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Mergers & Acquisitions
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March 31, 2025
Hooters Hits Ch. 11 With Plans For Restaurant Sales
Restaurant chain Hooters filed for Chapter 11 protection in a Texas bankruptcy court late Monday with about $380 million in debt, saying it has reached a deal to shed its company-owned restaurants and trade debt for equity.
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March 31, 2025
9th Circ. Revives Investor Suit Over $8B Avalara Sale
The Ninth Circuit on Monday partially revived a proposed class action accusing tax software company Avalara Inc. of underselling investors on its future prospects before taking the company private in an $8.4 billion deal.
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March 31, 2025
Vizio Stockholders Open Challenge To $2.3B Walmart Merger
A Vizio Inc. stockholder launched a class challenge Monday to the smart-TV company's $11.50 per share, $2.3 billion, sale to Walmart Inc., accusing insiders — including Vizio CEO and controller William Wang — of wiring up a deal unfair to common stockholders.
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March 31, 2025
Caterpillar Escapes $100M Contract Breach Verdict
A Delaware federal court on Monday vacated $100 million in damages awarded to a defunct equipment importer that accused Caterpillar of interfering with a contract, and also refused to order a new trial for antitrust claims against the manufacturer.
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March 31, 2025
Del. Legal Overhaul Won't Scuttle Key Rulings, Expert Says
A longtime expert on Delaware's general corporation law disputed on Monday predictions that a recently signed legislative overhaul will upend dozens of important precedents in the state.
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March 31, 2025
FTC Chair Flags Data Risks In 23andMe Bankruptcy
The Federal Trade Commission has added to the swell of privacy and security concerns surrounding the potential sale of sensitive consumer information swept up in the 23andMe bankruptcy, with the agency's Republican chair on Monday stressing the importance of data continuing to be protected in the way that users have been promised.
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March 31, 2025
Ropes & Gray Guides Commonwealth On $2.7B Sale To LPL
LPL Financial said Monday it has agreed to acquire Commonwealth Financial Network for approximately $2.7 billion, bringing together two top players in the independent wealth management space.
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March 31, 2025
Winston & Strawn Adds Goodwin Transactions Ace In LA
Winston & Strawn LLP is boosting its transactions team, announcing Monday it is bringing in a Goodwin Procter LLP private equity expert as a partner in its Los Angeles office.
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March 31, 2025
Pierson Ferdinand Adds Taylor English Health Pro In Atlanta
Pierson Ferdinand LLP announced Monday that it has hired a former Taylor English Duma LLP partner who specializes in mergers and acquisitions and also has sleep medicine expertise to strengthen its healthcare practice.
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March 31, 2025
Calif. Pot Co. Seeks Receivership, Blames Merger 'Disaster'
A cannabis producer in California has moved to enter receivership in state court, disclosing more than $173 million in liabilities and saying a 2023 merger with its parent company proved to be a "financial disaster."
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March 31, 2025
Investor Hits Solaris With Suit Over Merger Details
Houston-based oil and gas company Solaris Energy Infrastructure Inc. misled investors about the value of a mobile turbine rental business it acquired last year, according to a proposed class action filed Friday.
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March 31, 2025
Wachtell, S&C Build Mechanics Bank, HomeStreet Merger
Wachtell Lipton Rosen & Katz LLP-advised Mechanics Bank on Monday announced plans to merge with Sullivan & Cromwell LLP-led HomeStreet Bank in a deal that will create a combined company with 168 branches and $23 billion in assets.
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March 31, 2025
Aston Martin Sells F1 Stake, Chairman Boosts Investment
Aston Martin said Monday that it is selling its stake in its Formula One team for approximately £74 million ($96 million) and will receive another £52.5 million from the company's executive chairman, who is increasing his stake in the British luxury car manufacturer.
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March 31, 2025
Paul Weiss Guiding Rocket On $9.4B Mr. Cooper Buy
Online mortgage giant Rocket said Monday it has agreed to acquire rival Mr. Cooper Group in an all-stock transaction valued at $9.4 billion, with Paul Weiss advising Rocket and Wachtell Lipton and Bradley Arant representing Mr. Cooper.
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March 31, 2025
EQT Joins $5.5B Bid For Swedish Software Co. Fortnox
Swedish private equity firm EQT said Monday that it has joined forces with the chair of Fortnox AB to make a takeover offer for the Swedish accounting software company, valuing it at 54.9 billion Swedish kronor ($5.5 billion).
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March 31, 2025
Apollo Biz's £1B Offer For Auto-Parts Maker Nears Completion
Auto-parts maker and supplier TI Fluid Systems said Monday that the necessary procedures behind its takeover for more than £1 billion ($1.3 billion) by a Canadian rival, ABC Technologies Inc., goes ahead are "almost complete."
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March 28, 2025
Musk Says His Artificial Intelligence Co. Acquired X For $45B
Elon Musk said Friday that his artificial intelligence company xAI acquired his social media platform X in an all-stock deal for $45 billion, saying that the futures of the high-profile companies are now "intertwined."
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March 28, 2025
AI Startup CoreWeave's Tepid Debut Chills IPO Enthusiasm
Artificial intelligence startup CoreWeave Inc.'s skittish debut following a scaled-down initial public offering chills recovery hopes for an IPO market that was already wobbly, though experts say viable candidates are waiting to strike if conditions stabilize.
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March 28, 2025
NY Ski Resort Co. Appealing Court's Antitrust Ruling
A New York ski resort operator told a state court on Friday that it's appealing the state's victory in its antitrust suit, which alleged that the operator purposefully closed a local competitor after acquiring it.
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March 28, 2025
PE Firm Hits Back Against Medical Device Coating Challenge
Private equity firm GTCR BC Holdings LLC told a Federal Trade Commission in-house judge Friday the commission has a warped view of the medical device coatings market, as the firm fights a bid to block its $627 million acquisition of Surmodics Inc.
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March 28, 2025
Del. Corporate Law Rework Might Upend Over 3 Dozen Cases
Legislation pushed through Delaware's General Assembly last week has called into question dozens of corporate law precedents, including some of the state's most important, according to a Columbia Law School professor and researcher.
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March 28, 2025
Woodside Sells Oil, Gas Assets In Trinidad, Tobago For $206M
Australian energy company Woodside on Friday unveiled plans to sell its Greater Angostura assets in Trinidad and Tobago to British independent hydrocarbon producer Perenco for $206 million.
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March 28, 2025
Kroger, Albertsons Appeal Block Of $24.6B Merger
Kroger and Albertsons say they plan to appeal a Washington state judge's ruling that blocked the $24.6 billion merger of the grocery chains and determined the state could collect legal costs for prevailing in its Consumer Protection Act suit opposing the deal.
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March 28, 2025
Blackstone Nabs Stake In British Airport Operator For £235M
Private equity giant Blackstone on Friday announced that its infrastructure strategy has agreed to take a minority stake in British airport operator AGS Airports for £235 million ($304.2 million).
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March 28, 2025
Startup Founder Guilty In $175M JPMorgan Deal Gone Awry
A Manhattan federal jury on Friday convicted Frank founder Charlie Javice and another former executive of the educational startup of tricking JPMorgan Chase & Co. into spending $175 million to buy the now-shuttered company by lying about its user base.
Expert Analysis
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Antitrust In Retail: Rude Awakening For FTC In Tempur Sealy
A Texas federal court's recent denial of a Federal Trade Commision order to stop a giant mattress merger because of lack of evidence on market segments shows that such definitions are only a viable path for regulating vertical mergers if antitrust agencies provide adequate documentation, says David Kully at Holland & Knight.
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How Design Thinking Can Help Lawyers Find Purpose In Work
Lawyers everywhere are feeling overwhelmed amid mass government layoffs, increasing political instability and a justice system stretched to its limits — but a design-thinking framework can help attorneys navigate this uncertainty and find meaning in their work, say law professors at the University of Michigan.
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Opinion
US Steel-Nippon Merger Should Not Have Been Blocked
The Biden administration's block of the U.S. Steel and Nippon Steel merger on national security grounds was unconstitutional overreach and needs to be overturned, with the harms remedied in federal court, says attorney Chuck Meyer.
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Biden-Era M&A Data Shows Continuity, Not Revolution
While the federal antitrust agencies under former President Joe Biden made broad claims about increasing merger enforcement activity, the data tells a different story, with key claims under Biden coming in at the lowest levels in decades, say attorneys at Covington.
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What Travis Hill's Vision For FDIC Could Portend For Banks
If selected to lead the Federal Deposit Insurance Corp. in a permanent capacity, acting Chairman Travis Hill is likely to prioritize removing barriers to innovation and institution-level growth, emphasizing the idea that eliminating rules, relaxing standards and reducing scrutiny will reinvigorate the industry, say attorneys at Mitchell Sandler.
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Exploring China's 1st Administrative Merger Control Ruling
As the first judicial ruling in China's merger control regime, the Beijing Intellectual Property Court's recent upholding of Simcere's acquisition of Tobishi helps to clarify how the Chinese antitrust authority and court assess remedies, say attorneys at Tian Yuan Law Firm.
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Series
Competitive Weightlifting Makes Me A Better Lawyer
The parallels between the core principles required for competitive weightlifting and practicing law have helped me to excel in both endeavors, with each holding important lessons about discipline, dedication, drive and failure, says Damien Bielli at VF Law.
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Opinion
DOJ's Visa Suit Shows Pitfalls Of Regulating Innovative Tech
A policy of allowing free-market mechanisms to operate without undue interference remains the most effective way to foster innovation, and the U.S. Department of Justice's 2024 case against Visa illustrates the drawbacks of regulating innovative technology, says attorney Thomas Willcox.
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How New SBA Rule May Affect Small Government Contractors
By limiting competition from larger entities, the Small Business Administration's recently published final rule may help some small government contractors, but these restrictions on set-aside work following a merger, acquisition or sale may also deter small businesses' long-term growth, say attorneys at Akerman.
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Nippon Order Tests Gov't Control Over Foreign Investments
The U.S. government is primarily interested in restraining foreign transactions involving countries of concern, but former President Joe Biden’s January order blocking the merger of Nippon Steel and U.S. Steel shows that all foreign direct investments are under the federal government’s microscope, say attorneys at Blank Rome.
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Opinion
Inconsistent Injury-In-Fact Rules Hinder Federal Practice
A recent Third Circuit decision, contradicting a previous ruling about whether consumers of contaminated products have suffered an injury in fact, illustrates the deep confusion this U.S. Supreme Court standard creates among federal judges and practitioners, who deserve a simpler method of determining which cases have federal standing, says Eric Dwoskin at Dwoskin Wasdin.
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In-House Counsel Pointers For Preserving Atty-Client Privilege
Several recent rulings illustrate the challenges in-house counsel can face when attempting to preserve attorney-client privilege, but a few best practices can help safeguard communications and effectively assert the privilege in an increasingly scrutinized corporate environment, says Daniel Garrie at Law & Forensics.
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Series
Collecting Rare Books Makes Me A Better Lawyer
My collection of rare books includes several written or owned by prominent lawyers from early U.S. history, and immersing myself in their stories helps me feel a deeper connection to my legal practice and its purpose, says Douglas Brown at Manatt Health.
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Rethinking How To Engage Shareholders, Activists Via Proxies
This proxy season, companies should consider visually driven proxy statements that highlight the board's strengths, the alignment between executive compensation and performance, and a commitment to sustainability and risk management to earn the support of investors and fend off hostile acquirers, say Craig Clay and Ron Schneider at DFIN.
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Tips For Pharma-Biotech Overlap Reporting In New HSR Form
While there’s no secret recipe for reporting overlaps to the Federal Trade Commission in the new Hart-Scott-Rodino Act form, there are several layers of considerations for all pharma-biotech companies and counsel to reflect on internally before reporting on any deal, say attorneys at A&O Shearman.