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Mergers & Acquisitions
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December 18, 2024
Energy Co. Orsted Sells 50% Solar Farm Stake In $572M Deal
Danish multinational energy company Orsted, advised by Sidley Austin LLP, on Wednesday announced plans to sell a 50% equity stake in three U.S. onshore projects to energy transition-focused investor Energy Capital Partners in a $572 million deal.
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December 18, 2024
Insignia Financial Rejects $1.7B Buyout Bid From Bain
Australia's Insignia Financial said Wednesday it has rejected a nonbinding Bain Capital buyout bid valued at roughly $1.7 billion, stating it does not "adequately represent fair value" for its shareholders.
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December 18, 2024
Toolmaker Hardinge Gets OK On Ch. 11 Liquidation Plan
A Delaware bankruptcy judge on Wednesday approved tool manufacturer Hardinge Inc.'s Chapter 11 liquidation plan after the debtor settled disputes with creditors, its investment fund backer and other parties by agreeing to drop potential claims in exchange for a cash payment.
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December 18, 2024
Yale Eyes Quick Win In $435M Conn. Hospital Purchase Suit
Yale New Haven Health Services Corp. has asked a Connecticut state court judge for permission to file a summary judgment motion in a feud with Prospect Medical Holdings Inc. over the sale of several hospitals in the state, saying Prospect's "stunning" failure to fund pensions and pay taxes resulted in property liens that breached the $435 million deal.
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December 18, 2024
High Court To Review TikTok Sale-Or-Ban Law
The U.S. Supreme Court announced Wednesday that it will fully review TikTok's First Amendment challenge to a federal law requiring the wildly popular social media platform to divest from its Chinese parent company or face a nationwide ban, scheduling expedited oral arguments one week before the law's effective date.
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December 18, 2024
Guardian Owner Inks Deal To Sell Observer To Tortoise Media
The owner of Guardian Media Group said Wednesday that it has formally signed a deal to sell The Observer to online U.K. startup Tortoise Media, in a cash and shares transaction.
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December 18, 2024
Italy's UniCredit Increases Stake In Commerzbank To 28%
Italian bank UniCredit said Wednesday that it has increased its stake in German lender Commerzbank to approximately 28%, amid speculation about a controversial takeover.
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December 17, 2024
Del. Justices Won't Revive Investors' $2.4B EV SPAC Deal Suit
The Delaware Supreme Court has declined to reinstate a proposed class action in the state's Chancery Court that accused a blank-check company of withholding key information from investors ahead of its $2.4 billion go-public deal with electric-vehicle maker Canoo Holdings Ltd.
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December 17, 2024
Franchise Group Can Keep Exclusive Control Of Its Ch. 11
A Delaware bankruptcy judge on Tuesday denied a motion to end the plan exclusivity window and other bankruptcy rights for debtors in Franchise Group Inc.'s Chapter 11, saying possible intercompany claims don't justify relief that the debtor argued would plunge the case into chaos.
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December 17, 2024
Quinn Emanuel, Keller Postman Want To Lead Live Nation Suit
Quinn Emanuel Urquhart & Sullivan LLP and Keller Postman LLC attorneys told a California federal court that they are best suited to represent proposed classes of consumers accusing Live Nation and Ticketmaster of monopolizing the ticketing services space, saying they "developed the heart" of the consumers' claims.
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December 17, 2024
Worker Claims Merger Can't Nix Pa. Medical Pot Protection
An engineering company unlawfully fired a Pennsylvania worker after he tested positive for cannabis usage, even though the employer knew about the worker's medical marijuana prescription, according to a lawsuit filed in Pennsylvania state court.
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December 17, 2024
DOJ Antitrust Division Head Kanter Stepping Down Friday
The head of the U.S. Department of Justice Antitrust Division, Jonathan Kanter, announced his imminent departure Tuesday, leaving the agency after a little over three years and with a legacy of dramatically ramped-up monopolization enforcement, an extremely low tolerance for potentially problematic transactions and more aggressive criminal enforcement.
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December 17, 2024
T-Mobile-UScellular Link Will Help Consumers, Think Tank Says
A free-market think tank is urging the federal government to clear the way for T-Mobile's $4.4 billion purchase of UScellular's wireless operations, saying in a new report that because the smaller UScellular poses no real competitive threat to T-Mobile, the deal could carry significant consumer benefits through increased competition.
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December 17, 2024
Drug Co. Investor Sues In Del. Over $140M Insider Windfall
A pension fund investor in Cerevel Therapeutics Holdings Inc. has sued Bain Capital Investors LLC and other alleged insiders of the company in Delaware's Court of Chancery, accusing them of lining up a secondary offering in the biopharmaceutical venture before disclosure of its planned sale to AbbVie.
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December 17, 2024
Northwest Bancshares Buys Peer Penns Woods In $270M Deal
Dinsmore & Shohl LLP-advised Northwest Bancshares Inc. has agreed to purchase Stevens & Lee PC-led Penns Woods Bancorp Inc. in an all-stock deal valued at roughly $270.4 million, the organizations said Tuesday.
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December 17, 2024
Fuji Soft Favors KKR Offer Over Higher Bain Bid
Fuji Soft said in a statement Tuesday that it supports a buyout tender offer from U.S. private equity firm KKR that is worth about $4.15 billion and opposes a competing, higher bid from Bain Capital.
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December 17, 2024
Allianz Pulls $1.6B Bid For Singapore's Income Insurance
Germany's Allianz SE has withdrawn its all-cash offer to buy a majority stake in Singapore-based Income Insurance Ltd. for 2.2 billion Singapore dollars ($1.64 billion), citing opposition from the Singaporean government.
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December 17, 2024
Dutch Chipmaker To Buy Vehicle Connectivity Biz For $243M
NXP Semiconductors NV said Tuesday that it plans to buy Aviva Links, an in-vehicle connectivity business, for $242.5 million, to offer additional automotive network products.
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December 17, 2024
Carlsberg-Britvic £3.3B Deal Gets UK, EU Green Light
Antitrust authorities in the U.K. and Europe said Tuesday that they have cleared the planned £3.3 billion ($4.2 billion) takeover by Danish brewer Carlsberg of U.K. soft drinks maker Britvic PLC.
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December 16, 2024
Ginkgo Bioworks Investors Get Final OK Of $17.8M Settlement
Investors in biotech company Ginkgo Bioworks Holdings Inc. have gotten final approval for their $17.75 million deal to end proposed class action claims that the company and its leaders distorted Ginkgo's finances, mischaracterizing certain related party deals, to garner shareholder support for its merger with a special purpose acquisition company.
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December 16, 2024
TikTok Brings Sale-Or-Ban Fight To High Court
TikTok asked the U.S. Supreme Court on Monday to stay a federal law that would force its owners to divest from the wildly popular social media app or shut its U.S. operation down just before Donald Trump's inauguration, saying his administration should get a say in the app's fate.
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December 16, 2024
'Plans Do Matter,' Tempur Sealy Says In Final Merger Hearing
Tempur Sealy made its final push Monday in support of its $4 billion planned Mattress Firm purchase, telling a judge during closing arguments that the Federal Trade Commission hadn't shown that the company planned to deviate from its intent for Mattress Firm to remain autonomous.
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December 16, 2024
Merger Enforcers End Year On Upswing
The Biden administration's antitrust enforcers have boasted that one side effect of their aggressive approach to merger enforcement has been helping stop problematic deals from being cut in the first place, but the agencies also scored key court rulings blocking transactions in their final year that could have a more enduring effect.
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December 16, 2024
Court Approves Mandated $115M Door Factory Sale
A Virginia federal court has approved the planned $115 million sale of a door-skin manufacturing plant after a landmark order forced Jeld-Wen to unload the factory in a long-running private antitrust case by rival Steves & Sons Inc.
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December 16, 2024
Albertsons Says Kroger 'Squandered' $25B Merger Bid
The Kroger Co. Inc. "willfully squandered" opportunities to complete a now-blocked $24.6 billion mega-merger with Albertsons Cos. Inc., according to an unsealed five-count lawsuit in Delaware's Court of Chancery potentially seeking billions in damages.
Expert Analysis
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Antitrust in Retail: Handbag Ruling Won't Go Out Of Fashion
Although a New York federal court’s recent decision to enjoin a proposed $8.5 billion merger between the owners of Michael Kors and Coach applied noncontroversial antitrust interpretations, several notable aspects of the opinion stand out as likely candidates for further discussion in future merger litigation, say attorneys at Holland & Knight.
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Takeaways From DOJ's Intervention On Pricing Algorithm Use
A recent U.S. Justice Department amicus brief arguing that a Nevada federal judge wrongly focused on the nonbinding aspect of software company Cendyn Group's pricing algorithm underscores the growing challenge of determining when, if ever, pricing algorithms are legal, say attorneys at Rule Garza.
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Equitable Mootness Insights From Greenlit Ch. 11 Plan Appeal
A Texas federal court recently allowed a challenge to ConvergeOne's Chapter 11 bankruptcy plan to proceed because it wouldn't disrupt the IT company's confirmed plan or harm creditors, reinforcing the importance of judicial restraint in applying equitable mootness where limited relief is possible, say attorneys at Parkins & Rubio.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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Expect More State Scrutiny Of PE In Healthcare M&A
While a California bill that called for increased antitrust scrutiny of many healthcare private equity transactions was recently vetoed by the governor, state legislatures are likely to continue introducing similar laws, particularly if the Trump administration eases federal enforcement, say attorneys at Morgan Lewis.
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3 Changes Community Banks Should Expect Under Trump
A second Trump administration promises a sea change for regional and community banks, including shifts in the regulatory environment, Community Reinvestment Act rules and the M&A landscape, say attorneys at Manatt.
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How CFIUS' Updated Framework Affects Global Investors
The recent change to the monitoring and enforcement regulations governing the Committee on Foreign Investment in the United States will broaden administrative practices around nonnotified transaction investigations, increase the scope of information demands from the committee and accelerate its ability to impose mitigation on parties, say attorneys at Simpson Thacher.
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Service Providers Must Mitigate 'Secondary Target' Risks
A lawsuit recently filed in an Illinois federal court against marketing agency Publicis over its work for opioid manufacturers highlights an uptick in litigation against professional service providers hired by clients that engaged in alleged misconduct — so potential targets of such suits should be sure to conduct proper risk analysis and mitigation, say attorneys at Dechert.
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Opinion
FTC Actions In Oil Cases Go Against Its Own Rulemaking
Two recent Federal Trade Commission actions concerning the oil and gas industry appear to defy its own merger guidelines, with allegations that fall far short of the commission's own standard — raising serious questions about the agency's current approach, say attorneys at Clifford Chance.
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Series
Flying Makes Me A Better Lawyer
Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.
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Takeaways From Final Regulations For China Investment Ban
The U.S. Department of the Treasury’s final rule banning U.S. investment in emerging Chinese technology clarifies some key requirements, includes additional exceptions for covered transactions and attempts to address concerns that the rule will put U.S. businesses at a competitive disadvantage, say attorneys at Simpson Thacher.
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Series
Circus Arts Make Me A Better Lawyer
Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.
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Recent Listeria Outbreaks Hold Key Compliance Lessons
Listeria outbreaks in ready-to-eat foods from Boar's Head and other companies, and the U.S. Department of Agriculture and U.S. Food and Drug Administration responses to these outbreaks, should be closely evaluated from an overall compliance and risk management perspective by food manufacturers, retailers and industry investors, say attorneys at Kirkland.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.