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Mergers & Acquisitions
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November 05, 2024
Fubo Defends Block Of Sports Streaming Service At 2nd Circ.
Fubo is defending a New York federal judge's order blocking the launch of a sports-only streaming service from ESPN, Fox and Warner Bros. Discovery at the Second Circuit, telling judges there that competitors wouldn't stand a chance in the sports streaming market without the programming that the three behemoths control.
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November 05, 2024
Shuttered NHL Talent Rep Wants $1.2M Finnish Arb. Suit Nixed
The owner of a now-defunct talent agency that represented professional hockey players has asked a Massachusetts federal judge to toss a $1.2 million lawsuit and said he intends to appeal a decision freezing his assets while the suit from a rival Finland–based management company proceeds in U.S. federal court.
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November 05, 2024
Film Production Services Co. Hits Ch. 11 With Sale Plans
A film production services company owned by embattled private equity firm 777 Partners has filed for Chapter 11 protection in Delaware with $88.9 million in liabilities, blaming the COVID-19 pandemic, Hollywood strikes and its owner's legal and financial troubles.
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November 05, 2024
Lifeway Rejects Danone Buyout, Implements 'Poison Pill'
Illinois-based fermented foods maker Lifeway Foods Inc. said Tuesday it has rejected a roughly $283 million offer from Danone North America PBC to buy the remaining stake it doesn't own in the company, and Lifeway has also implemented a so-called poison pill strategy to prevent Danone from prevailing.
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November 05, 2024
Mayer Brown Lands Paul Hastings PE Atty In Chicago
Mayer Brown LLP is preparing for a possible uptick in mergers and acquisitions work next year with the addition of an experienced private equity attorney in Chicago from Paul Hastings LLP.
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November 05, 2024
Alterra, JP Morgan JV Sells Property Portfolio In $490M Deal
A joint venture between Alterra IOS and institutional investors advised by J.P. Morgan Asset Management on Tuesday announced that it has sold a 51-property portfolio to Peakstone Realty Trust in an off-market transaction valued at $490 million that was built by five law firms.
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November 05, 2024
Simpson Thacher Acquires 'Rising Star' M&A Partner Duo
Simpson Thacher & Bartlett LLP said Tuesday that it has added two new partners in its mergers and acquisitions practice to help the firm keep up with demand for high-end M&A services.
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November 05, 2024
Glazer Sues In Del. For Appraisal In $7.2B Squarespace Deal
Five funds of Glazer Capital LLC sued late Monday for Delaware Court of Chancery appraisal of the investment management firm's more than 2.8 million shares of website builder Squarespace Inc., seeking to better the company's $46.50 per share price for a recently closed take-private acquisition by interests of Permira Advisers LLC.
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November 05, 2024
Atos Inks Deal To Sell Worldgrid Biz To Alten At €270M Value
French information technology company Atos said Tuesday it has agreed to sell its Worldgrid business at an enterprise value of €270 million ($294 million) to Alten, an engineering and technology consulting firm also based in France, nearly five months after disclosing that the deal was in the works.
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November 05, 2024
Emerson Eyes Remaining AspenTech Shares At $15.1B Value
Emerson Electric said Tuesday it has proposed to buy the remaining shares of AspenTech common stock it does not already own for $240 per share in cash, an offer that would give the industrial software company a $15.1 billion enterprise value.
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November 05, 2024
On The Ground: How Attorneys Safeguarded The Election
Attorneys worked tirelessly Tuesday to support citizens and election workers on the final day of voting in one of history's most contentious presidential contests.
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November 05, 2024
EQT Makes $1.4B Takeover Offer For Component Distributor
Swedish private equity firm EQT AB unveiled a $1.4 billion take-private bid for machinery component distributor OEM International AB on Tuesday after securing shareholders' backing for the takeover offer.
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November 05, 2024
UK Could Clear £16.5B Vodafone-Three Deal After Fixes
The Competition and Markets Authority said Tuesday that it could wave through a proposed £16.5 billion ($21.4 billion) merger between Vodafone Group PLC and the telecommunications networks of Three UK if they commit to investing in infrastructure and protecting customers.
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November 04, 2024
Del. Judge To Approve Avante Ch. 11 Financing
A Delaware bankruptcy judge Monday agreed to approve debtor-in-possession financing for Jordan Health, the corporate parent of medical equipment service provider Avante Health, after the debtor and DIP lender struck a deal with the official committee of unsecured creditors.
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November 04, 2024
Door Factory Buyer Wants To Defend Deal In Antitrust Case
The proposed buyer of a door-skin manufacturing plant asked a Virginia federal court for permission to intervene in the private antitrust case that led to a landmark order forcing Jeld-Wen to unload the factory.
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November 04, 2024
Nextdoor Inc. Investors Sue After De-SPAC Stock Drop
Investors in a special purpose acquisition company that took neighborhood network app Nextdoor Inc. public at a $4.3 billion valuation in July 2021 have sued the SPAC's sponsors and founding directors for damages in Delaware's Court of Chancery, accusing architects of the deal of overvaluing the business.
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November 04, 2024
Asia-Pacific Helped Prop Up Q3 M&A Activity, Report Says
Mergers and acquisitions in the Asia-Pacific region hit numbers during the third quarter this year that haven't been seen since 2021's dealmaking heyday, helping to boost global figures amid mixed performances in the U.S. and Europe, S&P Global found in a recent report.
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November 04, 2024
Sports Collectibles Co. Sued For Books And Records
An early investor in a sports collectibles seller sued the company in Delaware's Chancery Court demanding access to its books and records, saying that its failure to comply with U.S. Securities and Exchange Commission reporting requirements in the wake of struggles following its 2023 acquisition "raises performance concerns."
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November 04, 2024
Vinson & Elkins Adds Simpson Thacher Atty As M&A Co-Head
Vinson & Elkins LLP has brought on a veteran mergers and acquisitions lawyer as a New York-based co-head of strategic M&A, the firm said Monday.
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November 04, 2024
Federal Trade Commission Atty Returns To Katten In DC
An attorney who spent more than a decade at the Federal Trade Commission has returned to private practice at Katten Muchin Rosenman LLP, where he began his legal career, boosting the firm's offerings for clients as they navigate increased antitrust scrutiny and enforcement.
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November 04, 2024
Bell Canada Paying $3.65B For US Internet Co. Ziply Fiber
Bell Canada has agreed to acquire U.S. internet provider Ziply Fiber for approximately CA$5 billion ($3.65 billion), Bell parent company BCE Inc. said Monday.
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November 04, 2024
Paul Hastings Adds NY Finance Atty From Winston & Strawn
Paul Hastings LLP announced Monday that it has added a leveraged finance lawyer from Winston & Strawn LLP as a partner in New York to strengthen its private equity and mergers and acquisitions platforms.
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November 04, 2024
4 Firms Guide $3.1B Take-Private Deal For Aviation Co. ATSG
Private equity firm Stonepeak, advised by Simpson Thacher & Bartlett LLP and Hogan Lovells, is buying Air Transport Services Group Inc., guided by Davis Polk & Wardwell LLP and Vorys Sater Seymour and Pease LLP, at an enterprise value of roughly $3.1 billion, the aviation company said Monday.
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November 04, 2024
US IPO Activity Hits Standstill As Election Takes Center Stage
U.S. initial public offerings have screeched to a halt amid peak election season, and dealmakers expect new listings to largely remain iced until next year as market participants sort out ramifications of Tuesday's presidential and congressional contests.
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November 04, 2024
Latham Guides Anglo American's $1.1B Coal JV Stake Sale
Anglo American PLC said Monday that it has agreed to sell its minority interest in an Australian coal mining joint venture to Zashvin Pty Ltd. for AU$1.6 billion ($1.1 billion) in a deal guided by Latham & Watkins LLP.
Expert Analysis
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Del. Dispatch: Cautionary Tales Of 2 Earnout Effort Breaches
The Delaware Court of Chancery's tendency to interpret earnout provisions precisely as written, highlighted in two September rulings that found buyers breached their shareholder obligations when they failed to make reasonable efforts to hit certain product development milestones, demonstrates the paramount importance of precisely wording these agreements, say attorneys at Fried Frank.
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Building US-Japan Relationships In The M&A Market
The prospect of U.S.-Japanese mergers and acquisitions presents stronger competition to U.S. investors in the global M&A markets, while also opening up an additional exit route for sellers looking to offload strategic assets, says Nick Wall at A&O Shearman.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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Key Takeaways From DOJ's New Corp. Compliance Guidance
The U.S. Department of Justice’s updated guidance to federal prosecutors on evaluating corporate compliance programs addresses how entities manage new technology-related risks and expands on preexisting policies, providing key insights for companies about increasing regulatory expectations, say attorneys at Debevoise.
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How Lucia, Jarkesy Could Affect Grocery Merger Challenge
While the Federal Trade Commission is taking a dual federal court and administrative tribunal approach to block Kroger's merger with Alberstons, Kroger's long-shot unconstitutionality claims could potentially lead to a reevaluation of the FTC's reliance on administrative processes in complex merger cases, say attorneys at Saul Ewing.
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$200M RTX Deal Underscores Need For M&A Due Diligence
RTX's settlement with regulators for violating defense export regulations offers valuable compliance lessons, showcasing the perils of insufficient due diligence during mergers and acquisitions transactions along with the need to ensure remediation measures are fully implemented following noncompliance, say Thad McBride and Faith Dibble at Bass Berry.
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Series
Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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Dealmaker Lessons From CFIUS' New Enforcement Webpage
The Committee on Foreign Investment in the United States’ recently launched webpage, which details the actions — and inactions — that led to enforcement activity, provides important insights for dealmakers about filing requirements, mitigation commitments and the cost of noncompliance, say attorneys at Dechert.
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Presidents And Precedents May Direct Khan's Future Course
While the Sept. 25 technical expiration of Federal Trade Commission Chair Lina Khan's term demands no immediate action, it does invite an analysis of commission policy and post-election possibilities, says Axinn's Richard Dagen, a former FTC official.
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What To Expect From Calif. Bill Regulating PE In Healthcare
A California bill currently awaiting Gov. Gavin Newsom's approval, intended to increase oversight over private equity and hedge fund investments in healthcare, is emblematic of recent increased scrutiny of investments in the space, and may affect transactions and operations in California in a number of ways, say attorneys at Ropes & Gray.
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Why Now Is The Time For Law Firms To Hire Lateral Partners
Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
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Google And The Next Frontier Of Divestiture Antitrust Remedy
The possibility of a large-scale divestiture in the Google search case comes on the heels of recent requests of business breakups as remedies for anticompetitive conduct, and companies should prepare for the likelihood that courts may impose divestiture remedies in the event of a liability finding, say Lauren Weinstein and Nathaniel Rubin at MoloLamken.
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Considering Possible PR Risks Of Certain Legal Tactics
Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.
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3 M&A Elements To Master In A Volatile Economy
The current M&A market requires a strategic approach to earnouts, past-due accounts payable and employee retention in order to mitigate risk and drive successful outcomes, says Robert Harig at Robbins DiMonte.