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Mergers & Acquisitions
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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.
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August 19, 2024
Simpson Thacher Atty Is Paul Hastings' Latest Finance Hire
Paul Hastings LLP announced Monday that it has made another addition to its banking and finance and private credit platforms, welcoming a New York attorney from Simpson Thacher & Bartlett LLP who represents financial institutions, direct lenders, corporate borrowers and financial sponsors.
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August 16, 2024
Nikola, Romeo Power Targeted In Del. Derivative Complaint
A former Romeo Power Inc. stockholder has launched a double derivative suit seeking derivative damages from nine former Romeo directors and officers in part through derivative claims via Nikola Corp., which acquired Romeo in August 2022 for a fraction of the company's once $1 billion-plus valuation.
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August 16, 2024
Burger King Sued For Books In Del. On Big Site Buy
Burger King investors filed a Delaware Court of Chancery lawsuit Friday seeking a look at the burger chain's books and records on the merger with its parent company, Restaurant Brands International Inc., arguing the information is necessary to confirm whether the deal was fair.
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August 16, 2024
Trump Media Sued In Del. After New Fla. Share-Sale Challenge
Citing "contemptuous disregard" for Delaware Court of Chancery orders, two co-founders of Trump Media & Technology Group have sought a temporary restraining order to block the social media venture from seeking a Florida court order to stop their sale of some 18 million shares.
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August 16, 2024
5th Circ. Tosses Appeal In FTC's Anesthesia Antitrust Case
The Fifth Circuit has agreed with the Federal Trade Commission and tossed an early appeal from U.S. Anesthesia Partners in the agency's case accusing the group of monopolizing the Texas anesthesiology market through a "roll-up" strategy.
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August 16, 2024
Avantor Sells Clinical Services Biz To PE Shop In $650M Deal
Life sciences tools company Avantor Inc., advised by Arnold & Porter Kaye Scholer LLP, on Friday announced plans to sell its clinical services business to Ropes & Gray LLP-advised Audax Private Equity for $650 million.
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August 16, 2024
EQT Buys PropertyGuru In $1.1B Deal Driven By 3 Firms
Private equity firm EQT said Friday that it has agreed to acquire Singapore-based online real estate search company PropertyGuru for $1.1 billion, in a transaction advised by Latham & Watkins LLP, Ropes & Gray LLP and Freshfields Bruckhaus Deringer LLP.
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August 16, 2024
SPAC Confirms Delisting From LSE After $1.85B Takeover
A London-listed blank check company said Friday that it will be delisting its shares from the London Stock Exchange on Aug. 19 after its $1.85 billion acquisition of U.S.-based Acuren completed in less than 15 months after floating publicly.
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August 16, 2024
Taxation With Representation: Cleary, Kirkland, Skadden
In this week's Taxation with Representation, Mars Inc. sets a 2024 record with its $36 billion acquisition of Kellanova, Carlyle inks a $3.8 billion purchase with Baxter International Inc., and Performance Food Group Co. agrees to a $2.1 billion cash deal with Cheney Bros. Inc.
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August 16, 2024
Harris Economic Plan Targets Food Mergers, Price-Gouging
Vice President Kamala Harris unveiled an economic plan Friday that said her administration would "crack down" on large corporate food mergers and introduce the first-ever ban on price-gouging, a promise that comes just days after the announcement of one of the largest ever food industry tie-ups.
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August 16, 2024
Gibson-Led Energy Biz Wraps $106M Natural Gas Assets Buy
Petroleum company Diversified Energy said Friday that it has completed the $106 million acquisition of natural gas assets in eastern Texas from Crescent Pass Energy LLC in a move that increased its footprint in the central U.S.
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August 16, 2024
NC Litigation Highlights Of 2024: A Midyear Report
Several-high profile cases in North Carolina came to a close in the first half of the year, from a second bribery conviction against an insurance magnate beset by legal woes, to the anticlimactic withdrawal of a state Supreme Court justice's much-watched free speech suit. Here, Law360 looks at those and other notable rulings so far in North Carolina.
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August 15, 2024
FanDuel Co-Founders Add Scottish Claims To Suit Over Sale
Co-founders of FanDuel have fortified their lawsuit accusing late-stage institutional investors of cheating early and longtime investors out of their fair share of equity when the company was sold in 2018, adding several claims under Scottish law.
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August 15, 2024
Alaska, Hawaiian Airlines Extend DOJ Review Deadline, Again
Alaska Air Group Inc. and Hawaiian Airlines disclosed a third extension in as many weeks Thursday for the U.S. Department of Justice to review their proposed $1.9 billion merger before it can close, moves that suggest at least that the DOJ has raised serious concerns about the transaction.
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August 15, 2024
Judge Gives Plaintiffs' Attys $1M In Fees For Derivative Row
A Massachusetts federal judge sliced 60% off a request for attorney fees in a shareholder derivative lawsuit Wednesday, awarding plaintiffs' counsel $1 million for their work on the case, which led to a noncash settlement.
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August 15, 2024
Deals Rumor Mill: Paramount, Blackstone, Starbucks
The heir to Canadian liquor purveyor Seagram is preparing a bid for Paramount's parent company, Blackstone explores a potential $2.6 billion sale of Clarion Events, and activist investor Starboard sets sights on Starbucks. Here, Law360 breaks down these and other notable deal rumors from the past week.
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August 15, 2024
A&O Shearman Promotes 3 Attys As Latin America Co-Heads
Three Allen Overy Shearman Sterling partners have been elevated as co-heads of the firm's Latin America practice, the firm has announced.
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August 15, 2024
Cooley Steers $1.6B Sale Of PE-Backed Campus Tech Co.
Roper Technologies Inc. said Thursday it has agreed to purchase campus technology and payment solutions company Transact Campus Inc., which is majority-owned by Reverence Capital Partners, for $1.6 billion.
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August 15, 2024
Lockheed Martin Buys Satellite Maker In $450M Deal
Global aerospace and defense company Lockheed Martin, advised by Hogan Lovells LLP, on Thursday unveiled plans to buy satellite maker Terran Orbital, led by Akin Gump Strauss Hauer & Feld LLP, in a deal that boasts an enterprise value of roughly $450 million.
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August 15, 2024
Paul Hastings Adds M&A, Shareholder Activism Lawyer
Paul Hastings LLP announced Thursday that it has boosted the firm's mergers and acquisitions and shareholder activism platform with a longtime Goodwin Procter LLP partner.
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August 15, 2024
Lease Operators' £26.4M Bid For Trinity Clears One Hurdle
Oil and gas company Trinity Exploration & Production PLC said Thursday that it has received a green light from the Trinidad and Tobago government for its anticipated £26.4 million ($33.8 million) sale to Lease Operators Ltd.
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August 15, 2024
Carrier Wraps Strategic Exit Plan With $3B Sale Of Fire Units
Carrier Global Corp. said Thursday it has inked an agreement to sell its commercial and residential fire units to an affiliate of Lone Star Funds at an enterprise value of $3 billion, completing the company's strategic plan to sell off several business units and focus on its core ventilation business.
Expert Analysis
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6 Tips For Maximizing After-Tax Returns In Private M&A Deals
With potential tax legislation likely to spur a surge in private business sales, sellers can make the most of after-tax proceeds with strategies that include price allocation and qualified investment options, say Isaac Grossman and Daniel Studin at Morrison Cohen.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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The Current State Of Healthcare Transaction Reviews In Calif.
As of April, certain healthcare transactions in California have been subject to additional notification compliance requirements, and complying with these new rules could significantly delay and discourage some deals, says Andrew Demetriou at Husch Blackwell.
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Big Banks Face Potential Broader Recovery Plan Rules
The Office of the Comptroller of the Currency's recent call for potentially subjecting more banks to recovery planning standards would represent a significant expansion of the scope of the recovery guidelines, and banks that would be affected should assess whether they’re prepared, say attorneys at Debevoise.
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Practical Private Equity Lessons From 2 Delaware Deals
A pair of Delaware Chancery Court cases remind private equity sponsors that specificity is crucial through the lens of deal certainty, particularly around closing conditions and agreement sections of acquisition agreements, say Robert Rizzo and Larissa Lucas at Weil Gotshal and William Lafferty at Morris Nichols.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.
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4 Tips For Drafting Earnouts To Avoid Disputes
Amid slowed merger and acquisition activity, buyers and sellers are increasingly turning to earnout provisions to get deals done, but these must be carefully drafted to avoid interpretative differences that can lead to later disputes, say attorneys at Cooley.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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Opinion
Paid Noncompetes Offer A Better Solution Than FTC's Ban
A better alternative to the Federal Trade Commission's recent and widely contested noncompete ban would be a nationwide bright-line rule requiring employers to pay employees during the noncompete period, says Steven Kayman at Rottenberg Lipman.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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5 Steps To Navigating State Laws On Healthcare Transactions
As more states pass legislation requiring healthcare-transaction notice, private equity investors and other deal parties should evaluate the new laws and consider ways to mitigate their effects, say Carol Loepere and Nicole Aiken-Shaban at Reed Smith.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Inside Antitrust Agencies' Rollup And Serial Acquisition Moves
The recent request for public comments on serial acquisitions and rollup strategies from the Federal Trade Commission and U.S. Justice Department mark the antitrust agencies' continued focus on actions that fall below premerger reporting thresholds, say attorneys at Paul Weiss.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Reps And Warranties Insurance Considerations As M&A Slows
The first six months of the year have seen increasingly favorable rates and policy terms for the representations and warranties insurance market, and policy purchasers are right to pay close attention to pricing, coverage, exclusions, structures and claims as the M&A market cools, say attorneys at Cooley.