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Mergers & Acquisitions
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November 12, 2024
Morgan Lewis M&A Pro Jumps To Baker Botts In Palo Alto
Baker Botts LLP has hired an attorney who previously worked at Morgan Lewis & Bockius LLP, Winston & Strawn LLP and other firms to bolster its mergers and acquisitions practice on the West Coast.
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November 12, 2024
DOJ Suing To Block UnitedHealth Unit's $3.3B Amedisys Deal
The U.S. Department of Justice and four U.S. states filed a lawsuit Tuesday seeking to block UnitedHealth Group's Optum unit from going through with its planned $3.3 billion purchase of Amedisys Inc., arguing the deal will harm competition in the home health and hospice services.
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November 12, 2024
Elliott Reveals $5B Honeywell Holding, Calls For Change
Elliott Investment Management LP said Tuesday it has amassed a $5 billion stake in Honeywell International Inc. as the firm pushed the industrial conglomerate to separate itself into two independent companies.
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November 12, 2024
Arthur Cox-Led Kerry Group To Sell Dairy Biz For €500M
Food flavorings business Kerry Group said Tuesday that it has agreed to sell its dairy foods subsidiary Kerry Dairy Ireland to its affiliate Co-Op for €500 million ($530 million) in a deal guided by Arthur Cox LLP and McCann FitzGerald LLP.
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November 12, 2024
Brookfield To Sell German, Dutch Assets Of Tritax To Segro
British real estate investment trust Segro said Tuesday that it had reached a deal with Brookfield to buy parts of Tritax EuroBox PLC after Brookfield completes a £557 million ($728 million) proposed acquisition of Tritax, a logistics property investor.
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November 11, 2024
AI-Focused Semiconductor Maker Puts SPAC Deal On Hold
Sivers Semiconductors AB said Monday that it has paused the proposed merger of its laser semiconductor subsidiary with special purpose acquisition company byNordic Acquisition Corp., because of the market conditions for small cap companies in the U.S.
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November 11, 2024
Clifford Chance Leads £207M Swiss Bourse Bid For UK's Aquis
Aquis Exchange PLC said Monday that it has backed a £207 million ($267 million) cash offer from Swiss bourse operator SIX Exchange Group AG, a deal that will hand over London's challenger stock market to a foreign buyer.
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November 08, 2024
1st Circ. Affirms Order Ending Jet Blue-American Partnership
The First Circuit backed a lower court decision blocking a partnership between JetBlue and American Airlines that it found substantially diminished competition in the domestic air travel market, saying it found no error in the district judge's thorough review of the deal that could revive the venture.
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November 08, 2024
Kustom Entertainment's $222M SPAC Merger Goes Kaput
Blank-check company Clover Leaf Capital is terminating its planned merger with live entertainment organizer Kustom Entertainment Inc., according to a Friday announcement.
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November 08, 2024
Experienced Dealmakers Lead 3 SPACs Raising $365M Total
Three special purpose acquisition companies began trading Friday after pricing initial public offerings that raised $365 million combined under guidance from four law firms, marking the latest sign that more SPACs, particularly those with prior deals under their belts, are willing to test an improving market.
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November 08, 2024
Astrana Health Acquires Prospect Health In $745M Deal
Healthcare company Astrana Health Inc., advised by Russ August & Kabat LLP, on Friday announced plans to buy integrated care delivery system Prospect Health System, led by Sheppard Mullin Richter & Hampton LLP, in a $745 million deal meant to ensure that health care remains local and personalized for patients across four states.
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November 08, 2024
Judge Will Give Solar Co. $3M Interim Lifeline In Ch. 11
A Delaware bankruptcy judge said Friday she will grant Oya Renewables, a solar energy producer with offices in Boston and Toronto, interim access to $3 million in postpetition funding on offer from its Chapter 11 stalking horse bidder once some final modifications are made.
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November 08, 2024
Nexans To Sell US Cables Biz To Dentons-Led Mattr For $280M
Energy transition company Nexans said Friday that it has agreed to sell its U.S.-based cable subsidiary AmerCable Inc. to Canadian infrastructure technology company Mattr Corp. for $280 million in a deal guided by Dentons.
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November 08, 2024
Apollo Gets Extension To Make £1B Offer For Auto-Parts Biz
Auto parts supplier TI Fluid Systems said Friday that Britain's mergers and acquisitions authority has granted a company backed by private equity giant Apollo more time to make it a firm offer worth approximately £995 million ($1.3 billion).
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November 07, 2024
Wash. Gov.-Elect Outlines Plan To Resist Less 'Sloppy' Trump
As Washington attorney general, Bob Ferguson said he thwarted policies during a "sloppy" first Trump presidency, including blocking an immigration travel ban. And on Thursday, Ferguson, who becomes governor in January, said he is leaving an office well-equipped for a potential round two of litigation with an emboldened and potentially more disciplined Trump administration.
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November 07, 2024
Chancery Mulls Stay, Toss Of SPAC Suit Pending NJ Ruling
Attorneys for the sponsor of a deal that took digital health equipment venture Butterfly Network public in February 2021 argued Thursday for a stay or dismissal of a Delaware Court of Chancery suit challenging the deal, citing extensive overlap with an earlier-filed federal securities action in New Jersey.
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November 07, 2024
Alaska Flyers Lodge Emergency 9th Circ. Bid To Halt Merger
Flyers and travel agents hoping to block Alaska Airlines' $1.9 billion merger with Hawaiian Airlines are asking the Ninth Circuit for an emergency halt to any further integration between the companies while they appeal a district court's dismissal of their suit, telling the judges consumers will be hurt if the merger continues.
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November 07, 2024
Solar Energy Co. Hits Ch. 11 With $100M In Debt, Sale Plans
Oya Renewables, a solar energy producer with offices in Boston and Toronto, has filed for Chapter 11 protection in the Delaware bankruptcy court, disclosing at least $100 million in liabilities — including almost $87 million in funded debt — and plans to sell its assets, while blaming factors such as project delays and litigation for its liquidity crunch.
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November 07, 2024
Investors Accuse Truth Social SPAC's Ex-CEO Of Stock Theft
The former CEO of the special purpose acquisition company that combined with Donald Trump's Truth Social company has been accused of stealing millions of SPAC shares by funneling them to offshore shell entities and misappropriating investments to fund his "lavish" Miami lifestyle.
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November 07, 2024
LeBron Eyes Media Merger, AI Startup IPO, And More Rumors
Basketball star LeBron James wants to merge his TV and film production company with a British studio, while AI-focused startup CoreWeave has selected investment banks to manage an initial public offering planned for 2025, plus a women's clothing retailer and a generic-drug maker are planning a pair of listings that could revive Canada's dormant IPO market.
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November 07, 2024
Lynk Global Taps New Execs Amid Deal With A-Rod's SPAC
Lynk Global Inc., the satellite-to-phone business merging with the blank-check company of former New York Yankees star Alex Rodriguez, on Thursday revealed that it has picked a new CEO and CFO while securing capital investments from shareholders.
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November 07, 2024
AT&T Buys UScellular Spectrum Licenses In $1B Deal
United States Cellular Corp. on Thursday announced that it has agreed to sell a portion of its retained spectrum licenses to telecommunications giant AT&T for $1.018 billion, in a deal built by at five law firms.
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November 07, 2024
CMA Raises Concerns Over Amex GBT's $570M Buy Of Rival
The proposed $570 million acquisition by American Express Global Business Travel Inc., a corporate travel management company, of rival CWT Holdings LLC in the U.K. could "lead to reduced choice and quality" in Britain, the antitrust watchdog has warned.
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November 07, 2024
Former Delaware DOJ Attorney Joins Chancery As Magistrate
Delaware's judiciary announced this week that a former Young Conaway Stargatt & Taylor LLP attorney who also previously worked for the state's Department of Justice has been appointed to serve as a magistrate in the Chancery Court.
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November 06, 2024
9th Circ. Says No New Trial For Tesla Investors' Suit
The Ninth Circuit on Wednesday ruled that a lower court didn't err in denying Tesla investors' request for a new trial regarding their $12 billion claim over Elon Musk's 2018 tweets that he had "funding secured" to take the electric car giant private, saying there were no improper instructions given to the jury.
Expert Analysis
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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How Generative AI May Aid Merger Clearance Process
Generative artificial intelligence capable of analyzing and searching large datasets stands to revolutionize the merger clearance process, including by significantly reducing the time and effort required to respond to Hart-Scott-Rodino second requests, say Kenneth Koch and Brian Blush at BDO USA.
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Antitrust In Retail: The Meaning Of 'Accessible Luxury'
In order for the Federal Trade Commission to block a deal that would put six "accessible luxury" brands, including Coach and Michael Kors, under one roof, the agency will need to prove that this category is distinct from the true luxury or mass-market categories, says David Kully at Holland & Knight.
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A Case Study For Calif. Cities In Water Utility Takeovers
With growing water scarcity and drier weather looming, some local governments in California have sought to acquire investor-owned water utilities by eminent domain — but the 2016 case of Claremont v. Golden State Water is a reminder that such municipalization attempts must meet certain statutory requirements, say attorneys at Nossaman.
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4 Important Events In Bank Regulation: A Midyear Review
The first six months of 2024 have been fairly stable for the banking industry, though U.S. Supreme Court decisions and proposals from regulators have significantly affected the regulatory standards applicable to insured depository institutions, says Christina Grigorian at Katten.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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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.