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Mergers & Acquisitions
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October 23, 2024
UK Launches Formal Probe Into £3.3B Carlsberg/Britvic Deal
The Competition and Markets Authority said Wednesday it has launched a formal investigation into the proposed £3.3 billion ($4.3 billion) takeover by Danish brewer Carlsberg AS of U.K. soft drinks maker Britvic PLC, setting a Dec. 18 deadline for its phase-one decision.
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October 22, 2024
Alaska Flyers Lose Bid to Revive Merger Suit
The Hawaii federal judge who put the kibosh on a suit that sought to stop Alaska Airlines' $1.9 billion merger with Hawaiian Airlines declined to reconsider his finding that the passengers and travel agents bringing the antitrust claims didn't have standing to sue.
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October 22, 2024
Day Trader Seeks Early Win In Verifone Insider Trading Suit
A day trader moved for an early win in a U.S. Securities and Exchange Commission insider trading case alleging the trader was tipped off by a former Francisco Partners consultant about the firm's $3.4 billion purchase of Verifone Systems Inc., arguing there is no evidence that he knew he received material nonpublic information, let alone traded on it.
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October 22, 2024
Blakes, Wachtell Lead JM Smucker In $305M Cookie Biz Sale
American food manufacturing giant The J.M. Smucker Co., advised by Blake Cassels & Graydon LLP and Wachtell Lipton Rosen & Katz, on Tuesday announced that it has agreed to sell its Voortman cookie brand to private equity-backed Second Nature Brands in a $305 million cash deal.
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October 22, 2024
MVP: Latham's Justin Hamill
Justin Hamill leads the Latham & Watkins LLP team representing Endeavor Group Holdings Inc. in its $13 billion take-private acquisition by private equity firm Silver Lake, and is also advising Skydance Media in its multibillion-dollar merger with Paramount Global, putting him among the 2024 Law360 Mergers & Acquisitions MVPs.
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October 22, 2024
The 2024 Prestige Leaders
Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades and positive legal news media representation.
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October 22, 2024
How Law Firms Get And Keep Elite Status
For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.
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October 22, 2024
In-House Counsel For Veeva, SingleStore Joins Stoel Rives
Stoel Rives LLP has hired the former in-house counsel for technology companies SingleStore and Veeva Systems Inc. in Boise, Idaho, positioning the firm to better serve the increasing demand for sophisticated transactional representations in the area.
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October 22, 2024
UK Probes Iberdrola's €5B Electric Power Co. Deal
Britain's antitrust authority said Tuesday that it has decided to investigate Spanish utility company Iberdrola's proposed acquisition of an 88% stake in Electricity North West to examine whether it could weaken competition in U.K. markets.
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October 22, 2024
Kirkland Guides Wendel's $1.13B Bid For Monroe Capital Stake
French investor Wendel Group said Tuesday that it will take an initial 75% stake in U.S. asset manager Monroe Capital LLC for $1.13 billion to expand its private credit services as demand surges.
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October 21, 2024
Big Lots Can Tap Final $10M DIP Draw To Fund Ch. 11 Sale
Discount retailer Big Lots Inc. got a Delaware bankruptcy judge's approval Monday to access the final $10 million in new money being funded under its debtor-in-possession loan package after it struck a last-minute deal to quell objections that a slate of landlords raised against final DIP approval.
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October 21, 2024
FCC Lets Wisper Take On More Broadband Blocks In Missouri
Wisper Internet is going to be taking over another telecom's Connect America Fund projects in the state of Missouri, and the Federal Communications Commission gave the move its blessing Monday by granting an application allowing the switch to move forward.
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October 21, 2024
Truist Bank To Pay $9.1M Over 'Unwise' Trust Administration
Charlotte-based Truist Bank has agreed to pay the federal government $9.1 million to resolve claims that its predecessor SunTrust Bank ran afoul of the law by approving unwise disbursements for beneficiaries of a lead poisoning settlement, the U.S. Department of Justice announced Monday.
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October 21, 2024
Cannabis Financing Co. Sues Over Dubious $3M Merger Demand
A Colorado-based company that provides banking services to cannabis companies is suing three shareholders of a company it acquired in a $30 million merger, saying in the last few days they've attempted to change the way the merger payments are distributed.
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October 21, 2024
Mike Pence Supports US Steel-Nippon, Calls Critiques 'Bogus'
Former Vice President Mike Pence has come out in support of Nippon Steel's planned $14.9 billion acquisition of U.S. Steel, stating that Nippon will inject essential funding into the ailing Pennsylvania-based steelmaker while helping to fend off China and Russia's growing levels of global steel production.
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October 21, 2024
Clifford Chance Continues NY Growth With O'Melveny Duo
Clifford Chance LLP is continuing its growth in New York, announcing on Monday the hiring of two former O'Melveny & Myers LLP attorneys to its private equity practice, as well as the firm's restructuring and insolvency group.
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October 21, 2024
Amex To Take Over Swisscard Joint Venture From UBS
UBS Switzerland AG on Monday said American Express has agreed to take over its 50% stake in credit card provider Swisscard, getting control of the former Credit Suisse joint venture as the credit card giant looks to expand its business in Switzerland.
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October 21, 2024
Haynes Boone, ArentFox Schiff Advise $1B Paving Co. Deal
Haynes and Boone LLP represented Alabama road builder Construction Partners Inc. in its nearly $1 billion acquisition of Austin, Texas-based Lone Star Paving, which relied on advice from ArentFox Schiff LLP in the transaction.
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October 21, 2024
Kirkland, Paul Weiss Build $859M Cybersecurity Biz Merger
Cybersecurity solutions companies Sophos, advised by Kirkland & Ellis LLP, and Secureworks, led by Paul Weiss Rifkind Wharton & Garrison LLP, on Monday announced plans to merge in an all-cash deal valued at roughly $859 million.
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October 21, 2024
Catalent CEO Defends Novo Deal, Will Stay On After Buyout
Catalent CEO Alessandro Maselli told the medical company's customers Monday that Catalent will continue to support them following its planned $16.5 billion sale to Novo Holdings, seeking to assure clientele after Sen. Elizabeth Warren and advocacy groups pressured the Federal Trade Commission to scrutinize and potentially block the deal.
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October 21, 2024
MVP: Goodwin's Joshua Zachariah
Joshua Zachariah of Goodwin Procter LLP's mergers and acquisitions practice led the team that advised Qualtrics in its $12.5 billion sale to private equity giant Silver Lake and is guiding Novo Holdings on its $16.5 billion merger agreement with Catalent, earning him a spot as one of the 2024 Law360 M&A MVPs.
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October 21, 2024
Davis Polk, Kilpatrick Guide $1.6B Mid-Atlantic Bank Merger
Davis Polk & Wardwell LLP and Kilpatrick Townsend & Stockton LLP are guiding a $1.6 billion deal that will see Virginia-based Atlantic Union Bankshares Corp. absorb Maryland's Sandy Spring Bancorp in what the companies said Monday will create a lower Mid-Atlantic region bank holding company with more than $39 billion in assets.
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October 21, 2024
Debevoise-Led EQT Pool To Buy $14.5B Private School Biz
Swedish investment giant EQT AB said Monday that it has formed a new consortium to acquire international school operator Nord Anglia Education for $14.5 billion in a deal guided by Latham & Watkins LLP, Debevoise & Plimpton LLP and Ropes & Gray LLP.
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October 21, 2024
Sanofi Sells Majority Stake In Opella To CD&R, French State
Pharmaceutical giant Sanofi SA said Monday that it will sell a controlling stake in Opella to U.S. private equity shop Clayton Dubilier & Rice LLC and France's public investment bank, in a deal valuing its consumer healthcare business at €16 billion ($17 billion).
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October 18, 2024
Law360 MVP Awards Go To Top Attys From 74 Firms
The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.
Expert Analysis
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New Proposal Signals Sharper Enforcement Focus At CFIUS
Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.
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4 Ways AI Tools Can Improve Traditional Merger Analyses
Government officials at the American Bar Association's annual antitrust spring meeting last week reinforced the view that competition cases will increasingly rely on sophisticated data analysis, so companies will likewise need to use Big Tech quantitative techniques to improve traditional merger analyses, say Patrick Bajari, Gianmarco Calanchi and Tega Akati-Udi at Keystone.
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Oracle Ruling Underscores Trend Of Mootness Fee Denials
The Delaware Chancery Court’s recent refusal to make tech giant Oracle shoulder $5 million of plaintiff shareholders' attorney fees illustrates a trend of courts raising the standard for granting the mootness fee awards once ubiquitous in post-merger derivative disputes, say attorneys at Troutman Pepper.
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Blocked JetBlue-Spirit Deal Illustrates New Antitrust Approach
The U.S. Department of Justice’s recent successful block of a merger between JetBlue Airways and Spirit Airlines demonstrates antitrust enforcers’ updated and disparate approach to out-of-market benefits versus out-of-market harms, say Lisa Rumin and Anthony Ferrara at McDermott.
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Comparing Corporate Law In Delaware, Texas And Nevada
With Elon Musk's recent decision to reincorporate his companies outside of Delaware, and with more businesses increasingly considering Nevada and Texas as corporate homes, attorneys at Baker Botts look at each jurisdiction's foundation of corporate law, and how the differences can make each more or less appealing based on a corporation's needs.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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Opinion
Aviation Watch: Not All Airline Mergers Hurt The Public
The U.S. Department of Justice's actions to block recent attempted airline mergers have been touted as serving the interests of the consumers — but given the realities of the deregulated air travel market, a tie-up like the one proposed between JetBlue and Spirit might have been a win for the public, says Alan Hoffman, a retired attorney and aviation expert.
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The Merger Cases That Will Matter At ABA Antitrust Meeting
While the American Bar Association's Antitrust Spring Meeting this week will cover all types of competition law issues in the U.S. and abroad, expect the federal agencies' recent track record in merger enforcement to be a key area of focus on the official panels and in cocktail party chatter, say attorneys at Freshfields.
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Calif. Verdict Showcases SEC's New 'Shadow Trading' Theory
Last week's insider trading verdict, delivered against biopharmaceutical executive Matthew Panuwat by a California federal jury, signals open season on a new area of regulatory enforcement enabled by the U.S. Securities and Exchange Commission's shadow trading theory, say Perrie Weiner and Aaron Goodman at Baker McKenzie.
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Climate Disclosure Mandates Demand A Big-Picture Approach
As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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Considerations For Evaluating IP Risks In Cannabis M&A
Due to the patchwork of state cannabis laws in the U.S., investors and businesses acquiring intellectual property must assess whether a trademark portfolio possesses any vulnerabilities, such as marks that are considered attractive to children or third-party claims of trademark infringement, say Mary Shapiro and Nicole Katsin at Evoke Law.
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A Snapshot Of The Evolving Restrictive Covenant Landscape
Rachael Martinez and Brooke Bahlinger at Foley highlight recent trends in the hotly contested regulation and enforcement of noncompetition and related nonsolicitation covenants, and provide guidance on drafting such provisions within the context of stand-alone employment agreements and merger or acquisition transactions.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.