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Mergers & Acquisitions
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January 15, 2025
Slaughter And May-Led Fortress Ups Loungers Bid To £366.6M
U.S. investment firm Fortress Investment Group LLC said Wednesday that it has increased its cash bid for Loungers PLC to £366.6 million ($451 million) in a bid to persuade the shareholders of the British hospitality chain to accept the offer.
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January 15, 2025
Clifford Chance, Wachtell Help Pfizer To Cut Haleon Stake
Pharmaceutical titan Pfizer has reduced its stake in Haleon PLC, the British healthcare giant, to 7.3% by selling shares worth £2.5 billion ($3 billion), a bookrunner for the sale said Wednesday.
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January 14, 2025
Latham Grabs Top Spot For 2024 IPOs By Large Margin
Latham & Watkins LLP guided more initial public offerings than any law firm in 2024, capturing a diverse mix of large listings for companies that seized opportunities to go public as the broader IPO market inched toward recovery, new data shows.
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January 14, 2025
Chancery Hits Co. With $2.9M Atty Fee Bill As Sanction
A California medical device molding company that sought millions from a merger partner for breaches of contract in Delaware's Court of Chancery came away Tuesday with awards of $104,000 for its claims and $2.9 million in attorney fees as a sanction for contempt and spoliation by Symbient Product Development LLC founder Scott Castanon.
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January 14, 2025
Frank Exec Wants Fraudster Comparisons Blocked At Trial
The founder of student financial aid startup Frank has asked a Manhattan federal judge to block prosecutors from comparing her to well-known convicted fraudsters at her upcoming trial on charges that she tricked JPMorgan Chase & Co. into buying her company for $175 million.
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January 14, 2025
Fuse Says Skydance Deal Poses Harms To Ad-Based Streaming
Fuse Media has told the Federal Communications Commission that the planned $8.4 billion merger of Skydance Media with Paramount Global would harm some of their market competitors, including free advertising-based streaming.
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January 14, 2025
DXC Says Investor Suit Shows Integration Problems, Not Fraud
DXC Technology has asked a Virginia federal court to toss a shareholder suit alleging the information technology giant overhyped efforts to reduce restructuring and integration costs after acquiring several companies, arguing hindsight critiques from the current CEO do not establish securities fraud.
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January 14, 2025
TripAdvisor, Class Flip Nevada Move Positions In Del. Appeal
Attorneys for the boards and controller of TripAdvisor and Liberty TripAdvisor have asked Delaware's Supreme Court to keep alive their appeal from a lower court's refusal to toss a suit challenging their reincorporation in Nevada, despite a call for dismissal by class attorneys who had previously opposed both the deal and appeal.
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January 14, 2025
Leaked Deals Achieved Higher Premiums But Little Else
Leaked mergers and acquisitions have historically achieved higher deal premiums than their non-leaked counterparts, but the leaking of deals has had little impact on attracting bidders and deal completion rates, according to a Tuesday report from software company SS&C Intralinks.
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January 14, 2025
Simpson Thacher, Sullivan Rep CBRE's $400M Coworking Buy
CBRE Group Inc. announced on Tuesday it will purchase coworking company Industrious National Management Company LLC for $400 million in a deal guided by Simpson Thacher & Bartlett LLP and Sullivan & Cromwell LLP.
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January 14, 2025
Macquarie, Data Center Biz Enter $5B Financing Partnership
Digital infrastructure and data center company Applied Digital Corp., advised by Lowenstein Sandler LLP, on Tuesday announced it has entered into a $5 billion financing facility with funds managed by Simpson Thacher & Bartlett LLP-led Macquarie Asset Management for its high-performance computing business.
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January 14, 2025
Jones Day-Led Wabtec Paying $1.8B For Evident Tech Unit
Jones Day-led freight and rail equipment provider Wabtec Corp. said Tuesday it has agreed to acquire Ropes & Gray LLP-advised Evident's inspection technologies division for $1.78 billion.
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January 14, 2025
Apollo, Standard Chartered Form $3B Strategic Partnership
Private equity giant Apollo and international banking group Standard Chartered PLC on Tuesday announced that they have formed a long-term strategic partnership under which the two will contribute up to a combined $3 billion to go towards clean energy and transition financing.
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January 14, 2025
DOJ Accuses PE Giant KKR Of Dropping Merger Disclosures
The Justice Department filed an extraordinary lawsuit Tuesday accusing private equity giant KKR & Co. Inc. of repeatedly flouting its merger notification requirements, "altering" or "systematically omitting" documents on some deals and failing entirely to notify enforcers of at least two, including a $6.9 billion transaction, only for KKR to file its own suit in response.
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January 14, 2025
H&E Rentals' Stock Doubles On $4.8B United Rentals Deal
United Rentals Inc. has agreed to purchase fellow equipment rental company H&E Rentals for about $4.8 billion, including approximately $1.4 billion of debt, the companies said Tuesday, with the news leading to a more than 100% increase in H&E's stock price.
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January 13, 2025
Insurer Drops Dispute Over Private Equity Firm's Deals
An excess insurer agreed Monday to drop its Massachusetts federal suit seeking to avoid coverage of two settlements made by its insured, the private equity firm Advent International, over supposed wrongful acts the company committed related to the sale of two portfolio companies to two different buyers.
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January 13, 2025
Ex-Acacia Research CIO Gave Relative Insider Info, SEC Says
Acacia Research Corp.'s former president was charged with insider trading in New York federal court for allegedly tipping off his sister-in-law with confidential information that helped her illegally net more than $428,000 in profitable trades involving two companies, securities regulators announced Monday.
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January 13, 2025
T-Mobile, UScellular Say Tie-Up Will 'Greatly' Amp Up Service
T-Mobile and UScellular defended their $4.4 billion deal to combine wireless operations, telling the Federal Communications Commission that expanding the T-Mobile footprint will improve consumers' experiences around the country.
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January 13, 2025
Truth Social SPAC Ex-CEO Seeks Del. Suit Toss Or Freeze
The former manager of the blank check company that sponsored a deal to take now President-elect Donald Trump's social media platform public heads into a pivotal Delaware Court of Chancery hearing Wednesday, seeking to freeze or scuttle a suit claiming that he and others secretly diverted millions of shares from co-investors.
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January 13, 2025
Chamber Challenges FTC And DOJ Merger Filings Overhaul
The U.S. Chamber of Commerce and other business groups have filed a legal challenge contesting the looming overhaul to merger filing notification requirements that the Federal Trade Commission and Justice Department say will fill information gaps, but that the Texas federal lawsuit contends is overly burdensome and unjustified.
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January 13, 2025
5 Firms Steer Up-To-$750M Sale Of Life Molecular Imaging
Radiopharmaceutical-focused company Lantheus Holdings Inc. announced plans Monday to buy Life Molecular Imaging Ltd. for up to $750 million in a deal built by five law firms.
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January 13, 2025
T-Mobile To Pay Roughly $600M For Ad Tech Co. Vistar Media
T-Mobile on Monday agreed to acquire advertising technology company Vistar Media, in an all-cash deal totaling around $600 million that was guided by Cleary Gottlieb and Lowenstein Sandler, respectively.
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January 13, 2025
Sidley Lands M&A Pros From Jones Day, Simpson Thacher
Sidley Austin LLP is expanding its mergers and acquisitions team, announcing Monday it has brought on a Jones Day M&A expert and a Simpson Thacher & Bartlett LLP pro as partners in its New York office.
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January 13, 2025
Lilly To Buy Scorpion Cancer Program For Up To $2.5B
Ropes & Gray LLP-led Eli Lilly and Co. said Monday it has agreed to purchase a precision breast cancer program of biotechnology company Scorpion Therapeutics Inc. for up to $2.5 billion.
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January 13, 2025
76ers Drop Controversial Plan For New Center City Arena
The Philadelphia 76ers are going to stay in South Philly rather than pursuing a plan to move into a new stadium by Chinatown, according to announcements Monday from the City of Brotherly Love's mayor and the 76ers' owner.
Expert Analysis
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The Licensure Landscape For Psychedelics Manufacturers
As the need for bulk manufacturing of psychedelic substances grows, organizations aiming to support clinical trials or become commercial suppliers must navigate a rigorous and multifaceted journey to obtaining a license from the U.S. Drug Enforcement Administration, say Kimberly Chew at Husch Blackwell and Jaime Dwight at Promega Corp.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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Foreign Threat Actors Pose Novel Risks To US Tech Cos.
A recent bulletin jointly issued by several U.S. intelligence agencies warns technology startups and the venture capital community about national security risks posed by foreign threat actors, so companies interested in raising foreign capital should watch for several red flags, say Robert Friedman and Jacob Marco at Holland & Knight.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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4 Steps To Address New Sanctions Time Bar Extension
Recent guidance from the Office of Foreign Assets Control clarifies details of the newly extended statute of limitations for civil and criminal enforcement of U.S. sanctions law, so compliance teams should implement key updates, including to lookback periods and recordkeeping policies, say attorneys at Freshfields.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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Tips For Revamping Patent Portfolio Strategy In AI Deal Era
Recent data suggests patents are significantly enhancing exit valuations, particularly with cutting-edge technologies like those powered by artificial intelligence, but it is necessary to do more than simply align patent strategy with business goals, says Keegan Caldwell at Caldwell Law.
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Opinion
The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Bank M&A Continues To Lag Amid Regulatory Ambiguity
Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.