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Mergers & Acquisitions
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August 20, 2024
Ex-Goldman Analyst's Stepbro Ducks Prison For Inside Trades
A Long Island man on Tuesday was spared time in prison for his role in an insider scheme in which he traded on tips gleaned from his stepbrother and ex-Goldman Sachs analyst, largely due to his prompt cooperation with the FBI.
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August 20, 2024
Lender's $13M Atty Fee Reserve Bid In Eiger Ch. 11 Plan Nixed
A Texas bankruptcy judge on Tuesday mostly sided with life science company Eiger BioPharmaceuticals in estimating a secured lender's future claims, saying at a hearing that Eiger's Chapter 11 reserve for the claim should include two years worth of interest and agreeing that $1 million should be earmarked for legal fees, not the lender's requested $13 million sum.
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August 20, 2024
Steward Health, Landlord Spar Over Ch. 11 Hospital Sales
Bankrupt hospital operator Steward Health Care has filed an adversary suit against the landlord for 30 of its hospitals, Medical Properties Trust, saying the landlord is throwing a wrench in the sale process for the facilities and trying to hoover up all the proceeds.
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August 20, 2024
Forward Air Investor Urges Co. To Evaluate Sale Options
Forward Air Corp. top-10 shareholder Ancora Holdings Group LLC on Tuesday urged the asset-light transportation services provider's board of directors to evaluate "any and all" strategic alternatives after Forward Air's $3.2 billion merger with Omni Logistics LLC "wiped out a tremendous amount" of shareholder value.
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August 20, 2024
Ex-Execs Defend $59.7M Transfer Amid Asbestos Suits
A Chapter 7 bankruptcy trustee's lawsuit claiming that former engineering company executives improperly transferred $59.7 million amid high-dollar asbestos claims is fatally flawed and the defendants did not do anything wrong, according to a filing in Connecticut federal court.
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August 20, 2024
Ex-Kirkland PE Partner Joins Freshfields In Silicon Valley
Freshfields Bruckhaus Deringer LLP announced Tuesday that a longtime Kirkland & Ellis LLP private equity attorney has joined the firm's Silicon Valley office as a partner in what's been one of its fastest growing practice groups over the last few years.
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August 20, 2024
A Deep Dive Into Law360 Pulse's 2024 Women In Law Report
The legal industry continues to see incremental gains for female lawyers in private practice in the U.S., according to a Law360 Pulse analysis, with women now representing 40.6% of all attorneys and 51% of all associates.
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August 20, 2024
These Firms Have The Most Women In Equity Partnerships
The legal industry still has a long way to go before it can achieve gender parity at its upper levels. But these law firms are performing better than others in breaking the proverbial glass ceiling that prevents women from attaining leadership roles.
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August 20, 2024
Catching Up With Delaware's Chancery Court
A nearly record-breaking attorney fee got the nod in Delaware last week, along with Chancery Court settlements involving an international private jet service and a chain of trampoline parks. New disputes involved a famous burger restaurant chain, a computer-chip maker, a now-defunct genomic science company, and a historic manor house in west London.
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August 20, 2024
Alaska, Hawaiian Airlines Clear DOJ Review Of $1.9B Deal
Alaska Airlines said Monday that the deadline for the U.S. Department of Justice to complete the review of its planned $1.9 billion merger with Hawaiian Airlines has expired, paving the way for the closure of the deal after the DOJ's deadline had been extended several times.
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August 20, 2024
Clifford Chance 'In Shock' Over Missing Partner
Clifford Chance said Tuesday that it is "in shock and deeply saddened" that a partner is among six passengers missing from a yacht that was reportedly chartered to celebrate the legal victory of technology entrepreneur Mike Lynch.
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August 20, 2024
J&J Boosting Cardio Portfolio With Up To $1.7B V-Wave Buy
Johnson & Johnson said Tuesday it has agreed to acquire V-Wave Ltd., the maker of an implant device that aims to treat heart failure, for up to $1.7 billion as it looks to bolster its cardiovascular disease portfolio.
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August 20, 2024
EU OKs CMS-Led Aareal Bank To Sell Unit To TPG For €3.9B
The European Union approved on Tuesday the sale for approximately €3.9 billion ($4.3 billion) by German lender Aareal Bank AG and investment company Advent International of a property management and maintenance software company to U.S. private equity firm TPG and Canada's CDPQ.
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August 19, 2024
Mike Lynch, Clifford Chance Pro Among Missing After Yacht Sinks
Former Autonomy CEO Michael Lynch and a Clifford Chance LLP partner who helped him beat federal fraud charges back in June are among those missing after their chartered luxury yacht sank during a storm off Sicily early Monday during a trip reportedly to celebrate Lynch's legal victory.
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August 19, 2024
FTC Pushes To Limit Meta's Merger Defenses
The Federal Trade Commission continues to push the D.C. federal court overseeing its monopoly suit against Meta to slim down the social media titan's defenses ahead of the trial that the Facebook parent company is still hoping won't happen.
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August 19, 2024
10 States Join DOJ's Antitrust Case Against Live Nation
The U.S. Department of Justice said Monday that it has updated the government's case accusing Live Nation of violating antitrust law through its control over the live entertainment industry to add 10 new states and claims for damages.
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August 19, 2024
Kroger Flips Script, Challenges FTC's Constitutionality
Kroger went on the offensive Monday, a week before Oregon federal court proceedings kick off in the Federal Trade Commission's challenge to its purchase of Albertsons, in a lawsuit going after the constitutionality of the agency's in-house court, also set to contest the merger.
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August 19, 2024
Harris' Plan To 'Ban' Price-Gouging Met With Pushback
Vice President Kamala Harris, the Democratic presidential nominee, has unveiled a proposal to crack down on high grocery prices, stating as part of her economic agenda that she would implement a first-ever federal ban on price-gouging — yet market participants aren't so sure that's the right approach.
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August 19, 2024
AI Platform AMC Corp. To Go Public Via $175M SPAC Merger
Blank check company AlphaVest Acquisition Corp., advised by Winston & Strawn LLP, on Monday unveiled plans to merge with and take public native computer-vision artificial intelligence platform AMC Corp., led by Graubard Miller, in a $175 million deal.
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August 19, 2024
Jadex Sells Temperature-Controlled Packaging Biz For $137M
Material sciences company Jadex Inc. is selling its temperature-controlled packaging products business Lifoam Industries LLC to Altor Solutions, led by Gibson Dunn & Crutcher LLP, in a $137 million cash deal, the parties announced in separate Monday statements.
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August 19, 2024
Baker McKenzie Adds M&A Atty From Skadden
Baker McKenzie announced Monday that a longtime Skadden Arps Slate Meagher & Flom LLP mergers and acquisitions attorney joined the firm's Palo Alto, California, office as the latest addition to its fast-growing transactions practice in the state.
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August 19, 2024
Latham, Paul Weiss Guide AMD's $5B Buy Of ZT Systems
Latham & Watkins LLP is advising Advanced Micro Devices Inc., the semiconductor company known for its AMD computer processors, on an agreement to acquire Paul Weiss-led ZT Systems for $4.9 billion in cash and stock, according to a Monday statement.
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August 19, 2024
A&O Shearman Hires Ex-Morgan Stanley Exec In New York
A former executive director at Morgan Stanley has returned to private practice at Allen Overy Shearman Sterling in New York.
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August 19, 2024
Ex-Sheppard Mullin M&A Partner Joins Pierson Ferdinand
A veteran mergers and acquisitions attorney has jumped from Sheppard Mullin Richter & Hampton LLP to Pierson Ferdinand LLP in California
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August 19, 2024
FTC Says Albertsons Execs Deleted Texts About Merger
The Federal Trade Commission accused executives from Albertsons of deleting text messages about the supermarket chain's planned megamerger with Kroger, saying the messages likely contained valuable internal views about the effects of the $25 billion deal.
Expert Analysis
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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.
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FTC Theories Of Harm After Anesthesia Co. Ruling
As Federal Trade Commission litigation against U.S. Anesthesia Partners proceeds following a Texas federal court's recent decision to dismiss a private equity sponsor from the suit, the case attempts to incorporate and advance some of the commission's theories of competitive harm from the final 2023 Merger Guidelines, say attorneys at Mintz.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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What Updated PLR Procedure May Mean For Stock Spin-Offs
A recently published Internal Revenue Service revenue procedure departs from commonly understood interpretations of the spinoff rules by imposing more stringent standards on companies seeking private letter rulings regarding tax-free stock spinoff and split-off transactions, and may presage regulatory changes that would have the force of law, say attorneys at Skadden.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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What's New In Kentucky's Financial Services Overhaul
Kentucky's H.B. 726 will go into effect in July and brings with it some significant restructuring to the Kentucky Financial Services Code, including changes to mortgage loan license fees and repeals of provisions relating to installment term loans and savings associations, say attorneys at Frost Brown.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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FTC Noncompete Rule Risks A Wave Of State AG Actions
The Federal Trade Commission's final rule language banning noncompetes may contribute to a waterfall enforcement effect in which state attorneys general deploy their broad authority to treat noncompetes as separate and independent violations, say Ryan Strasser and Carson Cox at Troutman Pepper.