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Mergers & Acquisitions
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October 24, 2024
Cleary-Led Keurig Buying Ghost Energy For $1B-Plus
Cleary Gottlieb-led Keurig Dr Pepper said Thursday it has agreed to purchase Winston & Strawn LLP-advised energy drink purveyor Ghost in a two-part transaction that will include the upfront purchase of a 60% stake in Ghost for $990 million, followed by the purchase of the remaining 40% stake in 2028.
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October 24, 2024
Cigna, Frontier Renew Stalled Merger Bids, Plus Other Rumors
Cigna Group and Frontier Airlines have both restarted once-stalled bids to acquire smaller rivals, rekindling merger rumors spanning the healthcare and airlines industries, while Sports Illustrated's secondary ticket platform wants to borrow up to $50 million to acquire competitor Anytickets. Here, Law360 breaks down these and other notable deal rumors from the past week.
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October 24, 2024
Baker McKenzie Reps Acuity Brands On $1.2B QSC Buy
Industrial technology company Acuity Brands Inc., advised by Baker McKenzie, on Thursday announced plans to buy Proskauer Rose LLP-led audio, video and control company QSC LLC in a $1.215 billion deal.
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October 24, 2024
TKO Paying $3.25B For Pro Bull Riding League, Other Assets
Skadden is advising a special committee of TKO Group Holdings on a deal disclosed Thursday that will see the WWE and UFC parent company purchase a professional bull riding league and two other sports companies from Latham-led Endeavor Group in a $3.25 billion all-stock deal.
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October 24, 2024
UK Probes Sonoco's $3.9B Bid For Eviosys
The antitrust watchdog said Thursday that it is investigating U.S.-based Sonoco Products Co.'s proposed $3.9 billion acquisition of European food can-maker Eviosys from private equity shop KPS Capital Partners.
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October 24, 2024
UK Clears Acerinox's $800M Bid For Haynes International
The U.K. antitrust watchdog said Thursday that it has waved through the planned $798 million takeover by stainless steel manufacturer Acerinox of Haynes International, which makes alloys, during the initial phase of its probe.
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October 23, 2024
Kroger Implies Wash. AG Opposes Merger To Aid Gov. Run
The Kroger Co. on Wednesday slammed Washington state's lawsuit targeting its proposed $24.6 billion merger with Albertsons during closing arguments, telling the trial judge that it needlessly duplicates the Federal Trade Commission's antitrust case and suggesting that the state's attorney general was out to boost his campaign for governor.
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October 23, 2024
NY AG Probes Capital One's Planned $35B Discover Merger
New York Attorney General Letitia James has joined federal regulators in investigating Capital One Financial Corp.'s proposed $35 billion acquisition of Discover Financial Services, according to a Wednesday subpoena petition alleging the deal might violate Empire State antitrust laws.
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October 23, 2024
Chancery Mulls Call To Toss $7B Focus Financial Merger Suit
An attorney for private equity firm Stone Point Capital told Delaware's chancellor Wednesday that there was no control group formed before the $7 billion August 2023 go-private merger between Focus Financial Partners Inc. and Clayton Dubilier & Rice LLC, and that a ruling otherwise would "lower the bar" for control allegations.
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October 23, 2024
Del. Justices Urged To Revive Oracle-NetSuite Deal Challenge
An attorney for Oracle Corp. stockholders rattled off a barrage of alleged disclosure failures, analytical flaws and errant deference decisions Wednesday during a Delaware Supreme Court appeal from the Chancery Court's toss last year of a challenge to the company's $9.3 billion acquisition of NetSuite Corp. in 2016.
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October 23, 2024
Judge Says Ex-Steward Hospital Nurse Row Out Of His Hands
A Texas bankruptcy judge Wednesday declined to order the new owner of former Steward Health Care hospitals in Massachusetts to take back changes to nurses' union contracts it assumed under his sale order, saying it wasn't up to him to make the call.
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October 23, 2024
Merck Bets More Than $1B On Yale Cancer Treatment Spinout
Pharmaceutical giant Merck has purchased New Haven, Connecticut-based Modifi Biosciences Inc. for $30 million upfront, plus potential milestone payments to shareholders totaling up to $1.3 billion, Modifi said Wednesday.
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October 23, 2024
Roche CEO Says Novo-Catalent Deal Should Be Blocked
The CEO of Swiss pharmaceutical company Roche injected himself into the controversy surrounding Novo Holdings' planned $16.5 billion acquisition of Catalent on Wednesday, stating that he thinks antitrust authorities should block the deal due to its anticompetitive implications.
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October 23, 2024
Foley & Lardner Adds Burr & Forman Corporate Duo In Fla.
Foley & Lardner LLP has ramped up its innovative technology sector and transactions practice group with two former Burr & Forman LLP partners in Jacksonville, Florida, where a Foley & Lardner leader said their arrival aligned with the firm's strategic focus on four key sectors of the economy.
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October 23, 2024
Kirkland Adds Freshfields Atty To Boost Private Credit Bench
Kirkland & Ellis LLP has welcomed an expert in leveraged finance from Freshfields Bruckhaus Deringer LLP, saying Wednesday that his diverse practice will strengthen the firm's liability management and opportunistic credit practices and support its position in the growing private credit sector.
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October 23, 2024
Top Frontier Investor Calls $20B Price Tag A 'Steal' For Verizon
Frontier Communications shareholder Glendon Capital Management sent a letter to Frontier's board on Wednesday stating the company is currently worth at least $26 billion, 30% higher than the $20 billion value implied by Verizon's planned buyout, as Glendon aims to prevent Verizon from "walking away with a steal."
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October 23, 2024
AirAsia's Planned SPAC Merger Will Not Take Place
The parent company of Malaysian airline AirAsia on Wednesday called off its planned special purpose acquisition company merger that would have resulted in the business being publicly listed in the U.S., while also disclosing plans for a capital reduction to strengthen its financial position.
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October 23, 2024
CityFleet To Buy Linklaters-Led Addison Lee For £269M
U.K. transportation company CityFleet Networks Ltd. said Wednesday that it will acquire London private hire cab and courier giant Addison Lee Ltd. for £269.1 million ($348.4 million) to expand in the premium mobility market.
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October 23, 2024
MVP: Wachtell's Karessa L. Cain
Karessa Cain of Wachtell Lipton Rosen & Katz successfully led Hess Corp. through federal antitrust scrutiny amid Chevron's ongoing $53 billion acquisition and represented eBay Inc. in a complex, cross-border transaction to take a Norwegian classifieds business private, earning her a spot as one of the 2024 Law360 Mergers & Acquisitions MVPs.
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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
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.
Expert Analysis
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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.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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How M&A Attorneys Can Best Serve Self-Funded Searchers
Post-pandemic, and with the so-called great wealth transfer on the horizon, individuals looking for small and midsize businesses to acquire are increasingly going the self-funded route, so deal attorneys must understand the major pain points and unique needs of this demographic, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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What TikTok's Race Against The Clock Teaches Chinese Firms
The Biden administration's recent divestiture deadline on TikTok parent ByteDance provides useful information for other China-based companies looking to do business in the U.S., including the need to keep products for each market separate and implement firewalls at the design stage, says Richard Lomuscio at Stinson.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Live Nation May Shake It Off In A Long Game With The DOJ
Don't expect a swift resolution in the U.S. Department of Justice's case against Live Nation, but a long litigation, with the company likely to represent itself as the creator of a competitive ecosystem, and the government faced with explaining how the ticketing giant formed under its watch, say Thomas Kliebhan and Taylor Hixon at GRSM50.
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Boeing Saga Underscores Need For Ethical Corporate Culture
In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Parsing Controversial Del. General Corporation Law Proposals
In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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A Look At M&A Conditions After FTC's Exxon-Pioneer Nod
The Federal Trade Commission's recent consent decree imposing several conditions on Exxon Mobil's acquisition of Pioneer Natural Resources helps illustrate key points about the current merger enforcement environment, including the probability of further investigations in the energy and pharmaceutical sectors, say Ryan Quillian and John Kendrick at Covington.