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Mergers & Acquisitions
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December 16, 2024
Court Approves Mandated $115M Door Factory Sale
A Virginia federal court has approved the planned $115 million sale of a door-skin manufacturing plant after a landmark order forced Jeld-Wen to unload the factory in a long-running private antitrust case by rival Steves & Sons Inc.
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December 16, 2024
Albertsons Says Kroger 'Squandered' $25B Merger Bid
The Kroger Co. Inc. "willfully squandered" opportunities to complete a now-blocked $24.6 billion mega-merger with Albertsons Cos. Inc., according to an unsealed five-count lawsuit in Delaware's Court of Chancery potentially seeking billions in damages.
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December 16, 2024
US Lends $9.6B To Build EV Battery Plants In The South
The U.S. Department of Energy has agreed to loan Ford Motor Co. and South Korean battery manufacturer SK On up to $9.63 billion for a joint venture that includes building electric vehicle battery plants in Tennessee and Kentucky, according to a Monday statement.
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December 16, 2024
Honeywell May Split Aerospace Biz Amid Activist Pressure
Honeywell International Inc. on Monday said it is mulling a separation of its aerospace business, after activist investment firm Elliott Investment Management LP in November pushed for the industrial conglomerate to separate itself into two independent companies.
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December 16, 2024
3 Firms Guide Goldman Sachs On Buying Synthon Stake
The alternative investment arm of Goldman Sachs said Monday that it plans to buy a majority stake in the drugmaker Synthon from British investment firm BC Partners LLP, in a deal that values the Dutch company at a reported €2 billion ($2.1 billion).
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December 16, 2024
Gibson Dunn Guides Vera Wang In Sale Of IP To WHP Global
New York-based brand management firm WHP Global, advised by Kirkland & Ellis LLP and Pryor Cashman LLP, on Monday announced that it has agreed to buy all the intellectual property of Gibson Dunn & Crutcher LLP-advised luxury designer brand Vera Wang.
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December 16, 2024
Anglo American-Backed Engine Tech Co. Files Ch. 11
A developer of hybrid electric hauling equipment has filed for Chapter 11 protection in Delaware bankruptcy court with nearly $98 million in debt and an agreement with its secured lender and parent, mining company Anglo American, to pursue a sale.
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December 16, 2024
Gov't Approves £3.6B Royal Mail Sale To Czech Tycoon
A conglomerate controlled by Czech billionaire Daniel Křetínský said Monday that its planned £3.6 billion ($4.5 billion) purchase of Royal Mail's parent has moved a step closer to delivery after the U.K. government approved it — with several conditions.
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December 13, 2024
Medical Device Co. Brass Hid SPAC's True Value, Suit Says
The executives and directors of a healthcare holding company have been hit with a shareholder derivative suit in Colorado federal court alleging the company hid the financial and regulatory risks it faced to inflate its value after merging with a blank check company.
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December 13, 2024
Canadian Gold Mining Co. Beats Investor Suit Over M&A Plans
A New York federal judge on Friday granted a Canadian gold mining company a summary judgment win in a securities lawsuit accusing it of misleading investors about its corporate acquisition strategy, saying statements a California investor challenged didn't exclude the possibility of acquiring another company if the right opportunity arose.
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December 13, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a group of franchise operators hit Vodafone with a £120 million ($151 million) claim for allegedly imposing commission cuts, green energy tycoon Dale Vince pursue another libel action against the publisher of the Daily Mail, and parcel delivery giant Yodel face a claim by an investor that helped save it from collapse earlier in the year.
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December 13, 2024
SEC's Corporation Finance Director Gerding To Step Down
The U.S. Securities and Exchange Commission announced Friday that the head of its Division of Corporation Finance, who oversaw the finalization of controversial new rules covering environmental disclosures and share repurchases, will leave the agency at the end of the year.
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December 13, 2024
DC Circ. Declines To Disturb Law That Could Ban TikTok
The D.C. Circuit on Friday rejected TikTok's request for a preliminary injunction delaying implementation of a law requiring the app to split with its Chinese parent company ByteDance Ltd. or face a nationwide ban, saying that TikTok wants to block "the enforcement of a presumptively valid act of Congress."
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December 13, 2024
$15M Deal To End Hemisphere Media Merger Suit OK'd In Del.
Former public stockholders of Hemisphere Media Group Inc. secured a $15 million Delaware Court of Chancery settlement Friday for claims that former controlling investor Searchlight Capital Partners LP took the media business private in a two-step deal that undervalued the company's remaining shares.
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December 13, 2024
Off The Bench: PE Buys In On NFL, WWE Abuse Suit Back On
In this week's Off The Bench, two teams usher in a new era for the NFL by bringing in private equity investors, a suit accusing the WWE and Vince McMahon of sexual abuse and trafficking picks back up while a federal investigation continues, and a private equity giant and NHL owner passes away.
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December 13, 2024
Taxation With Representation: Kirkland, Davis Polk, Wachtell
In this week's Taxation With Representation, Google and TPG Rise Climate partner with Intersect Power, Gen Digital Inc. acquires MoneyLion Inc., Patient Square Capital acquires Patterson Companies Inc., and the Buffalo Bills and Miami Dolphins sell minority ownership shares to private equity firms.
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December 13, 2024
3 Firms Guide Pair Of SPAC Listings Totaling $410M
Two special purpose acquisition companies began trading on Friday after completing initial public offerings that raised a combined $410 million, under guidance from three law firms, targeting industries spanning cybersecurity, artificial intelligence and financial technology.
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December 13, 2024
'Buy Now, Pay Later' Co. Affirm Inks $4B Deal With PE Firm
Payment network Affirm Holdings Inc., advised by Mayer Brown LLP, on Friday announced that it has entered into a partnership with investment firm Sixth Street under which Sixth Street will plug up to $4 billion into the "buy now, pay later" company.
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December 13, 2024
Lawmakers Press Tech Giants As TikTok D-Day Looms
A pair of lawmakers on Friday leaned on TikTok to ensure it meets a Jan. 19 deadline to sell its operations or face a U.S. ban, while also pressing tech giants Apple and Google to be prepared to deplatform the video-sharing app if it refuses to sell.
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December 13, 2024
Kirkland, Wachtell Guiding Warner Bros.' Strategic Split
Kirkland & Ellis LLP and Wachtell Lipton Rosen & Katz are guiding Warner Bros. Discovery Inc. on a new plan to separate its cable TV businesses from its streaming and studio operations.
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December 13, 2024
4 Firms Rep On Rent-A-Center Owner's $460M Brigit Deal
Rent-A-Center owner Upbound Group Inc. has agreed to acquire financial technology company Brigit for up to $460 million, with Sullivan & Cromwell LLP and Mayer Brown LLP guiding Upbound and Cooley LLP and Morgan Lewis & Bockius LLP representing Brigit.
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December 13, 2024
CMA Ends Probe Into Sonoco's $3.9B Buy Of European Rival
Britain's antitrust watchdog has ended its investigation into the $3.9 billion acquisition by U.S. packaging company Sonoco Products of Eviosys, a food can-maker, from private equity firm KPS Capital Partners and another packaging business.
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December 13, 2024
UK Launches Probe Into BlackRock Deal For Data Biz Preqin
The antitrust authority said Friday that it has launched a formal probe into the proposed £2.55 billion ($3.2 billion) acquisition by private equity giant BlackRock of markets data provider Preqin.
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December 13, 2024
Charles Russell Leads PE Firm In £100M Warehouse Purchase
A subsidiary of EQT AB has acquired two warehouses in southern England for more than £100 million ($126 million) as part of the Swedish private equity firm's investment in the developing logistics market.
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December 13, 2024
Switzerland's SoftwareOne In Talks To Buy IT Consultancy
Swiss cloud technology company SoftwareOne Holding AG is in talks to buy Crayon Group, the companies said Friday, a transaction that would create a leading European reseller of software licenses.
Expert Analysis
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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.
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What Updated PLR Procedure May Mean For Stock Spin-Offs
A recently published Internal Revenue Service revenue procedure departs from commonly understood interpretations of the spinoff rules by imposing more stringent standards on companies seeking private letter rulings regarding tax-free stock spinoff and split-off transactions, and may presage regulatory changes that would have the force of law, say attorneys at Skadden.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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What's New In Kentucky's Financial Services Overhaul
Kentucky's H.B. 726 will go into effect in July and brings with it some significant restructuring to the Kentucky Financial Services Code, including changes to mortgage loan license fees and repeals of provisions relating to installment term loans and savings associations, say attorneys at Frost Brown.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.