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Mergers & Acquisitions
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October 01, 2024
Davis Polk-Led Brazilian Lubricants Maker Eyes $400M IPO
Moove Lubricants Holdings, a private equity-backed lubricants producer based in Brazil, on Tuesday unveiled terms for an estimated $400 million initial public offering, represented by Davis Polk & Wardwell LLP and underwriters' counsel Paul Hastings LLP.
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October 01, 2024
Most TA Dispatch Claims Fall In Chancery Celadon Suit
Alabama trucking and transport management company TA Dispatch LLC saw three of its four claims tossed Tuesday from its Delaware Court of Chancery suit seeking millions in damages from directors and officers of a transport and logistics company that went bankrupt shortly after selling TA Dispatch severely hobbled assets.
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October 01, 2024
Willis Towers Watson Inks $632M Sale Of Tranzact To PE Firms
Insurance company Willis Towers Watson Plc, advised by Weil Gotshal & Manges LLP, on Tuesday announced that it is divesting its direct-to-consumer insurance distribution business Tranzact and selling it to Kirkland & Ellis LLP-advised private equity firm GTCR and Willkie Farr & Gallagher LLP-led technology services investment platform Recognize for $632.4 million.
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October 01, 2024
Monthly Merger Review Snapshot
European enforcers saw a key merger policy cut down by the bloc's high court, while Kroger and Albertsons defended their planned $24.6 billion grocery store mega-merger from challenges in multiple venues, and the Federal Trade Commission pushed a bid to block a merger between the owners of Coach and Michael Kors.
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October 01, 2024
Paul Weiss Adds Former Apollo GC As NY Corporate Partner
A former partner and general counsel for the credit arm of Apollo Global Management is now a partner in Paul Weiss Rifkind Wharton & Garrison LLP's corporate department, the firm said Tuesday.
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October 01, 2024
PepsiCo Buying Siete In $1.2B Deal Steered By 3 Law Firms
PepsiCo said Tuesday it has agreed to buy Mexican-American food purveyor Siete Foods for $1.2 billion, with Gibson Dunn & Crutcher LLP steering the deal on PepsiCo's behalf and Weil Gotshal & Manges LLP and Armbrust & Brown PLLC advising Siete.
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October 01, 2024
After 72 Years, Browdy & Neimark Moves To FisherBroyles
The Washington, D.C., intellectual property boutique Browdy & Neimark PLLC is closing its doors after 72 years in business, as the firm's four attorneys move their practices to FisherBroyles LLP.
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October 01, 2024
Latham Reps CPP Investments In $15B Equinix Data Center JV
Latham & Watkins advised Canada Pension Plan Investment Board in a joint venture with digital infrastructure developer Equinix Inc. and Singapore's sovereign wealth fund GIC that could invest $15 billion to build data centers.
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October 01, 2024
Pfizer Sells £2.4B Of Shares In Advil Owner Haleon
Pharmaceuticals titan Pfizer Inc. said Tuesday that it has reduced its stake in Haleon PLC, a maker of oral health products, by selling its shares to investors and raising approximately £2.43 billion ($3.24 billion) in the process.
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October 01, 2024
4 Firms Guide Partners Group In €6.7B Sale Of German Biz
Swiss private equity shop Partners Group said Tuesday that it is selling its stake in a German digital energy metering business to Texas-based TPG and Singapore's sovereign wealth fund for approximately €6.7 billion ($7.4 billion).
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October 01, 2024
Freshfields Guides Abu Dhabi Oil In €14.7B German Bid
Abu Dhabi's state-owned oil company said Tuesday that it will buy a German chemicals producer, Covestro AG, in a €14.7 billion ($16.3 billion) deal as the Gulf state seeks to lower its dependence on oil amid the transition to green energy.
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September 30, 2024
Colo. Says Kroger Merger Would Divest To 'Retail Liquidator'
Colorado enforcers told a state judge Monday that Kroger Co.'s plan to inoculate against the anticompetitive effects of its $25 billion merger with Albertsons is doomed to fail because the company that would acquire hundreds of stores is a "liquidator" with no intention of running the stores long term.
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September 30, 2024
Pa. Bankruptcy Court OKs $53M Sale Of Nursing Homes
A federal bankruptcy judge approved the proposed sale of nine western Pennsylvania nursing homes to affiliates of Kadima Healthcare Group for $53 million Monday, as part of Chapter 11 proceedings for more than a dozen facilities operating under the umbrella of Comprehensive Healthcare Management Systems.
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September 30, 2024
Bristol-Myers Beats Celgene Investors' Drug Delay Suit
A New York federal judge on Monday tossed UMB Bank's claims that Bristol-Myers Squibb improperly delayed U.S. Food and Drug Administration approval of a cancer treatment to avoid paying shareholders $6.4 billion owed from a 2019 acquisition of Celgene Corp., saying the bank lacked standing to sue.
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September 30, 2024
Private Trading Platform Scraps SPAC Merger In Favor Of IPO
Special-purpose acquisition company Blockchain Coinvestors Acquisition Corp. I said Monday that its merger agreement with private investment platform Linqto Inc. has been terminated, while Linqto separately announced it will go public through an initial public offering instead.
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September 30, 2024
Alaska-Hawaiian Merger, An Aviation Anomaly
A promise to keep their distinct brands and a smaller national market share with few overlapping routes helped Alaska Airlines and Hawaiian Airlines seal their merger, a rare feat amid the Biden administration's tough antitrust enforcement and zealous opposition to consolidation, experts say.
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September 30, 2024
FCC Approves Audacy's Soros Deal, Triggering GOP Anger
The Federal Communications Commission has given the green light to the purchase of an ownership interest in bankrupt radio station owner Audacy Inc. by a fund manager with ties to George Soros.
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September 30, 2024
Chancery Sidelines Squarespace Merger Doc Suit For Now
A Delaware Court of Chancery action to compel stockholder access to website builder Squarespace Inc.'s corporate records remained under a stay Monday, after a court finding that the suit aimed to preserve future review rights focused on a proposed $7.2 billion company take-private deal.
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September 30, 2024
Activist Investor Urges Basic-Fit Gym Operator To Sell
Buckley Capital Management LLC made an appeal to the board of Basic-Fit NV on Monday recommending that the company undergo a strategic review with the intention of selling the business and going private.
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September 30, 2024
FTC Withdraws From Feds' Merger Review Labor Pact
The Federal Trade Commission is withdrawing from an agreement signed in August with the U.S. Department of Justice, the U.S. Department of Labor and the National Labor Relations Board that's meant to increase collaboration when looking at labor issues in mergers.
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September 30, 2024
SEC Fines LA Man In Truth Social-Linked Insider Trading Case
The U.S. Securities and Exchange Commission announced that Los Angeles-based entrepreneur Eric Hannelius will pay over $365,000 to settle allegations that he traded on inside information ahead of a blank check company's acquisition of the owner of social media platform Truth Social.
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September 30, 2024
AGs, Academics Back Media Giants In Sports Streaming Fight
ESPN, Fox and Warner Bros. have picked up allies in their push to move ahead with a "sports-first" broadcasting service, with six state attorneys general and a host of respected economics professors urging the Second Circuit to undo a New York court order that blocked the service's launch.
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September 30, 2024
4 Firms Guide Verizon's $3.3B Wireless Comms Towers Sale
Verizon has sold 6,339 wireless communications towers to a communications-focused real estate investment trust for $3.3 billion in a deal guided by Jones Day, Greenberg Traurig, Simpson Thacher and Mayer Brown, Verizon announced Monday.
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September 30, 2024
Schwab Nears Deal In Antitrust Suit Over TD Ameritrade Buy
Charles Schwab Corp. has reached "an agreement in principle" with retail investors who filed a proposed class action alleging increased transaction costs for trades and other antitrust injury following the Schwab-TD Ameritrade merger, the parties told a Texas federal judge Friday.
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September 30, 2024
Popwallet Shareholders Sue Buyer Snap Inc. After Stock-Drop
Stockholders of virtual payment wallet startup Popwallet Inc. have sued tech company Snap Inc. for fraud and equitable fraud in Delaware's Court of Chancery, accusing Snap of withholding deeply negative news about its own business until after closing on a mostly paid-in-stock merger in late 2021.
Expert Analysis
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Planning For Healthcare-Private Equity Antitrust Enforcement
U.S. antitrust agency developments could mean potential enforcement actions on healthcare-related acquisitions by private equity funds are on the way, and entities operating in this space should follow a series of practice tips, including early assessment of antitrust risks on both the state and federal level, say Ryan Quillian and John Kendrick at Covington.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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DOJ's Safe Harbor Policy May Quietly Favor M&A Enforcement
In a change that has received little attention, the U.S. Justice Department's recently codified safe harbor policy essentially reads the Antitrust Division's criminal enforcement out of the policy entirely, and now appears to favor merger enforcement in antitrust, rather than criminal enforcement, as originally intended, say Daniel Oakes and James Attridge at Axinn.
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How Activision Ruling Favors M&A Formalities Over Practice
The Delaware Chancery Court’s recent nod to a proposed class action, alleging shareholder notice violations in Activision Blizzard’s sale to Microsoft, puts practitioners on notice that customary merger and acquisition market practices do not offer protection from potential liability, say John Stigi and Eugene Choi at Sheppard Mullin.
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How Policymakers Can Preserve The Promise Of Global Trade
Global trade faces increasing challenges but could experience a resurgence if long-held approaches adjust and the U.S. accounts for factors that undermine free trade's continuing viability, such as regional trading blocs and the increasing speed of technological advancement, says David Jividen at White & Case.
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Why Oncology Deal Making Continues To Fuel Biotech M&A
The biotech sector's potential for advancements in cancer care continues to attract deal-maker interest, and the keys to successful mergers and acquisitions include the ability to integrate innovative therapies, leverage technological advancements and respond to the dynamic needs of patients, say Bryan Luchs and Mike Weir at White & Case.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
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Series
Riding My Peloton Bike Makes Me A Better Lawyer
Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.
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Tips For Healthcare M&A Amid Heightened Antitrust Scrutiny
As the Biden administration maintains its aggressive approach to antitrust merger enforcement, prudent healthcare M&A counsel will consider practical advice when contemplating their next transaction, including carefully selecting a merger partner and preparing for a potentially long waiting period prior to closing, say attorneys at Davis Wright.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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Antitrust Enforcers' Views On Info Exchanges Are Evolving
As antitrust enforcers' views on information exchanges between competing companies have matured in response to technological advances, companies would do well to reconsider whether the exchanges in which they participate meet the most recent compliance benchmarks, say attorneys at Norton Rose.
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What Recent Study Shows About AI's Promise For Legal Tasks
Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.