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Mergers & Acquisitions
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January 06, 2025
KKR Pushes Fuji Soft To Pursue Legal Action Against Bain
Private equity giant KKR called on the board of Fuji Soft on Monday to take legal action against Bain Capital amid a bidding war for the company between the two competing investors, arguing that Bain's unauthorized use of confidential information and breach of its nondisclosure agreement "significantly jeopardizes" the reputation of private equity funds in Japan.
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January 06, 2025
Akoustis Says Ch. 11 Plan Handles IP Injunction Concerns
Radio frequency filter venture Akoustis Technologies Inc. has accused judgment creditor Qorvo Inc. of seeking to scuttle Akoustis' Chapter 11 stalking-horse sale in Delaware for competitive reasons beyond Qorvo's $38 million patent infringement judgment.
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January 06, 2025
Paul Hastings, Cravath Steer Pork Giant Smithfield's IPO Filing
Pork producer Smithfield Foods Inc. on Monday submitted the year's first filing for an initial public offering, part of a spinoff from China's WH Group Ltd., represented by Paul Hastings LLP and underwriters' counsel Cravath Swaine & Moore LLP.
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January 06, 2025
Olshan Frome, Ellenoff Grossman Guide Gun Biz SPAC Deal
Online firearm retailer GrabAGun, advised by Olshan Frome Wolosky LLP, announced plans on Monday to go public through a $150 million merger with special purpose acquisition company Colombier II, led by Ellenoff Grossman & Schole LLP.
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January 06, 2025
Disney Buy Ends Fubo Sports Streaming Suit
Disney and Fubo announced a deal Monday morning to combine the streaming startup with Disney's Hulu + Live TV business, in an agreement that ends Fubo's lawsuit that had so far successfully challenged a three-way live sports streaming joint venture between Disney's ESPN, Fox and Warner Bros. Discovery.
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January 06, 2025
Nippon, US Steel Hit Back With Suits After Biden Blocks Deal
Japan's Nippon Steel Corp. and U.S. Steel Corp. have filed two lawsuits following President Joe Biden's Friday decision to block their planned $14.9 billion merger, claiming Monday that the deal was blocked for "purely political reasons."
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January 06, 2025
Diversified Energy Buys Appalachian Gas Assets For $45M
Diversified Energy Company PLC said on Monday it has acquired natural gas assets in Virginia, West Virginia and Alabama for $45 million from Summit Natural Resources, another operator based in the U.S.
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January 03, 2025
Semiconductor Co. Beats 2nd Suit Over Failed $8B Merger
Semiconductor company MaxLinear Inc. has beaten another suit over its failed $8 billion merger plans with a Taiwan-based company after a California federal jurist found that the investment funds that brought the action didn't have standing to sue since they were investors in the acquisition target, not MaxLinear.
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January 03, 2025
DOJ Wants Oct. Amedisys Trial, UnitedHealth Wants Aug.
The U.S. Department of Justice sparred with UnitedHealth Group in a Maryland federal court filing Friday over when to hold a trial on the government challenge to the $3.3 billion purchase of home health and hospice services company Amedisys Inc.
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January 03, 2025
Del. Court Rules Against Insurers In Harman 'Bump-Up' Case
In a closely watched ruling on director and officer insurer denials of mergers and acquisitions cost "bump-up" payouts, a Delaware judge sided on Friday with Harman International Industries' claims that insurance providers unjustifiably denied coverage for a $28 million settlement of challenges to Harman's 2017 merger with Samsung Electronics America Inc.
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January 03, 2025
FTC Dems Eye Merger Review, Noncompete Legacy
Federal Trade Commission Democrats started the new year with legacy on the brain, urging the soon-to-be Republican majority in a pair of statements to preserve their more "stringent approach" to merger review and their currently blocked ban on employment noncompete agreements, despite heavy criticism both received from their GOP peers.
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January 03, 2025
Meta Wants Advertising Monopoly Suit Nixed
Meta said that a group of advertisers accusing the company of monopolizing the social media advertising market have nothing more than its profits to point to in their damages bid, writing in a new summary judgment motion that extensive discovery has only shown how baseless the suit is.
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January 03, 2025
Food Delivery App Inks $80M Deal To End SPAC Merger Suit
Investors suing mobile food delivery and ride-hailing services operator Grab Holdings Ltd. have asked a New York federal judge to preliminarily approve an $80 million deal to settle claims that several sections of a proxy statement Grab filed with a special purpose acquisition company were false and misleading.
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January 03, 2025
DE Shaw Rips Air Products' CEO Succession Plan Failure
Activist investment firm The D.E. Shaw Group on Friday slammed the board of directors of industrial gas supplier Air Products and Chemicals Inc., accusing it of failing to manage an effective CEO succession process, and called for a change in the board's composition and the retirement of the company's current CEO.
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January 03, 2025
Influencer Marketing Biz Later Buys Mavely In $250M Deal
Influencer marketing and social media management software services company Later on Friday announced plans to buy everyday influencer platform Mavely in a $250 million deal.
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January 03, 2025
Biden Blocks $14.9B US Steel-Nippon Deal
President Joe Biden on Friday formally blocked the planned $14.9 billion merger between Japan's Nippon Steel and U.S. Steel, making good on a prior pledge to keep the latter steelmaker U.S.-owned in one of his final flexes of executive power over cross-border deals.
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January 02, 2025
IBM And GlobalFoundries Settle Contract, Trade Secret Suits
IBM and semiconductor maker GlobalFoundries US Inc. have settled lawsuits lodged against each other in which IBM accused GlobalFoundries of breaching a $1.5 billion manufacturing deal, while GlobalFoundries accused IBM of unlawfully disclosing its confidential trade secrets, the companies announced Thursday.
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January 02, 2025
A-Rod's SPAC Deal Seeks Extra Innings, Plus More IPOs Filed
The period between Christmas Eve and Jan. 1 wasn't completely quiet on the capital markets deals front, with A-Rod's special purpose acquisition company seeking an extension to complete its merger and several new IPOs being filed. Here, Law360 looks at the capital markets news from the holiday break.
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January 02, 2025
Rep. Jordan Picks Wis. Lawmaker For House Antitrust Panel
Republicans are moving to install a frequent critic of President Joe Biden's Federal Trade Commission at the head of the House of Representatives' antitrust subcommittee, naming Rep. Scott Fitzgerald, R-Wis., to the post Tuesday.
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January 02, 2025
Tempur Sealy Ups Floor Space Promise In FTC Merger Case
Tempur Sealy is increasing its commitments to preserve floor space for rivals' mattresses in Mattress Firm stores, attempting to beat the Federal Trade Commission's merger challenge by extending the current floor space "slot" distribution after a Texas federal judge noted that prior commitments were below current allotments.
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January 02, 2025
Del. Courts Gavel Out 2024 With Fox, Opioid Case Rulings
2024 went out with a flurry of rulings in Delaware's corporate and commercial law courts, while the new year saw a Chancery veteran become that court's first senior magistrate. Here's a quick roundup of the latest news in First State courts.
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January 02, 2025
Thomson Reuters Bolsters Tax Ops With $600M SafeSend Buy
Thomson Reuters Corp. has acquired SafeSend, a cloud-based provider of technology for tax and accounting professionals, for $600 million in cash, the Toronto-based data and content conglomerate said in a statement Thursday.
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January 02, 2025
4 Firms Build CA$169M Take-Private Of Quisitive Technology
Microsoft cloud and artificial intelligence solutions provider Quisitive Technology Solutions Inc. on Thursday announced that it has agreed to go private and be bought by private equity shop H.I.G. Capital in a CA$169.1 million ($117.1 million) deal built by four law firms.
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January 02, 2025
Food Service Tech Biz Buys PE-Owned Delaget In $132M Deal
Food service technology company Par Technology Corp. on Thursday announced plans to acquire restaurant analytics business Delaget LLC in a $132 million deal.
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January 02, 2025
Ad Agency Sells Unit For £17.4M, Begins £1.5M Buyback
Ad agency The Mission Group PLC said Thursday that it has sold its science and technology-focused marketing business April Six to U.S.-company Marketbridge Inc. for up to £17.4 million ($21.5 million) to aid in clearing its debt.
Expert Analysis
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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.
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Del. Dispatch: 27.6% Stockholder Not A Controller
The Delaware Court of Chancery's recent decision in Sciannella v. AstraZeneca — which found that the pharma giant, a 26.7% stockholder of Viela Bio Inc., was not a controller of Viela, despite having management control — shows that overall context matters when challenging transactions on breach of fiduciary duty grounds, say attorneys at Fried Frank.
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The Good, The Bad And The Ugly Of Healthcare's PE Boom
While an influx of capital may provide access to new resources and innovative technologies, the private equity model's method of funding may be fundamentally at odds with patient-first healthcare, and in recent years that inherent tension has gotten ugly, say Eva Gunasekera and Jaclyn Tayabji at Tycko & Zavareei.
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Opinion
A Way Forward For The US Steel-Nippon Deal And Union Jobs
Parties involved in Nippon Steel's acquisition of U.S. Steel should trust the Pennsylvania federal court overseeing a key environmental settlement to supervise a way of including future union jobs and cleaner air for the city of Pittsburgh as part of a transparent business marriage, says retired judge Susan Braden.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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A Look At State AGs Supermarket Antitrust Enforcement Push
The ongoing antitrust intervention by state attorneys general in the proposed Kroger and Albertsons merger suggests that states are straying from a Federal Trade Commission follow-on strategy in the supermarket space, which involved joining federal investigations or lawsuits and settling for the same divestment remedies, say attorneys at Troutman Pepper.
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How To Survive Shareholder Activism
In an era where shareholder activism is on the rise, companies must identify weaknesses, clearly communicate strategies, update board composition and engage with shareholders consistently in order to avoid disruptive shareholder activism and safeguard the interests of both the company and its shareholders, say J.T. Ho at Orrick and Greg Taxin at Spotlight Advisors.
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'Outsourcing' Ruling, 5 Years On: A Warning, Not A Watershed
A New York federal court’s 2019 ruling in U.S. v. Connolly, holding that the government improperly outsourced an investigation to Deutsche Bank, has not undercut corporate cooperation incentives as feared — but companies should not completely ignore the lessons of the case, say Temidayo Aganga-Williams and Anna Nabutovsky at Selendy Gay.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.