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Mergers & Acquisitions
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August 21, 2024
Ropes & Gray Reps TJ Maxx On $360M Brands For Less Deal
The parent company of department store chain TJ Maxx, led by Ropes & Gray LLP, announced Wednesday that it has agreed to take on a 35% stake in Dubai-based Brands For Less for about $360 million.
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August 21, 2024
Cyber Tech Biz Sued In Del. After Thoma Bravo-Backed Merger
An Exabeam Inc. stockholder sued in Delaware's Court of Chancery on Wednesday for post-merger appraisal of his shares, in part to assure access to books and records related to a tie-up with LogRhythm Inc., alleging multiple disclosure concerns prior to the Thoma Bravo-aligned deal.
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August 21, 2024
3rd Circ. Affirms Health Chain Win In Pa. Hospital Sale Dispute
The seller of a Pennsylvania hospital was in compliance with its state licensing requirements when the facility was sold, and thus, did not violate the terms of the sale agreement when the buyer needed to update its fire-safety plans to stay licensed, the Third Circuit has affirmed.
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August 21, 2024
Arch Resources, Consol Energy To Form $5.2B Energy Giant
Latham & Watkins LLP attorneys guided Arch Resources Inc. in its all-stock merger with Consol Energy Inc. on Wednesday to create a new natural resources company dubbed Core Natural Resources with a market capitalization of approximately $5.2 billion.
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August 21, 2024
FTC Can't Stop $8.5B Merger, Handbag Cos. Say
The owners of Coach and Michael Kors urged a New York federal court not to pause their planned $8.5 billion merger, saying a challenge from the Federal Trade Commission ignores the hundreds of options consumers have when shopping for handbags.
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August 21, 2024
Ex-Wiley Atty Adds Deals Talent To Polsinelli's DC Team
Polsinelli PC on Tuesday announced the 11th shareholder to join its corporate mergers and acquisitions team, welcoming a Washington, D.C.-based Wiley Rein LLP attorney with more than 15 years of experience in mergers and acquisitions, divestitures and commercial contract negotiations.
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August 21, 2024
Holland & Knight Lands McDermott Corporate Pro In Miami
Holland & Knight LLP announced Wednesday a new partner for its corporate, mergers and acquisitions and securities practice group in Miami from McDermott Will & Emery LLP.
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August 21, 2024
3 Firms Guide $950M Delaware Basin Gas Treatment Deal
Houston-based energy providerEnterprise Partners LP has agreed to purchase Pinon Midstream, a natural gas treatment company focused on the Delaware Basin, for $950 million in cash, the companies said Wednesday.
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August 21, 2024
Zomato Inks $244M Deal For Paytm Entertainment Tickets Biz
Indian food delivery giant Zomato on Wednesday announced it has bought the entertainment ticketing business of e-commerce payment company Paytm in a $244.1 million deal it hopes will grow its "going out" offerings.
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August 21, 2024
Willkie Adds 5 Partners In Chicago From Mayer Brown
Willkie Farr & Gallagher LLP announced Wednesday that it has added a corporate team of five partners and six associates in Chicago from Mayer Brown LLP to strengthen its capital markets and strategic mergers and acquisitions capabilities.
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August 21, 2024
NJ Health System Calls Proskauer DQ Bid A 'Litigation Tactic'
RWJBarnabas Health urged a New Jersey federal judge to reject its competitor's attempt to disqualify Proskauer Rose LLP from representing the healthcare system in an antitrust suit, telling the court the "litigation tactic" is merely the plaintiff's effort to replace opposing counsel because its case is going badly.
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August 21, 2024
X Corp. Shuts Down Disability Bias Suit Over Musk Takeover
A California federal judge scrapped a proposed class action Wednesday alleging Twitter targeted employees with disabilities for termination following Elon Musk's takeover of the business, but left the door open for the former worker behind the suit to revise his claims.
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August 21, 2024
7 Firms Build $175M All-Stock Sale Of Bitcoin Mining Biz
Bitcoin data center company Bitfarms Ltd. on Wednesday announced plans to buy Stronghold Digital Mining Inc. in an all-stock merger valued at roughly $175 million and built by seven law firms.
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August 21, 2024
Japanese Tobacco Co. Paying $2.4B For US Cigarette Maker
Japanese tobacco company JT Group has agreed to purchase Miami-based cigarette company Vector Group Ltd. for approximately $2.4 billion, the companies said in statements Wednesday.
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August 21, 2024
Norwegian Oil Biz Backs $97M Offer From French Rival
Norwegian oil service business Beerenberg AS said on Wednesday that it backs a 1.019 billion Norwegian kroner ($97 million) cash takeover offer from French industrial services company Altrad Group.
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August 20, 2024
Ex-Goldman Analyst's Stepbro Ducks Prison For Inside Trades
A Long Island man on Tuesday was spared time in prison for his role in an insider scheme in which he traded on tips gleaned from his stepbrother and ex-Goldman Sachs analyst, largely due to his prompt cooperation with the FBI.
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August 20, 2024
Lender's $13M Atty Fee Reserve Bid In Eiger Ch. 11 Plan Nixed
A Texas bankruptcy judge on Tuesday mostly sided with life science company Eiger BioPharmaceuticals in estimating a secured lender's future claims, saying at a hearing that Eiger's Chapter 11 reserve for the claim should include two years worth of interest and agreeing that $1 million should be earmarked for legal fees, not the lender's requested $13 million sum.
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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.
Expert Analysis
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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.
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Big Business May Come To Rue The Post-Administrative State
Many have framed the U.S. Supreme Court’s recent decisions overturning Chevron deference and extending the window to challenge regulations as big wins for big business, but sand in the gears of agency rulemaking may be a double-edged sword, creating prolonged uncertainty that impedes businesses’ ability to plan for the future, says Todd Baker at Columbia University.
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Equity Rights Offering Considerations As Maturity Cliff Looms
Current market uncertainties make an equity rights offering — involving affiliate backstop investors — a cost-effective, capital-raising transaction for distressed companies looking to manage their leverage ahead of the impending maturity of a substantial number of COVID-era debt issuances, say attorneys at Winston & Strawn.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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Mitigating Risks Amid 10-Year Sanctions Enforcement Window
In response to recent legislation, which doubles the statute of limitations for actions related to certain U.S. sanctions and provides regulators greater opportunity to investigate possible violations, companies should take specific steps to account for the increased civil and criminal enforcement risk, say attorneys at Freshfields.
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A Look At Acquisition Trends For Radiopharmaceuticals
As radiopharmaceutical drugs are increasingly used for the diagnosis and treatment of certain diseases, interest from Big Pharma entities is following suit, despite some questions around the drugs' capacity to expand beyond their limited niche, says Adrian Toutoungi at Taylor Wessing.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.