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Mergers & Acquisitions
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July 03, 2024
4 Firms Guide $183M Nano Dimension, Desktop Metal Deal
Israeli 3D printing company Nano Dimension Ltd. said Wednesday it has inked a deal to buy Massachusetts-based Desktop Metal Inc. for $183 million, a surprise twist that comes after both companies had vied last year to combine with a third rival in transactions that would have been worth upwards of $1.8 billion.
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July 03, 2024
Weil Adds Mayer Brown Corporate Partner In New York
Weil Gotshal & Manges LLP has hired a former Mayer Brown LLP partner, who joins the firm's New York office to work on private funds issues and with investors, according to an announcement Tuesday.
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July 03, 2024
Chancery Tosses Challenge To $3B AstraZeneca Viela Bio Sale
AstraZeneca PLC and a U.K. affiliate beat late Tuesday a Delaware Court of Chancery stockholder suit accusing the company of orchestrating an underpriced, $3 billion sale of clinical stage biopharmaceutical venture Viela Bio Inc. in order to clear the way for AstraZeneca's purchase of a larger competitor.
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July 03, 2024
Berkeley Research Group Hires Aprio Partner
Berkeley Research Group, the expert services and consulting firm, has hired a new director in its government contracts practice who recently joined the firm in Washington, D.C., according to a recent announcement.
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July 03, 2024
Quest Diagnostics Paying $985M For OMERS' LifeLabs
Canadian law firm McCarthy Tétrault LLP is guiding New Jersey-based Quest Diagnostics on a newly inked deal to buy LifeLabs from the Ontario Municipal Employees Retirement System, or OMERS, for about $985 million, Quest said Wednesday.
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July 03, 2024
Lufthansa's €325M ITA Air Takeover Gets Conditional EU Nod
Europe's antitrust authority said Wednesday that it has conditionally backed Lufthansa's plan to buy a 41% stake in ITA Airways for €325 million ($350 million) if the carriers hand over flight slots to rival airlines.
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July 03, 2024
Video Gaming Biz Agrees To EQT's £2.1B Takeover Offer
The board of Keywords Studios PLC said Wednesday that it has backed a £2.1 billion ($2.7 billion) takeover offer put forward by Swedish private equity firm EQT AB, a move that will pull another company from London's capital markets.
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July 02, 2024
Harvest Capital Class Ends Chancery Merger Suit For $3.85M
Stockholder attorneys who secured a $3.85 million pretrial class settlement for an allegedly unfair Harvest Capital Credit Corp. merger deal won an above-average 25% share of the award Tuesday, in what a Delaware vice chancellor indicated was a move to reward top-flight attention to smaller-stakes litigation.
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July 02, 2024
Gov't Urged To Gauge TransDigm Deals' Effect On Defense Biz
Three Democratic lawmakers are pressing the U.S. Department of Defense and antitrust enforcers to review an aerospace company's recent acquisition of two other companies, citing antitrust and price gouging concerns.
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July 02, 2024
DLA Piper Hires Former Goodwin Corporate Partner In DC
A former Goodwin Procter LLP partner has joined DLA Piper's corporate practice in the firm's Washington, D.C., office, where he will advise clients on mergers and acquisitions and other transactions.
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July 02, 2024
Asia-Focused SPAC Eureka Raises $50M To Pursue Merger
Eureka Acquisition Corp. began trading Tuesday after the special-purpose acquisition company priced a $50 million initial public offering, embarking on a search to acquire a Chinese or Greater Asian business, guided by three law firms.
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July 02, 2024
Chancery Cuts Sears Shareholders' $18.3M Award To $8.7M
Minority stockholders of Sears Hometown and Outlet Stores saw their class award in Delaware Chancery Court litigation trimmed from $18.3 million to $8.7 million Tuesday after former Sears CEO Edward S. Lampert and his co-defendants protested that the court had erred in its calculations.
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July 02, 2024
The Commercial Real Estate Q&A's You Can't Miss
Check out Law360 Real Estate Authority's most buzzed-about commercial real estate Q&As from the first half of 2024.
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July 02, 2024
Cannabis Equity Licensee Says Rapper Burned Him In Deal
The holder of a Massachusetts social equity cannabis license says several entities affiliated with a marijuana brand created by hip hop artist Berner are trying to stiff him out of $2 million they agreed to pay for a stake in his Worcester dispensary, while still trying to assert control over it.
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July 02, 2024
Jollibee Buying Compose Coffee Majority Stake In $340M Deal
Filipino global food chain Jollibee Foods Corp. disclosed in a securities filing Tuesday it is acquiring 70% of South Korean coffee franchise Compose Coffee at a roughly $340 million valuation, through its wholly owned subsidiary Jollibee Worldwide Pte.
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July 02, 2024
FTC Challenges Tempur Sealy's $4B Mattress Firm Deal
The Federal Trade Commission moved Tuesday to block Tempur Sealy International Inc.'s planned $4 billion purchase of Mattress Firm Group Inc., saying the world's largest mattress supplier intends to use the deal to block its rivals from accessing the largest retail mattress chain in the U.S.
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July 01, 2024
Metals Recycler Strikes $170M Go-Public SPAC Merger
American Resources Corp. on Monday announced that its metals recycling subsidiary will go public by merging with special-purpose acquisition company AI Transportation Acquisition Corp., in a deal that values American Metals LLC at $170 million and that was steered by three law firms.
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July 01, 2024
IPO Rebound Leads Capital Markets Recovery At Midyear
Capital markets activity moderately accelerated in the year's first six months, buoyed by the highest level of initial public offerings in three years, signaling a busy second half for deal-makers at least until the November presidential election.
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July 01, 2024
Xavier Niel's Atlas Follows Through With $4.1B Millicom Bid
French billionaire Xavier Niel's Atlas Investissement on Monday made an official bid to buy out Luxembourgish telecommunications provider Millicom's shareholders through a tender offer at a value of approximately $4.1 billion.
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July 01, 2024
FC Barcelona Media Arm's $1B SPAC Merger Is Scrapped
A deal that would have taken the digital media arm for Spanish soccer giant FC Barcelona public through a $1 billion merger with special-purpose acquisition company Mountain & Co. I Acquisition Corp. has been called off, both parties have announced.
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July 01, 2024
White & Case Veteran To Co-Head Global Comp Practice
White & Case LLP announced Monday the addition of a second chair for its still-growing global competition practice, elevating a 16-year firm veteran to co-chair the group.
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July 01, 2024
Catching Up With Delaware's Chancery Court
Two multimillion-dollar settlement approvals, a $25 million fee-shifting demand, and a biotech merger spoiled by murder: This was just the beginning of the drama last week in the nation's preeminent court of equity. Shareholders in satellite companies filed new cases, a cannabis company headed toward trial, and there were new developments in old disputes involving Tesla and Truth Social.
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July 01, 2024
Skadden-Led BlackRock To Buy Data Group Preqin For £2.6B
Investment firm BlackRock said Monday that it has agreed to acquire private markets data provider Preqin for £2.55 billion ($3.2 billion) to boost its investment management in a deal guided by Skadden Arps Slate Meagher & Flom LLP and Macfarlanes LLP.
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July 01, 2024
Sullivan & Cromwell Pilots Boeing $4.7B Spirit Aero Takeover
Boeing said Monday it has agreed to acquire aircraft parts maker Spirit AeroSystems in a $4.7 billion all-share deal under which rival Airbus will also take control of the European-linked operations of Spirit in return for $559 million in compensation.
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June 28, 2024
Chevron's End Is Just The Start For Energized Agency Foes
By knocking down a powerful precedent that has towered over administrative law for 40 years, the U.S. Supreme Court's right wing Friday gave a crowning achievement to anti-agency attorneys. But for those attorneys, the achievement is merely a means to an end, and experts expect a litigation blitzkrieg to materialize quickly in the aftermath.
Expert Analysis
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How M&A Attorneys Can Best Serve Self-Funded Searchers
Post-pandemic, and with the so-called great wealth transfer on the horizon, individuals looking for small and midsize businesses to acquire are increasingly going the self-funded route, so deal attorneys must understand the major pain points and unique needs of this demographic, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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What TikTok's Race Against The Clock Teaches Chinese Firms
The Biden administration's recent divestiture deadline on TikTok parent ByteDance provides useful information for other China-based companies looking to do business in the U.S., including the need to keep products for each market separate and implement firewalls at the design stage, says Richard Lomuscio at Stinson.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Live Nation May Shake It Off In A Long Game With The DOJ
Don't expect a swift resolution in the U.S. Department of Justice's case against Live Nation, but a long litigation, with the company likely to represent itself as the creator of a competitive ecosystem, and the government faced with explaining how the ticketing giant formed under its watch, say Thomas Kliebhan and Taylor Hixon at GRSM50.
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Boeing Saga Underscores Need For Ethical Corporate Culture
In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Parsing Controversial Del. General Corporation Law Proposals
In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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A Look At M&A Conditions After FTC's Exxon-Pioneer Nod
The Federal Trade Commission's recent consent decree imposing several conditions on Exxon Mobil's acquisition of Pioneer Natural Resources helps illustrate key points about the current merger enforcement environment, including the probability of further investigations in the energy and pharmaceutical sectors, say Ryan Quillian and John Kendrick at Covington.
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FTC Theories Of Harm After Anesthesia Co. Ruling
As Federal Trade Commission litigation against U.S. Anesthesia Partners proceeds following a Texas federal court's recent decision to dismiss a private equity sponsor from the suit, the case attempts to incorporate and advance some of the commission's theories of competitive harm from the final 2023 Merger Guidelines, say attorneys at Mintz.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.