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Mergers & Acquisitions
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August 13, 2024
Ex-Tilray Exec Can Collect $4M Arbitration Award
A Minnesota federal judge has confirmed a more than $4 million arbitration award in favor of a former Tilray Brands Inc. executive who took the company to arbitration over her termination, finding that the pharmaceutical company hasn't established that the award should be vacated.
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August 13, 2024
Australia's Orora Rejects $2.2B Lone Star Buyout Bid
Australia's Orora Ltd. said Tuesday it has rejected a buyout offer from Dallas-based private equity firm Lone Star Funds, stating that the offer of more than $2.2 billion undervalues the packaging company.
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August 13, 2024
Baker McKenzie Guiding Flowserve On $305M Mogas Buy
Baker McKenzie is advising environmental machinery provider Flowserve Corp. on a new agreement to buy valve-maker Mogas Industries, represented by Foley & Lardner LLP, for up to $305 million, Flowserve said in a Tuesday statement.
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August 13, 2024
3 Firms Drive $3.8B Carlyle-Baxter Kidney Care Deal
Kirkland & Ellis LLP-led private equity firm Carlyle on Tuesday agreed to acquire the kidney care unit of Baxter International Inc., represented by Sullivan & Cromwell LLP and Baker McKenzie, for $3.8 billion, Baxter said in a statement Tuesday.
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August 12, 2024
Nasdaq Isn't Immune From Racial Bias Claims, Investor Says
The Nasdaq Stock Market isn't immune from racial discrimination claims because such claims are "simply too different" from the claims it actually is protected from as a self-regulatory organization, an investor in a minority-led special purpose acquisition company has argued.
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August 12, 2024
PE Firms Aim To Escape RICO Suit Over Inadequate Claims
Investment firms Advantage Capital Holdings and 777 Partners separately have asked a federal judge in New York to toss a Racketeer Influenced and Corrupt Organizations suit whose allegations include fraud, saying the plaintiff failed to sufficiently plead its claims.
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August 12, 2024
Skadden Reps WSP In $1.8B Buy Of Power Engineers
Canadian consulting firm WSP Global Inc., represented by Skadden Arps Slate Meagher & Flom LLP, announced Monday that it is poised to acquire Katten Muchin Rosenman LLP-led U.S. firm Power Engineers Inc. for nearly $1.8 billion.
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August 12, 2024
DOJ Says Live Nation NY Suit 'Far Beyond' DC Merger Deal
The U.S. Department of Justice has urged a New York federal judge not to transfer its antitrust suit against Live Nation, arguing its allegations go well beyond the 2010 deal clearing the purchase of Ticketmaster, a deal Live Nation says warrants sending the case to Washington, D.C.
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August 12, 2024
UK Competition Watchdog Looking Into $35B Software Deal
The U.K.'s competition regulator said Monday it is delving into whether Synopsys Inc.'s $35 billion acquisition of Ansys Inc. will hurt competition in the region.
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August 12, 2024
Nokia Resets Merger Review Clock For $2.3B Infinera Deal
Nokia has agreed to give the U.S. Department of Justice more time to review its planned $2.3 billion purchase of Silicon Valley optical-transmission equipment maker Infinera for potential competition concerns.
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August 12, 2024
Asian Streaming Platform Plans US Listing Via SPAC Merger
Asia-focused animation and streaming platform Global IBO Group Ltd. plans to go public in the U.S. at an estimated $8.3 billion valuation by merging with special purpose acquisition company Bukit Jalil Global Acquisition 1 Ltd., under guidance from two law firms.
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August 12, 2024
Scotiabank Lands Minority Stake In KeyCorp In $2.8B Deal
Scotiabank, advised by Cravath Swaine & Moore LLP, has agreed to invest roughly $2.8 billion in Sullivan & Cromwell LLP-led KeyCorp in order to take a minority ownership stake in the financial services company, the two companies announced in separate Monday statements.
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August 12, 2024
King & Spalding Adds Freshfields M&A Ace In Silicon Valley
King & Spalding LLP is expanding its corporate team, announcing Monday it is bringing in a Freshfields Bruckhaus Deringer LLP mergers and acquisitions expert as a partner in its Silicon Valley office.
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August 12, 2024
NJ Health System Wants Proskauer DQ'd From Antitrust Case
Proskauer Rose LLP is facing accusations that it should be disqualified from representing one of New Jersey's largest healthcare systems in an antitrust lawsuit brought by a competitor that was once a client of the firm.
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August 12, 2024
Catching Up With Delaware's Chancery Court
Multimillion-dollar share conversions, power struggles in a classic rock band, a good deal for fandom collectibles, and a pindown by two heavyweights were all part of the spectacle in Delaware's Court of Chancery last week. New cases involved pharmaceutical companies, cannabis, drones and liquid-gas exports. In case you missed it, here's the latest from the Chancery Court.
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August 12, 2024
UK To Look Deeper Into Amex GBT's $570M Buy Of CWT
Britain's antitrust regulator said Monday that it has referred American Express Global Business Travel's proposed acquisition of rival CWT for an in-depth second phase of investigation over concerns the approximately $570 million deal could hurt competition in the country.
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August 12, 2024
3 Firms Rep As Crown Buys Revance In $924M Deal
Skincare company Crown Laboratories Inc. on Monday announced that it has agreed to merge with aesthetic healthcare biotechnology company Revance Therapeutics Inc. in a $924 million deal built by three law firms.
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August 12, 2024
Turkish Biz Won't Raise $310M Bid For Cruise Port Operator
Turkish conglomerate Global Yatirim Holding AS said on Monday that it will not raise its buyout price for the remaining shares of U.K. cruise port operator Global Ports Holding PLC that it does not already own.
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August 12, 2024
Linklaters-Led Bharti To Buy 24.5% BT Stake From Altice
Bharti Enterprises said Monday that it has agreed to buy a stake of approximately 24.5% in telecommunications giant BT Group PLC as the Indian conglomerate seeks to expand its global presence.
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August 09, 2024
Ex-Twitter Board Member Says X Owes Him $23M From Stock
A former member of Twitter's board of directors who helped oversee the sale of the social media company to Elon Musk in 2022 claimed X Corp. owes him more than $23 million worth of vested and unvested shares, according to a lawsuit filed in California state court.
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August 09, 2024
Pitney Bowes' E-Commerce Arm Can Tap $47M DIP In Ch. 11
A Texas bankruptcy judge on Friday gave DRF Logistics LLC the go ahead to borrow $45 million under a Chapter 11 loan funded by its former parent, shipping company Pitney Bowes Inc., which let go of its majority stake in DRF to wind down the unprofitable e-commerce division in bankruptcy.
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August 09, 2024
Biotech Firms Mull Acquisition Offers Amid Shaky IPO Climate
Amid a shaky outlook for initial public offerings, more private biotechnology firms are exploring acquisition offers from larger pharmaceutical companies as a more certain exit strategy, according to experts who advise emerging drug developers.
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August 09, 2024
Healthcare-Focused SPAC Voyager Nets $220M IPO
Shares of healthcare-focused Voyager Acquisition Corp. began trading publicly on Friday after the company priced its $220 million initial public offering.
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August 09, 2024
4 Firms Guiding Italian IT Firm Almaviva's $335M Iteris Buy
Italian digital innovation group Almaviva S.p.A. has agreed to purchase Austin, Texas-based infrastructure management provider Iteris Inc. for approximately $335 million equity value, Iteris said in a statement Friday.
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August 09, 2024
Amynta Lodges Fraud Suit In Chancery Over $105M Merger
An affiliate of multinational insurance services provider Amynta Group filed a lawsuit on Friday in Delaware's Court of Chancery against two top officers of Clearview Risk Holdings Inc., accusing both of playing a role in a multiyear Ponzi scheme allegedly designed to protect post-deal earnouts after a purportedly overpriced $105 million merger.
Expert Analysis
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Think Like A Lawyer: Forget Everything You Know About IRAC
The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.
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How Advance Notice Bylaws Are Faring In Del. Courts
Recent decisions make it clear that the Delaware Chancery Court is carefully reviewing public companies' amended advance notice bylaws in order to balance the competing interests of boards and shareholders, and will likely strike down bylaws that improperly interfere with stockholder franchises, say attorneys at Olshan Frome.
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How New EU Tax And Transfer Pricing Rules May Affect M&A
Companies involved in mergers and acquisitions may need to adjust fiscal due diligence procedures to ensure they consider potential far-reaching effects of newly implemented transfer pricing measures, such as newly implemented global minimum tax and European Union anti-tax avoidance directives and proposals, says Patrick Tijhuis at BDO.
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Strategies For Single-Member Special Litigation Committees
The Delaware Supreme Court's recent order in the Baker Hughes derivative litigation allowing testimony from a single-member special litigation committee highlights the fact that, while single-member SLCs are subject to heightened scrutiny, they can also provide unique opportunities, says Josh Bloom at MoloLamken.
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Lessons For D&O Policyholders From Pharma Co. Ruling
A California federal court's recent decision in AmTrust v. 180 Life Sciences, requiring insurers to advance defense costs for a potentially covered claim, provides a valuable road map for directors and officers insurance policyholders, rebutting the common presumption that a D&O insurer's duty to advance costs is more limited than under other policies, say attorneys at Pasich.
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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5 Tips For Policyholders Arbitrating R&W Insurance Claims
With more representations and warranties insurance disputes being arbitrated, policyholder counsel should note issues that are unique to RWI claims, including those of privilege, priority and preserving subrogation, says Micah Skidmore at Haynes Boone.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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What To Know About OCC Proposals For Bank Merger Review
The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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9 Considerations For Divestitures, Carveouts And Spinouts
Amid new economic optimism, data protection, transitional services and seven other considerations can help legal practitioners untangle complex divestitures, carveouts and spinouts to unlock value for corporate sellers, say Kimberly Petillo-Décossard and Kristen Rohr at White & Case.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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Mitigating The Risk Of Post-Closing M&A Earnout Disputes
Today's uncertain deal environment makes a well-crafted earnout an excellent way for parties to accomplish a desired transaction that would not otherwise occur, but transacting parties also need to take key steps to avoid the risk of post-closing disputes that earnouts can present, say Chad Barton and Claire Lydiard at Holland & Knight.
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Planning For Stymied HSR Filings At FTC If Shutdown Occurs
If the government were to shut down in early March, the inability to submit Hart-Scott-Rodino filings with the Federal Trade Commission would grind transactions to a halt, and parties should consider numerous implications as they are negotiating or planning to close pending transactions, say attorneys at DLA Piper.