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Mergers & Acquisitions
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August 20, 2024
Steward Health, Landlord Spar Over Ch. 11 Hospital Sales
Bankrupt hospital operator Steward Health Care has filed an adversary suit against the landlord for 30 of its hospitals, Medical Properties Trust, saying the landlord is throwing a wrench in the sale process for the facilities and trying to hoover up all the proceeds.
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August 20, 2024
Forward Air Investor Urges Co. To Evaluate Sale Options
Forward Air Corp. top-10 shareholder Ancora Holdings Group LLC on Tuesday urged the asset-light transportation services provider's board of directors to evaluate "any and all" strategic alternatives after Forward Air's $3.2 billion merger with Omni Logistics LLC "wiped out a tremendous amount" of shareholder value.
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August 20, 2024
Ex-Execs Defend $59.7M Transfer Amid Asbestos Suits
A Chapter 7 bankruptcy trustee's lawsuit claiming that former engineering company executives improperly transferred $59.7 million amid high-dollar asbestos claims is fatally flawed and the defendants did not do anything wrong, according to a filing in Connecticut federal court.
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August 20, 2024
Ex-Kirkland PE Partner Joins Freshfields In Silicon Valley
Freshfields Bruckhaus Deringer LLP announced Tuesday that a longtime Kirkland & Ellis LLP private equity attorney has joined the firm's Silicon Valley office as a partner in what's been one of its fastest growing practice groups over the last few years.
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August 20, 2024
A Deep Dive Into Law360 Pulse's 2024 Women In Law Report
The legal industry continues to see incremental gains for female lawyers in private practice in the U.S., according to a Law360 Pulse analysis, with women now representing 40.6% of all attorneys and 51% of all associates.
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August 20, 2024
These Firms Have The Most Women In Equity Partnerships
The legal industry still has a long way to go before it can achieve gender parity at its upper levels. But these law firms are performing better than others in breaking the proverbial glass ceiling that prevents women from attaining leadership roles.
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August 20, 2024
Catching Up With Delaware's Chancery Court
A nearly record-breaking attorney fee got the nod in Delaware last week, along with Chancery Court settlements involving an international private jet service and a chain of trampoline parks. New disputes involved a famous burger restaurant chain, a computer-chip maker, a now-defunct genomic science company, and a historic manor house in west London.
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August 20, 2024
Alaska, Hawaiian Airlines Clear DOJ Review Of $1.9B Deal
Alaska Airlines said Monday that the deadline for the U.S. Department of Justice to complete the review of its planned $1.9 billion merger with Hawaiian Airlines has expired, paving the way for the closure of the deal after the DOJ's deadline had been extended several times.
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August 20, 2024
Clifford Chance 'In Shock' Over Missing Partner
Clifford Chance said Tuesday that it is "in shock and deeply saddened" that a partner is among six passengers missing from a yacht that was reportedly chartered to celebrate the legal victory of technology entrepreneur Mike Lynch.
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August 20, 2024
J&J Boosting Cardio Portfolio With Up To $1.7B V-Wave Buy
Johnson & Johnson said Tuesday it has agreed to acquire V-Wave Ltd., the maker of an implant device that aims to treat heart failure, for up to $1.7 billion as it looks to bolster its cardiovascular disease portfolio.
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August 20, 2024
EU OKs CMS-Led Aareal Bank To Sell Unit To TPG For €3.9B
The European Union approved on Tuesday the sale for approximately €3.9 billion ($4.3 billion) by German lender Aareal Bank AG and investment company Advent International of a property management and maintenance software company to U.S. private equity firm TPG and Canada's CDPQ.
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August 19, 2024
Mike Lynch, Clifford Chance Pro Among Missing After Yacht Sinks
Former Autonomy CEO Michael Lynch and a Clifford Chance LLP partner who helped him beat federal fraud charges back in June are among those missing after their chartered luxury yacht sank during a storm off Sicily early Monday during a trip reportedly to celebrate Lynch's legal victory.
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August 19, 2024
FTC Pushes To Limit Meta's Merger Defenses
The Federal Trade Commission continues to push the D.C. federal court overseeing its monopoly suit against Meta to slim down the social media titan's defenses ahead of the trial that the Facebook parent company is still hoping won't happen.
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August 19, 2024
10 States Join DOJ's Antitrust Case Against Live Nation
The U.S. Department of Justice said Monday that it has updated the government's case accusing Live Nation of violating antitrust law through its control over the live entertainment industry to add 10 new states and claims for damages.
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August 19, 2024
Kroger Flips Script, Challenges FTC's Constitutionality
Kroger went on the offensive Monday, a week before Oregon federal court proceedings kick off in the Federal Trade Commission's challenge to its purchase of Albertsons, in a lawsuit going after the constitutionality of the agency's in-house court, also set to contest the merger.
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August 19, 2024
Harris' Plan To 'Ban' Price-Gouging Met With Pushback
Vice President Kamala Harris, the Democratic presidential nominee, has unveiled a proposal to crack down on high grocery prices, stating as part of her economic agenda that she would implement a first-ever federal ban on price-gouging — yet market participants aren't so sure that's the right approach.
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August 19, 2024
AI Platform AMC Corp. To Go Public Via $175M SPAC Merger
Blank check company AlphaVest Acquisition Corp., advised by Winston & Strawn LLP, on Monday unveiled plans to merge with and take public native computer-vision artificial intelligence platform AMC Corp., led by Graubard Miller, in a $175 million deal.
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August 19, 2024
Jadex Sells Temperature-Controlled Packaging Biz For $137M
Material sciences company Jadex Inc. is selling its temperature-controlled packaging products business Lifoam Industries LLC to Altor Solutions, led by Gibson Dunn & Crutcher LLP, in a $137 million cash deal, the parties announced in separate Monday statements.
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August 19, 2024
Baker McKenzie Adds M&A Atty From Skadden
Baker McKenzie announced Monday that a longtime Skadden Arps Slate Meagher & Flom LLP mergers and acquisitions attorney joined the firm's Palo Alto, California, office as the latest addition to its fast-growing transactions practice in the state.
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August 19, 2024
Latham, Paul Weiss Guide AMD's $5B Buy Of ZT Systems
Latham & Watkins LLP is advising Advanced Micro Devices Inc., the semiconductor company known for its AMD computer processors, on an agreement to acquire Paul Weiss-led ZT Systems for $4.9 billion in cash and stock, according to a Monday statement.
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August 19, 2024
A&O Shearman Hires Ex-Morgan Stanley Exec In New York
A former executive director at Morgan Stanley has returned to private practice at Allen Overy Shearman Sterling in New York.
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August 19, 2024
Ex-Sheppard Mullin M&A Partner Joins Pierson Ferdinand
A veteran mergers and acquisitions attorney has jumped from Sheppard Mullin Richter & Hampton LLP to Pierson Ferdinand LLP in California
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August 19, 2024
FTC Says Albertsons Execs Deleted Texts About Merger
The Federal Trade Commission accused executives from Albertsons of deleting text messages about the supermarket chain's planned megamerger with Kroger, saying the messages likely contained valuable internal views about the effects of the $25 billion deal.
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August 19, 2024
7-Eleven Parent Confirms Canadian Takeover Offer
The parent company of 7-Eleven said Monday that it has received a preliminary takeover proposal from Canada-based Alimentation Couche-Tard, a revelation that comes a year after the business faced activist pressure.
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August 19, 2024
Homebuilders To Wrap Up £2.5B Deal Despite CMA Concerns
Barratt Developments PLC said Monday that it has decided to go ahead and complete its approximately £2.5 billion ($3.2 billion) acquisition of rival homebuilder Redrow PLC this week without waiting for a green light from the U.K.'s competition regulator.
Expert Analysis
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A Potential Proactive Tool For Public-Private Joint Ventures
In the current environment of heightened antitrust enforcement, the National Cooperative Research and Production Act seems tailor-made for the collaborative work among competitors encouraged by the Biden administration's infrastructure and green energy funding legislation, say Jeetander Dulani and Susan Ebner at Stinson.
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Bracing For Calif.'s New Health Transaction Framework
As California's new cost and market impact review regulations' April 1 date for its updated notice and review process approaches, healthcare entities should ready themselves for dramatic changes to the state's regulatory landscape and prepare for potentially substantial transaction delays, say Jordan Grushkin and Matthew Goldman at Sheppard Mullin.
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FERC Actions Signal Concern Over Investors' Utility Stakes
Two recent orders and a notice of inquiry from the Federal Energy Regulatory Commission on the subject of whether large investors are asserting control of public utilities signal increasing regulatory scrutiny of the investment community's influence over the electric power industry, say attorneys at Day Pitney.
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10 Global Antitrust Trends To Anticipate In 2024
Proactive navigation of the antitrust enforcement environment remains crucial this year as legal policy and tools evolve to meet intensifying global economic complexity, including geopolitical tensions, trade realignment, market volatility and inflation, say attorneys at Freshfields.
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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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Time To Step Up PFAS Due Diligence In Cross-Border M&A
Regulations in the U.S. and EU governing per- and polyfluoroalkyl substances will likely evolve to become global standards out of necessity and scale, so PFAS due diligence — particularly for buyers, sellers, and lenders and investors involved in multijurisdictional mergers and acquisitions — will be essential in 2024, say attorneys at Shipman & Goodwin.
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What Can Be Learned From Adobe-Figma Merger Termination
The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.
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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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Consider A Key Insurance Tool For Environmental M&A Deals
Transactional liability insurance can be a useful risk allocation tool for completing mergers and acquisitions in the renewable energy and climate and clean technology sectors, though policies must be structured carefully to achieve maximum coverage, say Joseph Castelluccio and Paul de Bernier at Mayer Brown.
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2 FCPA Settlements Illuminate Self-Disclosure, Disgorgement
Two of last year’s Foreign Corrupt Practices Act settlements — with biomedical company Lifecore and mining company Corsa Coal — suggest that the government will be much more flexible in negotiating disgorgement amounts if an entity voluntarily self-discloses misconduct, say Michael Gilbert and Lucas Amodio at Sheppard Mullin.
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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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Copyright And Generative AI Developments To Watch In 2024
This year could bring clarity to critical copyright issues raised by the recent surge of development in generative AI platforms, as Congress continues its legislative focus in this area and litigation tests theories of liability, say Joshua Weigensberg and Felicity Kohn at Pryor Cashman.