Mergers & Acquisitions

  • June 04, 2024

    Canadian Funeral Co.'s Stock Jumps 58% On C$1.2B Sale

    Toronto-based funeral, cremation and cemetery provider Park Lawn Corp. disclosed an agreement to sell the business for C$1.2 billion ($877.5 million) under the guidance of Bennett Jones LLP and Morgan Lewis & Bockius LLP, leading the company's stock to jump more than 58% on Tuesday. 

  • June 04, 2024

    Mich. Credit Union, Fla. Bank Merge With $2.2B In Assets

    Michigan-based ELGA Credit Union, advised by Honigman LLP, on Tuesday announced plans to buy Florida-based Marine Bank & Trust Co., led by Igler Pearlman PA, in a deal that will result in the combined banking company boasting roughly $2.2 billion of total assets.

  • June 04, 2024

    Khan, Kanter Say There's Bipartisan Will To Stop 'Coercion'

    The federal government's top antitrust enforcers said Tuesday their aggressive scrutiny of mergers and acquisitions is changing the way businesses approach consolidation at the start of the process, and that's good for consumers and workers alike.

  • June 04, 2024

    Illumina Board Puts Grail Spinoff In Motion After EU OK

    Illumina Inc. said Tuesday that its board had approved a spinoff of its cancer detection company following a push by activist heavyweight Carl Icahn and an ultimate order from European authorities to dispose of the asset. 

  • June 04, 2024

    Ex-Lumentum VP Traded On Merger Info, SEC Says

    The former vice president of product line management at Lumentum has been accused by the U.S. Securities and Exchange Commission of using nonpublic information about a pending merger to trade stock during his time with the laser products company.

  • June 04, 2024

    Simpson Reps Frontdoor On $585M Home Warranty Co. Buy

    Simpson Thacher is representing Frontdoor Inc. on a newly inked deal to buy fellow home warranties provider 2-10 Home Buyers Warranty, guided by Ropes & Gray, for $585 million in cash, according to a statement Tuesday.

  • June 03, 2024

    FTX, IRS Propose Settling $8B Tax Fight For Just $885M

    FTX and the Internal Revenue Service have reached a proposed settlement worth roughly $885 million that would resolve the agency's contention that the bankrupt cryptocurrency exchange operator owes $8 billion in taxes, according to a motion filed Monday in Delaware federal bankruptcy court.

  • June 03, 2024

    Ex-Autonomy CEO 'Had 500M Reasons' For Fraud, Jury Told

    Autonomy's ex-CEO Michael Lynch "had 500 million reasons to defraud HP," since he reaped $500 million by selling his company to the tech giant at an inflated price, a federal prosecutor argued Monday during closings for the businessman's criminal trial, while Lynch's lawyer told jurors, "HP was not a victim."

  • June 03, 2024

    ChampionX Investor Sues Over $7.8B Deal Proxy

    A shareholder of energy technology provider ChampionX Corp. has sued the company and its board of directors in an attempt to enjoin a proposed acquisition by another energy-focused technology company, SLB, alleging that ChampionX filed a deficient proxy statement.

  • June 03, 2024

    Kroger, Albertsons Can't Get More Info On FTC Markets

    An Oregon federal judge denied Kroger and Albertsons' requests for more information on the markets at issue in the Federal Trade Commission's ongoing attempt to block their merger, saying the companies' request is premature and excessively broad.

  • June 03, 2024

    Vietnamese EV Co. Hit With Investor Suit Over SPAC Merger

    Vietnamese electric car manufacturer VinFast Auto and several executives have been hit with a proposed class action alleging they exaggerated the strength of VinFast's business model and prospects following a merger with a special-purpose acquisition company last year.

  • June 03, 2024

    American Says 'Common Sense' Makes JetBlue Deal A Positive

    An attorney for American Airlines appeared to run into turbulence during his First Circuit oral arguments Monday while contending that the mere presence of "upward pricing pressure" from the since-blocked Northeast Alliance joint venture with JetBlue is outweighed by deal benefits improperly ignored by the district court.

  • June 03, 2024

    Everton's Sale To Embattled PE Firm Off The Table, For Now

    Everton Football Club has let its sale to private equity firm 777 Partners LLC lapse amid legal troubles for the buyer and concerns from minority shareholders about the deal, although no official reason was given in its Saturday announcement.

  • June 03, 2024

    Del. Court Tosses SPAC Suit Targeting $2.4B EV Co. Deal

    A Delaware vice chancellor has tossed a suit filed by an investor of a blank-check company challenging the $2.4 billion take-public deal it completed with electric-vehicle company Canoo Holdings Ltd., saying the investor's allegations of poor performance are not enough to assert claims for breaches of fiduciary duties.

  • June 03, 2024

    Catching Up With Delaware's Chancery Court

    Delaware's Court of Chancery pushed out tons of decisions last week, along with a second round of new rules and letters of concern over pending changes to the state's corporate law code. The court's docket was as busy as ever, with new cases involving Tesla CEO Elon Musk, FTX cryptocurrency claims, and more. In case you missed it, here's the latest from Delaware's Chancery Court.

  • June 03, 2024

    Chancery Suit Over $1.4B Building Co. Merger Survives Trims

    The CEO, controlling investor and board members of specialty building product maker Foundation Building Materials Inc. must face Delaware Court of Chancery breach of fiduciary duty claims filed by stockholder after a $1.4 billion company sale, a Delaware vice chancellor has ruled.

  • June 03, 2024

    Ex-SoftBank GC Joins Foley & Lardner As Partner In SF

    Foley & Lardner LLP has hired SoftBank Investment Advisers' former general counsel, who has over a decade of experience in private practice and serving as in-house counsel overseeing SoftBank's legal team, which structured and monitored more than 300 portfolio companies worth more than $130 billion.

  • June 03, 2024

    Sullivan, Simpson Guide Ackman's Pershing On $1B Sale

    Billionaire investor Bill Ackman's Pershing Square Capital Management announced Monday it sold a 10% common equity stake in the business to a consortium of institutional investors and family offices for $1.05 billion, giving the hedge fund a $10.5 billion value. 

  • June 03, 2024

    Holland & Knight Hires 3 Ex-Loeb Partners In LA

    Holland & Knight announced on Monday the hiring of three former finance partners at Loeb & Loeb, including its vice chair, for its Los Angeles office.

  • June 03, 2024

    Ropes & Gray Guides Becton On $4.2B Edwards Unit Buy

    Ropes & Gray LLP is guiding Becton Dickinson and Co. on a deal that will see the medical technology company pay $4.2 billion for Edwards Lifesciences' critical care product group, which focuses on patient monitoring using artificial intelligence, the companies said Monday.

  • June 03, 2024

    LexisNexis Acquires Belgian Contract Co. Henchman

    LexisNexis Legal & Professional announced Monday the acquisition of Belgium-based contracting drafting platform Henchman.

  • June 03, 2024

    3 Firms Rep As Waste Management Inks $7.2B Stericycle Buy

    Waste Management Inc. has agreed to buy medical waste company Stericycle at an enterprise value of about $7.2 billion, inclusive of approximately $1.4 billion of debt, the companies said in a statement Monday. 

  • June 03, 2024

    IT Biz To Buy Tech Consultant's Banking Software For €330M

    Franco-American information technology company Axway said Monday that it will buy most of the banking software activities of Sopra Steria Group, in a deal that values the platform at €330 million ($358 million).

  • June 03, 2024

    Hipgnosis Backs Blackstone's Sweetened £1.6B Buyout Offer

    Music rights giant Hipgnosis Songs Fund Ltd. said Monday that it will back a sweetened $1.6 billion bid from Blackstone Inc., as the private equity heavyweight restructures its offer to make it easier to take over the entire company.

  • May 31, 2024

    Chobani Founder To Reopen Anchor Brewing In San Francisco

    Chobani Inc. founder Hamdi Ulukaya said Friday that he had acquired San Francisco-based Anchor Brewing Co., which closed its doors last year, calling it "the grand jewel" and promising to "bring it back stronger than ever before."

Expert Analysis

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

  • In The World Of Legal Ethics, 10 Trends To Note From 2023

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    Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.

  • Del. Dispatch: The 2023 Corporate Cases You Need To Know

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    Corporate and mergers and acquisitions litigation has continued at a fevered pace this year, with the Delaware courts addressing numerous novel issues with important practical implications, including officer exculpation and buyer aiding-and-abetting liability, say attorneys at Fried Frank.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • Exploring Middle-Market M&A Trends In 2023 And Beyond

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    Middle-market merger and acquisition activity this year was affected by a number of economic, legal and regulatory shifts, with certain trends pointing to favorable transaction conditions in 2024, say Jason Brauser and William Goodling at Stoel Rives.

  • Understanding Advance Notice Bylaws Is Key For All Parties

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    Recent developments in Delaware case law show that advance notice bylaws will be strictly construed and that Delaware courts will generally uphold clear, unambiguous bylaws adopted and applied reasonably, a lesson for both companies and stockholders alike as the number of companies rejecting director nominations by dissident stockholders has increased, say attorneys at MoFo.

  • A Former Bankruptcy Judge Talks 2023 High Court Rulings

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    In 2023, the U.S. Supreme Court issued four bankruptcy law opinions — an extraordinary number — and a close look at these cases signals that changes to the U.S. Bankruptcy Code will have to come from Congress, not the courts, says Phillip Shefferly at the University of Michigan Law School.

  • Series

    Children's Book Writing Makes Me A Better Lawyer

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    Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.

  • A Review Of 2023's Most Notable Securities Litigation

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    There is much to be learned from the most prominent private securities cases of 2023, specifically the Tesla trial, the U.S. Supreme Court's Slack decision and the resolution of Goldman Sachs litigation, but one lesson running through all of them is that there can be rewards at the end of the line for defendants willing to go the distance, say attorneys at Fried Frank.

  • 4 Key Ways CFIUS Affected Private Equity In 2023

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    Sponsors and investment professionals should note how escalated enforcement by the Committee on Foreign Investment in the United States in 2023 affected private equity deal making and evaluate their CFIUS-related procedures in preparation for the regulator's reach to expand further next year, say attorneys at Kirkland.

  • How Clients May Use AI To Monitor Attorneys

    Excerpt from Practical Guidance
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    Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.

  • UK Takeover Code Changes: Key Points For Bidders, Targets

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    Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.

  • 7 Enforcement Predictions For US Export Controls, Sanctions

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    Federal agencies' assertions of coming increases in export-control and sanctions-violations enforcement are not new, but recent improvements in resources and inter-agency cooperation allow for certain predictions about how the administration’s latest approach to enforcement may be applied going forward, say attorneys at Akin.

  • 8 Ways To Negotiate Improved Disgorgement Outcomes

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    The U.S. Securities and Exchange Commission's nearly $3.4 billion collected in disgorgements in 2023 shows that substantial disgorgement claims from regulators and law enforcement are the new norm, but corporations may be able to dramatically reduce what they owe by using eight strategies to argue for reduced net profit calculations, say experts at AlixPartners.

  • Series

    The Pop Culture Docket: Judge D'Emic On Moby Grape

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    The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.

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