys Can Be More Efficient This Holiday Season

Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
Exploring Middle-Market M&A Trends In 2023 And Beyond

Middle-market merger and acquisition activity this year was affected by a number of economic, legal and regulatory shifts, with certain trends pointing to favorable transaction conditions in 2024, say Jason Brauser and William Goodling at Stoel Rives.