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Mergers & Acquisitions
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October 24, 2024
Willkie-Led Ingram Micro Rejoins Markets After $409M IPO
Private equity-backed technology products distributor Ingram Micro Holding Corp. rallied in debut trading on Thursday, marking the company's return to public markets following a $409 million initial public offering, represented by Willkie Farr & Gallagher LLP and underwriters' counsel Cahill Gordon & Reindel LLP.
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October 24, 2024
Court Pauses $8.5B Handbag Merger For FTC Challenge
A New York federal judge on Thursday paused the planned $8.5 billion merger between the owners of Michael Kors and Coach while the Federal Trade Commission challenges the deal over concerns about "accessible luxury" handbags.
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October 24, 2024
Southwest Shakes Up Boardroom In Deal With Activist Elliott
Southwest Airlines on Thursday announced a board shake-up, marking the latest of the airline's moves as part of its "transformational" plan amid pressure from activist investor Elliott Investment Management.
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October 24, 2024
ConvergeOne Can't Ax Snubbed Creditors' Ch. 11 Plan Appeal
A Texas federal judge said he wouldn't toss an appeal by a group of secured creditors who say they were improperly iced out of a new equity offering pool for ConvergeOne, writing that the group's challenge wouldn't unravel the reorganized information technology services company's confirmed Chapter 11 plan or harm third parties.
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October 24, 2024
Biden Issues Guidelines For National Security Uses Of AI
President Joe Biden issued a memo Thursday on the development and use of artificial intelligence for national security, directing actions such as shoring up the security of computer chip supply chains and ensuring AI is not used to commit human rights violations.
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October 24, 2024
MVP: Sullivan & Cromwell's Melissa Sawyer
Melissa Sawyer of Sullivan & Cromwell LLP's mergers and acquisitions practice led cancer therapy company Seagen through its $43 billion sale to Pfizer and facilitated the sale of privately held sandwich giant Subway to private equity firm Roark Capital, earning her a spot as one of the 2024 Law360 Mergers & Acquisitions MVPs.
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October 24, 2024
Cleary-Led Keurig Buying Ghost Energy For $1B-Plus
Cleary Gottlieb-led Keurig Dr Pepper said Thursday it has agreed to purchase Winston & Strawn LLP-advised energy drink purveyor Ghost in a two-part transaction that will include the upfront purchase of a 60% stake in Ghost for $990 million, followed by the purchase of the remaining 40% stake in 2028.
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October 24, 2024
Cigna, Frontier Renew Stalled Merger Bids, Plus Other Rumors
Cigna Group and Frontier Airlines have both restarted once-stalled bids to acquire smaller rivals, rekindling merger rumors spanning the healthcare and airlines industries, while Sports Illustrated's secondary ticket platform wants to borrow up to $50 million to acquire competitor Anytickets. Here, Law360 breaks down these and other notable deal rumors from the past week.
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October 24, 2024
Baker McKenzie Reps Acuity Brands On $1.2B QSC Buy
Industrial technology company Acuity Brands Inc., advised by Baker McKenzie, on Thursday announced plans to buy Proskauer Rose LLP-led audio, video and control company QSC LLC in a $1.215 billion deal.
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October 24, 2024
TKO Paying $3.25B For Pro Bull Riding League, Other Assets
Skadden is advising a special committee of TKO Group Holdings on a deal disclosed Thursday that will see the WWE and UFC parent company purchase a professional bull riding league and two other sports companies from Latham-led Endeavor Group in a $3.25 billion all-stock deal.
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October 24, 2024
UK Probes Sonoco's $3.9B Bid For Eviosys
The antitrust watchdog said Thursday that it is investigating U.S.-based Sonoco Products Co.'s proposed $3.9 billion acquisition of European food can-maker Eviosys from private equity shop KPS Capital Partners.
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October 24, 2024
UK Clears Acerinox's $800M Bid For Haynes International
The U.K. antitrust watchdog said Thursday that it has waved through the planned $798 million takeover by stainless steel manufacturer Acerinox of Haynes International, which makes alloys, during the initial phase of its probe.
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October 23, 2024
Kroger Implies Wash. AG Opposes Merger To Aid Gov. Run
The Kroger Co. on Wednesday slammed Washington state's lawsuit targeting its proposed $24.6 billion merger with Albertsons during closing arguments, telling the trial judge that it needlessly duplicates the Federal Trade Commission's antitrust case and suggesting that the state's attorney general was out to boost his campaign for governor.
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October 23, 2024
NY AG Probes Capital One's Planned $35B Discover Merger
New York Attorney General Letitia James has joined federal regulators in investigating Capital One Financial Corp.'s proposed $35 billion acquisition of Discover Financial Services, according to a Wednesday subpoena petition alleging the deal might violate Empire State antitrust laws.
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October 23, 2024
Chancery Mulls Call To Toss $7B Focus Financial Merger Suit
An attorney for private equity firm Stone Point Capital told Delaware's chancellor Wednesday that there was no control group formed before the $7 billion August 2023 go-private merger between Focus Financial Partners Inc. and Clayton Dubilier & Rice LLC, and that a ruling otherwise would "lower the bar" for control allegations.
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October 23, 2024
Del. Justices Urged To Revive Oracle-NetSuite Deal Challenge
An attorney for Oracle Corp. stockholders rattled off a barrage of alleged disclosure failures, analytical flaws and errant deference decisions Wednesday during a Delaware Supreme Court appeal from the Chancery Court's toss last year of a challenge to the company's $9.3 billion acquisition of NetSuite Corp. in 2016.
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October 23, 2024
Judge Says Ex-Steward Hospital Nurse Row Out Of His Hands
A Texas bankruptcy judge Wednesday declined to order the new owner of former Steward Health Care hospitals in Massachusetts to take back changes to nurses' union contracts it assumed under his sale order, saying it wasn't up to him to make the call.
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October 23, 2024
Merck Bets More Than $1B On Yale Cancer Treatment Spinout
Pharmaceutical giant Merck has purchased New Haven, Connecticut-based Modifi Biosciences Inc. for $30 million upfront, plus potential milestone payments to shareholders totaling up to $1.3 billion, Modifi said Wednesday.
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October 23, 2024
Roche CEO Says Novo-Catalent Deal Should Be Blocked
The CEO of Swiss pharmaceutical company Roche injected himself into the controversy surrounding Novo Holdings' planned $16.5 billion acquisition of Catalent on Wednesday, stating that he thinks antitrust authorities should block the deal due to its anticompetitive implications.
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October 23, 2024
Foley & Lardner Adds Burr & Forman Corporate Duo In Fla.
Foley & Lardner LLP has ramped up its innovative technology sector and transactions practice group with two former Burr & Forman LLP partners in Jacksonville, Florida, where a Foley & Lardner leader said their arrival aligned with the firm's strategic focus on four key sectors of the economy.
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October 23, 2024
Kirkland Adds Freshfields Atty To Boost Private Credit Bench
Kirkland & Ellis LLP has welcomed an expert in leveraged finance from Freshfields Bruckhaus Deringer LLP, saying Wednesday that his diverse practice will strengthen the firm's liability management and opportunistic credit practices and support its position in the growing private credit sector.
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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.
Expert Analysis
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.
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The Drawbacks Of Banking Regulators' Merger Review Plans
Recent proposals for bank merger review criteria by the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. share common pitfalls: increased likelihood of delays, uncertainties, and new hurdles to transactions that could impede the long-term safety and soundness of the banks involved, say attorneys at WilmerHale.
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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7th Circ. Mootness Fee Case May Curb Frivolous Merger Suits
On April 15, the Seventh Circuit in Jorge Alcarez v. Akorn Inc. mapped out a framework for courts to consider mootness fees paid to individual shareholders after the voluntary dismissal of a challenge to a public company merger, which could encourage objections to mootness fees and reduce the number of frivolous merger challenges filed, say attorneys at Skadden.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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What 3rd Circ. Trust Ruling Means For Securitization Market
Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.
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Ensuring Nonpublic Info Stays Private Amid SEC Crackdown
Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.
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Behind Indiana's Broad New Healthcare Transactions Law
The high materiality threshold in Indiana's recently passed healthcare transaction law, coupled with the inclusion of private equity in its definition of healthcare entities, makes it one of the broadest state review regulations to date, say attorneys at DLA Piper.
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Highlights From The 2024 ABA Antitrust Spring Meeting
U.S. merger enforcement and cartels figured heavily in this year's American Bar Association spring antitrust meeting, where one key takeaway included news that the Federal Trade Commission's anticipated changes to the Hart-Scott-Rodino form may be less dramatic than many originally feared, say attorneys at Freshfields.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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Del. Match.com Ruling Maintains Precedent In Time Of Change
Despite speculation that the Delaware Supreme Court could drive away corporations if it lowered the bar for business judgment review in its Match.com stockholder ruling, the court broke its recent run of controversial precedent-busting decisions by upholding, and arguably strengthening, minority stockholder protections against controller coercion, say Renee Zaytsev and Marc Ayala at Boies Schiller.
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FDIC Bank Merger Reviews Could Get More Burdensome
Recently proposed changes to the Federal Deposit Insurance Corp. bank merger review process would expand the agency's administrative processes, impose new evidentiary burdens on parties around competitive effects and other statutory approval factors, and continue the trend of long and unpredictable processing periods, say attorneys at Simpson Thacher.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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Del. Lessons For Director-Nominees On Sharing With Activists
The Delaware Chancery Court's recent decision in Icahn Partners v. deSouza finding that a director wasn't permitted to share certain privileged information with the activist stockholders that nominated him shows the need for companies to consider imposing appropriate confidentiality requirements on directors, say attorneys at Sullivan & Cromwell.