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Mergers & Acquisitions
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June 18, 2024
DuPont, Corteva Must Face Pension Benefits Class Action
Chemical companies DuPont and Corteva can't escape a class action claiming they illegally stripped retirement benefits from hundreds of workers following a merger and subsequent spinoff, a Pennsylvania federal judge ruled, finding factual disputes that need to be sorted out at trial.
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June 18, 2024
Latham Guides Data Centers Biz In $2.2B KKR-Led Group Deal
A consortium led by private equity giant KKR, advised by Freshfields Bruckhaus Deringer LLP, announced Tuesday it agreed to invest up to $2.22 billion in Singapore-based data center provider ST Telemedia Global Data Centres, which is advised by Latham & Watkins LLP, in what the investors said marks the largest data infrastructure investment in Southeast Asia so far this year.
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June 18, 2024
Novant Drops NC Hospital Merger After 4th Circ. Pauses Deal
Novant Health has abandoned its plans to purchase two North Carolina hospitals for $320 million after a split Fourth Circuit panel on Tuesday granted the Federal Trade Commission's bid for an emergency injunction putting the deal on hold indefinitely.
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June 18, 2024
Ex-Paul Hastings Finance Atty Joins A&O Shearman In LA
Allen Overy Shearman Sterling announced that a former Paul Hastings LLP leveraged finance attorney joined its debt finance practice as a Los Angeles-based partner.
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June 18, 2024
MoFo Brings On SEC Veteran From Skadden In DC
Morrison Foerster LLP has expanded its public company advisory and governance offerings in Washington, D.C., with the addition of an attorney from Skadden Arps Slate Meagher & Flom LLP.
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June 18, 2024
African Gold Miner To Go Public Via $500M SPAC Merger
African gold miner Namib Minerals said Tuesday it has agreed to go public by merging with special-purpose acquisition company Hennessy Capital Investment Corp. VI at an estimated $500 million value, a deal said to be the largest SPAC acquisition involving an African business to date.
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June 18, 2024
Latham Leads Boston Scientific On $1.16B Silk Road Deal
Latham & Watkins-advised Boston Scientific Corp. said Tuesday it has agreed to acquire medical device maker Silk Road Medical Inc., represented by Wilson Sonsini, at an enterprise value of approximately $1.16 billion.
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June 18, 2024
Hargreaves Lansdown Backs £5.4B CVC, Abu Dhabi Bid
The board of Hargreaves Lansdown PLC said Tuesday that it would be willing to recommend to its shareholders a sweetened £5.4 billion ($6.9 billion) takeover offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.
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June 18, 2024
STG Partners' Bid For Gresham Wins Regulatory Approvals
Gresham Technologies PLC said Tuesday that an attempt by U.S. private equity firm STG Partners LLC to buy the U.K.-based software business for £146.7 million ($186 million) has received a boost by gaining regulatory clearances.
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June 18, 2024
US Power-Supply Toolmaker Pulls £571M Bid For Rival
Advanced Energy Industries Inc. said on Tuesday that it will not make a £571 million ($724 million) offer for XP Power Ltd. of Singapore, after its rival power supplies maker rejected its approach.
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June 17, 2024
Milbank Snags FTC Competition Trial Chief For DC Office
Milbank LLP announced Monday it has hired the chief trial counsel for the Federal Trade Commission's Bureau of Competition, bulking up its Washington, D.C., antitrust and competition practice with a veteran litigator who led the government's challenge to Microsoft Corp.'s $69 billion acquisition of Activision Blizzard.
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June 17, 2024
Primo Water, BlueTriton All-Stock Merger Creates Water Giant
Primo Water Corp., the parent company of popular water brands such as Alhambra and Crystal Springs, on Monday announced plans to merge with the parent company of water brands Poland Spring and Arrowhead, BlueTriton Brands Inc., in an all-stock deal built by five law firms that is meant to create a North American water giant.
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June 17, 2024
FTC Says Hospital Won't Fail Without Novant Buyout
The Federal Trade Commission is pushing back against claims that North Carolina's Lake Norman Regional Medical Center will fail if the agency halts its acquisition by Novant Health, telling the Fourth Circuit that the hospital is, in fact, profitable and stable.
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June 17, 2024
Ares, Searchlight-Led Group Plugs £500M Into RSK Group
British sustainability company RSK Group Ltd., advised by Travers Smith LLP, on Monday announced that it is set to receive a £500 million ($634.5 million) preferred equity investment from a group led by private equity firms Willkie Farr & Gallagher LLP-led Searchlight Capital Partners LP and Dechert LLP-led Ares Management Corp., which will be used to fund growth initiatives.
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June 17, 2024
Hertz Warrant Holder Sues In Chancery For Contract Breach
Two investment affiliates of Discovery Capital Management LP have sued Hertz Global Holdings Inc. in Delaware's Court of Chancery, alleging willful failure to redeem warrants issued in 2021 as part of the company's Chapter 11 and demanding at least $187 million plus interest.
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June 17, 2024
Catching Up With Delaware's Chancery Court
Proposed amendments to Delaware's General Corporation Law that were prompted by several recent Chancery Court rulings sailed through the state Senate last week despite loud opposition from corporate law professors and other Chancery Court watchers, and Tesla shareholders filed two new suits against CEO Elon Musk.
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June 17, 2024
King & Spalding Repping IQVentures On $504M Aaron's Buy
King & Spalding LLP-repped IQVentures Holdings has agreed to purchase Atlanta-based lease-to-own provider The Aaron's Co. Inc., represented by Jones Day, at an enterprise value of about $504 million, Aaron's said in a Monday statement.
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June 14, 2024
'Cockamamie' Live Nation Arbitration Rules Perplex 9th Circ.
An attorney for Live Nation Entertainment Inc. argued to skeptical Ninth Circuit judges on Friday that a California district judge was wrong to remove ticket buyers' antitrust class claims from arbitration by finding the arbitration agreements unconscionable, with one judge calling the language in the agreements "drafting malpractice," "cockamamie" and "just nuts."
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June 14, 2024
Publishing Exec's Family Says Ohio Law Allowed His Ouster
The board of an Ohio-based media company have said state law empowered them to oust former CEO Allan Block from his family's namesake company and urged an Ohio state court to dismiss the suit he brought over the potential sale of the company that publishes newspapers in Toledo and Pittsburgh.
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June 14, 2024
BP Unit Slapped With $300M Franchise Termination Suit
A trio of entities controlled by two self-proclaimed franchise veterans filed suit in Ohio federal court against a travel center operator acquired by BP in 2023, alleging the company terminated a franchise agreement without warning and caused at least $300 million in damages.
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June 14, 2024
France Offers $750M For Atos' Cyber, Data Assets
Information technology firm Atos SE said Friday that it has received a nonbinding offer from the French government to buy certain big data and cybersecurity operations at an enterprise value of €700 million ($750 million).
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June 14, 2024
Novant Urges 4th Circ. To Reject FTC's 'Emergency' Bid
Novant Health told the Fourth Circuit there is no need to block its planned North Carolina hospital purchase while the Federal Trade Commission pushes a merger challenge, saying the deal will increase competition by preventing the hospitals from closing.
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June 14, 2024
Off The Bench: Ex-Players Claim NIL, Loss For Trans Swimmer
In this week's Off The Bench, the 1983 men's college basketball champions want a piece of the loot the NCAA made off of their names, swimmer Lia Thomas loses in her bid to overturn an international trans athlete ban, and the House gets a bill through committee that would keep college athletes from becoming employees.
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June 14, 2024
NC AG Wants Counterclaims Canned In Hospital Contract Suit
North Carolina's attorney general has sought to dodge counterclaims in a suit accusing a for-profit health network of reneging on promises it made when it bought an Asheville hospital, saying he should be immune and the claims are otherwise redundant.
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June 14, 2024
Japan's Kirin Plans $1.4B Fancl Purchase Amid Health Kick
Kirin Holdings Co. said Friday that it plans to buy the remaining shares it doesn't own in Fancl Corp. for about $1.4 billion, part of the Japanese beverage giant's continued push into the consumer health sector.
Expert Analysis
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7 Enforcement Predictions For US Export Controls, Sanctions
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.
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8 Ways To Negotiate Improved Disgorgement Outcomes
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.
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
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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What Banks Should Know About FDIC Assessment Rule
Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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EU Rejection Of Booking.com Deal Veers From Past Practice
The European Commission's recent prohibition of Booking's purchase of Etraveli based on ecosystem theories of harm reveals a lower bar for prohibiting nonhorizontal mergers, and may mean increased merger scrutiny for companies with entrenched market positions in digital markets, say lawyers at Linklaters.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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Mitigating Antitrust Risk Amid Increased Dealmaking Scrutiny
While deals continue to get done despite 60% of significant merger investigations in the U.S. last year concluding with a complaint or abandoned transaction, private equity firms should identify and assess potential antitrust risks and develop strategies to mitigate them early in the deal process, say attorneys at Dechert.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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Opinion
Activist Short-Sellers Are The Dark Knights Of Wall Street
While so-called activist short-sellers have been subject to increased scrutiny in recent years, these investors work in the shadows like Batman to expose fraud on Wall Street, often generating leads that may move regulators to take action, say attorneys at Labaton Sucharow.
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Series
Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.
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Understanding Discovery Obligations In Era Of Generative AI
Excerpt from Practical Guidance
Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.