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Mergers & Acquisitions
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November 14, 2024
Boeing Could Sell Navigation Unit For $6B, And More Rumors
Boeing is mulling a sale of its Jeppesen navigation unit at potential $6 billion price tag, Pfizer may be seeking billions for its hospital drug unit, and a U.S. gas station and convenience store business could be sold at a $1.5 billion value. Here, Law360 breaks down these and other notable deal rumors from the past week.
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November 14, 2024
Ovintiv Buys Montney Assets For $2.4B, Sells Others For $2B
Natural gas producer Ovintiv Inc. said Thursday it will purchase certain Montney Basin assets in Canada from Paramount Resources Ltd. in an all-cash deal worth about $2.38 billion, and also announced plans to divest its Uinta Basin assets in a sale to FourPoint Resources Ltd. and its private equity partners for $2 billion, with at least five law firms advising on the deals.
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November 14, 2024
Greenberg Traurig Adds Procopio Corporate Ace In San Diego
Greenberg Traurig LLP has added a San Diego corporate partner who previously led the corporate and transactional practice at Procopio Cory Hargreaves & Savitch LLP.
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November 14, 2024
Paul Weiss Reps General Mills On $1.45B Pet Food Biz Buy
Cereal and snacks giant General Mills Inc., advised by Paul Weiss Rifkind Wharton & Garrison LLP, announced plans Thursday to buy Whitebridge Pet Brands' North American premium cat food and pet treat business from Willkie Farr & Gallagher LLP-advised European investment firm NXHM for $1.45 billion.
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November 14, 2024
Petershill Partially Sells Stake In Accel-KKR For $282M
Goldman Sachs affiliate Petershill Partners PLC said Thursday that it has sold a part of its stake in technology-focused investment firm Accel-KKR for $282 million.
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November 14, 2024
Capri, Tapestry Kill $8.5B Handbag Deal Amid FTC Battle
Capri Holdings Ltd. and Tapestry Inc. have called off their $8.5 billion merger following an extended regulatory battle with the Federal Trade Commission, with the companies mutually agreeing to terminate the deal because it is "unlikely" to obtain the regulatory approvals needed to close on time, Capri said Thursday.
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November 14, 2024
EU Clears Consortium's €2.2B Bid For Cybersecurity Biz
The European Commission said Thursday that it has cleared the approximately €2.2 billion ($2.4 billion) acquisition of French cybersecurity firm Exclusive Networks by its biggest shareholder Permira and U.S. private equity firm Clayton Dubilier & Rice.
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November 14, 2024
The Onion Buys Alex Jones' Infowars At Ch. 7 Auction
Satirical news website The Onion has purchased Alex Jones' Infowars at a Chapter 7 bankruptcy auction, according to a Thursday announcement by the firm representing Sandy Hook shooting survivors who won a $1.4 billion defamation award over his claims the massacre was a hoax.
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November 14, 2024
Canadian Pension Fund Buys UK Airport Operator For £1.5B
A subsidiary of Public Sector Pension Investment Board, a Canadian investor, has said it will buy the operator of airports in Aberdeen, Glasgow and Southampton for £1.53 billion ($1.94 billion).
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November 13, 2024
Tempur Sealy Has 'Keys' To Merger, Mattress Firm CEO Says
Mattress Firm's CEO told a Houston judge Wednesday that he has not had any involvement in Tempur Sealy's post-acquisition agreements with mattress suppliers, testifying that Tempur's board chairman and CEO is the one "driving" the deal.
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November 13, 2024
Saxena, Cohen Milstein To Lead Sprout Social Investor Suit
Saxena White PA and Cohen Milstein Sellers & Toll PLLC will represent a putative class of social media management company Sprout Social Inc. investors in consolidated litigation after the company missed its financial guidance and struggled to integrate an influencer marketing platform it acquired.
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November 13, 2024
Wash. Attys Expect Gov. And AG Will Keep Them Busy
Despite President-elect Donald Trump's anticipated de-emphasis of regulatory enforcement, Washington state antitrust and consumer protection attorneys are still expecting plenty of work in the coming years, as the new Democratic governor-attorney general duo are expected to step up local enforcement.
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November 13, 2024
Live Nation Ruling Chills Modern Arbitration, 9th Circ. Told
The Ninth Circuit's recent decision invalidating Live Nation Entertainment Inc. and Ticketmaster's choice of a digital arbitration startup for consumer antitrust claims has created "massive uncertainty" and undermines innovative approaches for dealing with abusive mass arbitrations, the live event companies argued in a rehearing petition Tuesday.
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November 13, 2024
Investors Ask FCC To Review $2.4B Paramount-Skydance Deal
The Federal Communications Commission should refuse to approve Paramount Global's request to merge with Skydance Media LLC until minority shareholders have a chance to finish their investigation into the financial details of the deal, the leader of those investors told the agency.
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November 13, 2024
'Gist' Of Trump Media Story Was True, News Outlets Say
Several news outlets sued by Donald Trump's social media website in a $1.5 billion defamation lawsuit over stories that the company lost $73 million told a Florida state court that it should toss the complaint, arguing Wednesday that the "gist" of the reporting was still true even if the actual loss wasn't correct.
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November 13, 2024
Gaming Co. Sued In Chancery To Block Controller Moves
A large stockholder in Allied Gaming & Entertainment Inc. sued the company's board, controlling stockholder and others in Delaware's Court of Chancery on Tuesday, alleging moves by the controller to dilute the shares of outside stockholders ahead of a proxy contest.
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November 13, 2024
Outgoing DOJ Antitrust Head Wants To Unstack Healthcare
The U.S. Department of Justice's top antitrust official looked to the future Tuesday, of both healthcare and his own exit with the change in presidential administration, as he defended the Biden era's more aggressive, nuanced approach to merger enforcement that wouldn't allow massive insurers and others to stack up the industry like Tetris.
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November 13, 2024
Judge To Confirm Ambri Ch. 11 Wind-Down Plan
A Delaware bankruptcy judge Wednesday agreed to approve the Chapter 11 plan of battery company Ambri Inc., which will sell its assets to its lenders and wind down.
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November 13, 2024
Wachtell, O'Melveny Build Charter's Liberty Broadband Buy
Broadband connectivity giant Charter Communications Inc. on Wednesday unveiled plans to acquire Liberty Broadband Corp. in an all-stock transaction built by Wachtell Lipton Rosen & Katz and O'Melveny & Myers LLP.
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November 13, 2024
Frontier Stockholders Vote In Favor Of $20B Verizon Deal
Frontier Communications stockholders approved the company's planned $20 billion sale to Verizon Communications Inc. on Wednesday, despite prior pushback from select investors and recommendations from top proxy advisory firms to abstain.
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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.
Expert Analysis
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Opinion
Legal Institutions Must Warn Against Phony Election Suits
With two weeks until the election, bar associations and courts have an urgent responsibility to warn lawyers about the consequences of filing unsubstantiated lawsuits claiming election fraud, says Elise Bean at the Carl Levin Center for Oversight and Democracy.
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How Cos. Can Build A Strong In-House Pro Bono Program
During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.
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Bristol-Myers Win Offers Lessons For Debt Security Holders
A New York federal judge's recent dismissal of a $6.4 billion lawsuit against Bristol-Myers Squibb, due to plaintiff UMB Bank's lack of standing, serves as an important reminder to debt security holders to obtain depositary proxies before pursuing litigation, say attorneys at Milbank.
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Series
Home Canning Makes Me A Better Lawyer
Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.
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Avoiding Merger Disputes Via Careful LLC Agreement Drafting
The Delaware Court of Chancery recently upheld a merger in a dispute over the process of amending the target's limited liability company agreement, underscoring the importance of understanding the Delaware LLC Act default rules and careful drafting to allow for contractual modifications, says Jane Trueper at Lathrop.
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Use The Right Kind Of Feedback To Help Gen Z Attorneys
Generation Z associates bring unique perspectives and expectations to the workplace, so it’s imperative that supervising attorneys adapt their feedback approach in order to help young lawyers learn and grow — which is good for law firms, too, says Rachael Bosch at Fringe Professional Development.
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Opinion
Congress Can And Must Enact A Supreme Court Ethics Code
As public confidence in the U.S. Supreme Court dips to historic lows following reports raising conflict of interest concerns, Congress must exercise its constitutional power to enact a mandatory and enforceable code of ethics for the high court, says Muhammad Faridi, president of the New York City Bar Association.
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Perspectives
The Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan
Characters in the 19th century comic operas of Gilbert and Sullivan break the rules of good lawyering by shamelessly throwing responsible critical thought to the wind, providing hilarious lessons for lawyers and judges on how to avoid a surfeit of traps and tribulations, say acting New York Supreme Court Justice Gerald Lebovits and law student Tara Scown.
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To Report Or Not To Report Others' Export Control Violations
A recent Bureau of Industry and Security enforcement policy change grants cooperation credit to those that report violations of the Export Administration Regulations committed by others, but the benefits of doing so must be weighed against significant drawbacks, including the costs of preparing and submitting a report, says Megan Lew at Cravath.
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With Esmark Case, SEC Returns Focus To Tender Offer Rules
The U.S. Securities and Exchange Commission's recent enforcement action against Esmark in connection with its failed bid to acquire U.S. Steel indicates the SEC's renewed attention under Rule 14e‑8 of the Exchange Act on offerors' financial resources as a measure of the veracity of their tender offer communications, say attorneys at MoFo.
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HSR Amendments Intensify Merger Filing Burdens, Data Risk
The antitrust agencies' long-awaited changes to premerger notification rules under the Hart-Scott-Rodino Act stand to significantly increase the time and cost involved in preparing an initial HSR notification, and will require more proactive attention to data issues, says Andrew Szwez at FTI Technology.
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What's Inside Feds' Latest Bank Merger Review Proposals
Recent bank merger proposals from a trio of federal agencies highlight the need for banks looking to grow through acquisition to consider several key issues much earlier in the planning process than has historically been necessary, say attorneys at Simpson Thacher.
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State Of The States' AI Legal Ethics Landscape
Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.
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How Biden Admin Has Used Antitrust Tools, And What's Next
The last four years have been marked by an aggressive whole-of-government approach to antitrust enforcement using a broad range of tools, and may result in lasting change regardless of the upcoming presidential election result, say attorneys at Norton Rose.
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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.