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Mergers & Acquisitions
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November 14, 2024
Capri, Tapestry Kill $8.5B Handbag Deal Amid FTC Battle
Capri Holdings Ltd. and Tapestry Inc. have called off their $8.5 billion merger following an extended regulatory battle with the Federal Trade Commission, with the companies mutually agreeing to terminate the deal because it is "unlikely" to obtain the regulatory approvals needed to close on time, Capri said Thursday.
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November 14, 2024
EU Clears Consortium's €2.2B Bid For Cybersecurity Biz
The European Commission said Thursday that it has cleared the approximately €2.2 billion ($2.4 billion) acquisition of French cybersecurity firm Exclusive Networks by its biggest shareholder Permira and U.S. private equity firm Clayton Dubilier & Rice.
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November 14, 2024
The Onion Buys Alex Jones' Infowars At Ch. 7 Auction
Satirical news website The Onion has purchased Alex Jones' Infowars at a Chapter 7 bankruptcy auction, according to a Thursday announcement by the firm representing Sandy Hook shooting survivors who won a $1.4 billion defamation award over his claims the massacre was a hoax.
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November 14, 2024
Canadian Pension Fund Buys UK Airport Operator For £1.5B
A subsidiary of Public Sector Pension Investment Board, a Canadian investor, has said it will buy the operator of airports in Aberdeen, Glasgow and Southampton for £1.53 billion ($1.94 billion).
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November 13, 2024
Tempur Sealy Has 'Keys' To Merger, Mattress Firm CEO Says
Mattress Firm's CEO told a Houston judge Wednesday that he has not had any involvement in Tempur Sealy's post-acquisition agreements with mattress suppliers, testifying that Tempur's board chairman and CEO is the one "driving" the deal.
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November 13, 2024
Saxena, Cohen Milstein To Lead Sprout Social Investor Suit
Saxena White PA and Cohen Milstein Sellers & Toll PLLC will represent a putative class of social media management company Sprout Social Inc. investors in consolidated litigation after the company missed its financial guidance and struggled to integrate an influencer marketing platform it acquired.
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November 13, 2024
Wash. Attys Expect Gov. And AG Will Keep Them Busy
Despite President-elect Donald Trump's anticipated de-emphasis of regulatory enforcement, Washington state antitrust and consumer protection attorneys are still expecting plenty of work in the coming years, as the new Democratic governor-attorney general duo are expected to step up local enforcement.
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November 13, 2024
Live Nation Ruling Chills Modern Arbitration, 9th Circ. Told
The Ninth Circuit's recent decision invalidating Live Nation Entertainment Inc. and Ticketmaster's choice of a digital arbitration startup for consumer antitrust claims has created "massive uncertainty" and undermines innovative approaches for dealing with abusive mass arbitrations, the live event companies argued in a rehearing petition Tuesday.
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November 13, 2024
Investors Ask FCC To Review $2.4B Paramount-Skydance Deal
The Federal Communications Commission should refuse to approve Paramount Global's request to merge with Skydance Media LLC until minority shareholders have a chance to finish their investigation into the financial details of the deal, the leader of those investors told the agency.
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November 13, 2024
'Gist' Of Trump Media Story Was True, News Outlets Say
Several news outlets sued by Donald Trump's social media website in a $1.5 billion defamation lawsuit over stories that the company lost $73 million told a Florida state court that it should toss the complaint, arguing Wednesday that the "gist" of the reporting was still true even if the actual loss wasn't correct.
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November 13, 2024
Gaming Co. Sued In Chancery To Block Controller Moves
A large stockholder in Allied Gaming & Entertainment Inc. sued the company's board, controlling stockholder and others in Delaware's Court of Chancery on Tuesday, alleging moves by the controller to dilute the shares of outside stockholders ahead of a proxy contest.
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November 13, 2024
Outgoing DOJ Antitrust Head Wants To Unstack Healthcare
The U.S. Department of Justice's top antitrust official looked to the future Tuesday, of both healthcare and his own exit with the change in presidential administration, as he defended the Biden era's more aggressive, nuanced approach to merger enforcement that wouldn't allow massive insurers and others to stack up the industry like Tetris.
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November 13, 2024
Judge To Confirm Ambri Ch. 11 Wind-Down Plan
A Delaware bankruptcy judge Wednesday agreed to approve the Chapter 11 plan of battery company Ambri Inc., which will sell its assets to its lenders and wind down.
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November 13, 2024
Wachtell, O'Melveny Build Charter's Liberty Broadband Buy
Broadband connectivity giant Charter Communications Inc. on Wednesday unveiled plans to acquire Liberty Broadband Corp. in an all-stock transaction built by Wachtell Lipton Rosen & Katz and O'Melveny & Myers LLP.
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November 13, 2024
Frontier Stockholders Vote In Favor Of $20B Verizon Deal
Frontier Communications stockholders approved the company's planned $20 billion sale to Verizon Communications Inc. on Wednesday, despite prior pushback from select investors and recommendations from top proxy advisory firms to abstain.
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November 13, 2024
Connecticut Atty Frees AAA From Firm Break-Up Spat
Connecticut attorney Andrew P. Garza has removed the American Arbitration Association as a defendant from a lawsuit seeking to block his former 50-50 partner Ryan C. McKeen from arbitrating a dispute about their law firm's breakup, according to a withdrawal notice filed Tuesday in state court.
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November 13, 2024
Cadwalader Brings New Partner To Corp. Team From Kirkland
Cadwalader Wickersham & Taft LLP announced Tuesday that it had hired an adviser to companies and private equity funds from Kirkland & Ellis LLP, touting her experience in complex business transactions.
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November 13, 2024
Rivian Stock Electrified As $5.8B VW Deal Set Into Motion
Rivian Automotive's stock got a jolt of energy Wednesday after the electric vehicle maker and Volkswagen Group said they were launching a joint venture worth up to $5.8 billion.
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November 13, 2024
FTC Antitrust Case Against Meta Is Heading To Trial
A D.C. federal court ruled Wednesday that Meta will have to face trial on the Federal Trade Commission's claims that the Facebook parent company monopolized personal social networking through its acquisitions of Instagram and WhatsApp.
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November 13, 2024
7-Eleven Exec Throws Hat In Ring With Buyout Bid
The parent of 7-Eleven said Wednesday it has received a nonbinding bid from an executive and one of his companies, at a reported $11 billion premium over a prior $47 billion takeover offer from Canada's Alimentation Couche-Tard Inc.
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November 13, 2024
Just Eat To Sell US Biz To Rival Delivery Co. At $6.5B Loss
Just Eat said Wednesday that it has agreed to offload Grubhub to rival online food delivery company Wonder Group for $650 million — a $6.5 billion loss from the purchase price in 2020 at the height of the COVID-19 pandemic.
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November 12, 2024
Shuttered NHL Talent Rep Appeals Asset Freeze To 1st Circ.
The owner of a now-defunct talent agency that represented professional hockey players is asking the First Circuit to overturn a ruling that froze his assets while a suit from a rival Finland-based management company proceeds in Massachusetts federal court.
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November 12, 2024
3 Firms Guide Rare Canadian IPO Eyed By Groupe Dynamite
Canadian women's clothing retailer Groupe Dynamite Inc. has launched plans for an estimated C$300 million ($215 million) initial public offering, marking a rare Canadian listing under guidance from three law firms.
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November 12, 2024
Tempur Sealy Merger 'Surprisingly Bold,' Competitor Testifies
The CEO of a Utah-based mattress company told a Houston federal judge Tuesday that Tempur Sealy's proposed remedies under its $4 billion planned Mattress Firm purchase were "surprisingly bold" as the Federal Trade Commission began its case in opposition of the merger.
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November 12, 2024
Hertz Investors Urge Chancery Not To Toss Stock Warrant Suit
An attorney for two Hertz Inc. institutional investors told a Delaware judge Monday that the vehicle rental giant relied on an impermissible reinterpretation of a warrant agreement to reject a redemption demand purportedly triggered by the company's post-Chapter 11 recapitalization.
Expert Analysis
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State Of The States' AI Legal Ethics Landscape
Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.
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How Biden Admin Has Used Antitrust Tools, And What's Next
The last four years have been marked by an aggressive whole-of-government approach to antitrust enforcement using a broad range of tools, and may result in lasting change regardless of the upcoming presidential election result, say attorneys at Norton Rose.
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How BIS' Rule Seeks To Encourage More Voluntary Disclosure
Updated incentives, penalties and enforcement resources in the Bureau of Industry and Security's recently published final rule revising the Export Administration Regulations should help companies decide how to implement export control compliance programs and whether to disclose possible violations, say attorneys at Freshfields.
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.
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Harris Unlikely To Shelve Biden Admin's Food Antitrust Stance
A look at Vice President Kamala Harris' past record, including her actions as California attorney general, shows why practitioners should prepare for continued aggressive antitrust enforcement, particularly in the food and grocery industries, if Harris wins the presidential election, says Steve Vieux at Bartko.
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Opinion
This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Series
Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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John Deere Penalty Shows Importance Of M&A Due Diligence
The U.S. Securities and Exchange Commission's recent $10 million penalty against John Deere underscores the risks of not conducting robust preacquisition due diligence and not effectively integrating a new subsidiary into the existing compliance framework, say attorneys at Ropes & Gray.
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8 Issues AI Firms May Encounter As M&A Action Accelerates
As the AI merger climate heats up, potential complications may arise, including antitrust scrutiny, talent retention agreements, and aggressive and protective deal terms intended to compensate for lofty valuations, say Scott Schwartz and Kishan Barot at Manatt.
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Series
Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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Del. Dispatch: Cautionary Tales Of 2 Earnout Effort Breaches
The Delaware Court of Chancery's tendency to interpret earnout provisions precisely as written, highlighted in two September rulings that found buyers breached their shareholder obligations when they failed to make reasonable efforts to hit certain product development milestones, demonstrates the paramount importance of precisely wording these agreements, say attorneys at Fried Frank.
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Building US-Japan Relationships In The M&A Market
The prospect of U.S.-Japanese mergers and acquisitions presents stronger competition to U.S. investors in the global M&A markets, while also opening up an additional exit route for sellers looking to offload strategic assets, says Nick Wall at A&O Shearman.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.