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Mergers & Acquisitions
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October 23, 2024
Top Frontier Investor Calls $20B Price Tag A 'Steal' For Verizon
Frontier Communications shareholder Glendon Capital Management sent a letter to Frontier's board on Wednesday stating the company is currently worth at least $26 billion, 30% higher than the $20 billion value implied by Verizon's planned buyout, as Glendon aims to prevent Verizon from "walking away with a steal."
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October 23, 2024
AirAsia's Planned SPAC Merger Will Not Take Place
The parent company of Malaysian airline AirAsia on Wednesday called off its planned special purpose acquisition company merger that would have resulted in the business being publicly listed in the U.S., while also disclosing plans for a capital reduction to strengthen its financial position.
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October 23, 2024
CityFleet To Buy Linklaters-Led Addison Lee For £269M
U.K. transportation company CityFleet Networks Ltd. said Wednesday that it will acquire London private hire cab and courier giant Addison Lee Ltd. for £269.1 million ($348.4 million) to expand in the premium mobility market.
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October 23, 2024
MVP: Wachtell's Karessa L. Cain
Karessa Cain of Wachtell Lipton Rosen & Katz successfully led Hess Corp. through federal antitrust scrutiny amid Chevron's ongoing $53 billion acquisition and represented eBay Inc. in a complex, cross-border transaction to take a Norwegian classifieds business private, earning her a spot as one of the 2024 Law360 Mergers & Acquisitions MVPs.
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October 23, 2024
UK Launches Formal Probe Into £3.3B Carlsberg/Britvic Deal
The Competition and Markets Authority said Wednesday it has launched a formal investigation into the proposed £3.3 billion ($4.3 billion) takeover by Danish brewer Carlsberg AS of U.K. soft drinks maker Britvic PLC, setting a Dec. 18 deadline for its phase-one decision.
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October 22, 2024
Alaska Flyers Lose Bid to Revive Merger Suit
The Hawaii federal judge who put the kibosh on a suit that sought to stop Alaska Airlines' $1.9 billion merger with Hawaiian Airlines declined to reconsider his finding that the passengers and travel agents bringing the antitrust claims didn't have standing to sue.
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October 22, 2024
Day Trader Seeks Early Win In Verifone Insider Trading Suit
A day trader moved for an early win in a U.S. Securities and Exchange Commission insider trading case alleging the trader was tipped off by a former Francisco Partners consultant about the firm's $3.4 billion purchase of Verifone Systems Inc., arguing there is no evidence that he knew he received material nonpublic information, let alone traded on it.
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October 22, 2024
Blakes, Wachtell Lead JM Smucker In $305M Cookie Biz Sale
American food manufacturing giant The J.M. Smucker Co., advised by Blake Cassels & Graydon LLP and Wachtell Lipton Rosen & Katz, on Tuesday announced that it has agreed to sell its Voortman cookie brand to private equity-backed Second Nature Brands in a $305 million cash deal.
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October 22, 2024
MVP: Latham's Justin Hamill
Justin Hamill leads the Latham & Watkins LLP team representing Endeavor Group Holdings Inc. in its $13 billion take-private acquisition by private equity firm Silver Lake, and is also advising Skydance Media in its multibillion-dollar merger with Paramount Global, putting him among the 2024 Law360 Mergers & Acquisitions MVPs.
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October 22, 2024
The 2024 Prestige Leaders
Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades and positive legal news media representation.
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October 22, 2024
How Law Firms Get And Keep Elite Status
For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.
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October 22, 2024
In-House Counsel For Veeva, SingleStore Joins Stoel Rives
Stoel Rives LLP has hired the former in-house counsel for technology companies SingleStore and Veeva Systems Inc. in Boise, Idaho, positioning the firm to better serve the increasing demand for sophisticated transactional representations in the area.
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October 22, 2024
UK Probes Iberdrola's €5B Electric Power Co. Deal
Britain's antitrust authority said Tuesday that it has decided to investigate Spanish utility company Iberdrola's proposed acquisition of an 88% stake in Electricity North West to examine whether it could weaken competition in U.K. markets.
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October 22, 2024
Kirkland Guides Wendel's $1.13B Bid For Monroe Capital Stake
French investor Wendel Group said Tuesday that it will take an initial 75% stake in U.S. asset manager Monroe Capital LLC for $1.13 billion to expand its private credit services as demand surges.
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October 21, 2024
Big Lots Can Tap Final $10M DIP Draw To Fund Ch. 11 Sale
Discount retailer Big Lots Inc. got a Delaware bankruptcy judge's approval Monday to access the final $10 million in new money being funded under its debtor-in-possession loan package after it struck a last-minute deal to quell objections that a slate of landlords raised against final DIP approval.
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October 21, 2024
FCC Lets Wisper Take On More Broadband Blocks In Missouri
Wisper Internet is going to be taking over another telecom's Connect America Fund projects in the state of Missouri, and the Federal Communications Commission gave the move its blessing Monday by granting an application allowing the switch to move forward.
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October 21, 2024
Truist Bank To Pay $9.1M Over 'Unwise' Trust Administration
Charlotte-based Truist Bank has agreed to pay the federal government $9.1 million to resolve claims that its predecessor SunTrust Bank ran afoul of the law by approving unwise disbursements for beneficiaries of a lead poisoning settlement, the U.S. Department of Justice announced Monday.
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October 21, 2024
Cannabis Financing Co. Sues Over Dubious $3M Merger Demand
A Colorado-based company that provides banking services to cannabis companies is suing three shareholders of a company it acquired in a $30 million merger, saying in the last few days they've attempted to change the way the merger payments are distributed.
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October 21, 2024
Mike Pence Supports US Steel-Nippon, Calls Critiques 'Bogus'
Former Vice President Mike Pence has come out in support of Nippon Steel's planned $14.9 billion acquisition of U.S. Steel, stating that Nippon will inject essential funding into the ailing Pennsylvania-based steelmaker while helping to fend off China and Russia's growing levels of global steel production.
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October 21, 2024
Clifford Chance Continues NY Growth With O'Melveny Duo
Clifford Chance LLP is continuing its growth in New York, announcing on Monday the hiring of two former O'Melveny & Myers LLP attorneys to its private equity practice, as well as the firm's restructuring and insolvency group.
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October 21, 2024
Amex To Take Over Swisscard Joint Venture From UBS
UBS Switzerland AG on Monday said American Express has agreed to take over its 50% stake in credit card provider Swisscard, getting control of the former Credit Suisse joint venture as the credit card giant looks to expand its business in Switzerland.
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October 21, 2024
Haynes Boone, ArentFox Schiff Advise $1B Paving Co. Deal
Haynes and Boone LLP represented Alabama road builder Construction Partners Inc. in its nearly $1 billion acquisition of Austin, Texas-based Lone Star Paving, which relied on advice from ArentFox Schiff LLP in the transaction.
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October 21, 2024
Kirkland, Paul Weiss Build $859M Cybersecurity Biz Merger
Cybersecurity solutions companies Sophos, advised by Kirkland & Ellis LLP, and Secureworks, led by Paul Weiss Rifkind Wharton & Garrison LLP, on Monday announced plans to merge in an all-cash deal valued at roughly $859 million.
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October 21, 2024
Catalent CEO Defends Novo Deal, Will Stay On After Buyout
Catalent CEO Alessandro Maselli told the medical company's customers Monday that Catalent will continue to support them following its planned $16.5 billion sale to Novo Holdings, seeking to assure clientele after Sen. Elizabeth Warren and advocacy groups pressured the Federal Trade Commission to scrutinize and potentially block the deal.
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October 21, 2024
MVP: Goodwin's Joshua Zachariah
Joshua Zachariah of Goodwin Procter LLP's mergers and acquisitions practice led the team that advised Qualtrics in its $12.5 billion sale to private equity giant Silver Lake and is guiding Novo Holdings on its $16.5 billion merger agreement with Catalent, earning him a spot as one of the 2024 Law360 M&A MVPs.
Expert Analysis
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Opinion
A Way Forward For The US Steel-Nippon Deal And Union Jobs
Parties involved in Nippon Steel's acquisition of U.S. Steel should trust the Pennsylvania federal court overseeing a key environmental settlement to supervise a way of including future union jobs and cleaner air for the city of Pittsburgh as part of a transparent business marriage, says retired judge Susan Braden.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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A Look At State AGs Supermarket Antitrust Enforcement Push
The ongoing antitrust intervention by state attorneys general in the proposed Kroger and Albertsons merger suggests that states are straying from a Federal Trade Commission follow-on strategy in the supermarket space, which involved joining federal investigations or lawsuits and settling for the same divestment remedies, say attorneys at Troutman Pepper.
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How To Survive Shareholder Activism
In an era where shareholder activism is on the rise, companies must identify weaknesses, clearly communicate strategies, update board composition and engage with shareholders consistently in order to avoid disruptive shareholder activism and safeguard the interests of both the company and its shareholders, say J.T. Ho at Orrick and Greg Taxin at Spotlight Advisors.
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'Outsourcing' Ruling, 5 Years On: A Warning, Not A Watershed
A New York federal court’s 2019 ruling in U.S. v. Connolly, holding that the government improperly outsourced an investigation to Deutsche Bank, has not undercut corporate cooperation incentives as feared — but companies should not completely ignore the lessons of the case, say Temidayo Aganga-Williams and Anna Nabutovsky at Selendy Gay.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.
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Big Business May Come To Rue The Post-Administrative State
Many have framed the U.S. Supreme Court’s recent decisions overturning Chevron deference and extending the window to challenge regulations as big wins for big business, but sand in the gears of agency rulemaking may be a double-edged sword, creating prolonged uncertainty that impedes businesses’ ability to plan for the future, says Todd Baker at Columbia University.
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Equity Rights Offering Considerations As Maturity Cliff Looms
Current market uncertainties make an equity rights offering — involving affiliate backstop investors — a cost-effective, capital-raising transaction for distressed companies looking to manage their leverage ahead of the impending maturity of a substantial number of COVID-era debt issuances, say attorneys at Winston & Strawn.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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Mitigating Risks Amid 10-Year Sanctions Enforcement Window
In response to recent legislation, which doubles the statute of limitations for actions related to certain U.S. sanctions and provides regulators greater opportunity to investigate possible violations, companies should take specific steps to account for the increased civil and criminal enforcement risk, say attorneys at Freshfields.
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A Look At Acquisition Trends For Radiopharmaceuticals
As radiopharmaceutical drugs are increasingly used for the diagnosis and treatment of certain diseases, interest from Big Pharma entities is following suit, despite some questions around the drugs' capacity to expand beyond their limited niche, says Adrian Toutoungi at Taylor Wessing.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.