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Mergers & Acquisitions
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October 30, 2024
AI-Focused SPAC Joins Pipeline With $200M IPO Filing
Archimedes Tech SPAC Partners II Co., a special purpose acquisition company targeting the artificial intelligence industry, filed plans on Wednesday for an estimated $200 million initial public offering, while another SPAC, energy-transition focused Tavia Acquisition Corp., downsized plans.
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October 30, 2024
Seyfarth Launches Energy Deals Group With Polsinelli Trio
Seyfarth Shaw LLP has launched an energy transactions group in Texas with the addition of three attorneys from Polsinelli PC, as part of Seyfarth's strategic plan to enhance its corporate and transactional capabilities, the firm announced Wednesday.
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October 30, 2024
Diversified Energy Closes $106M Buy Of East Texas Assets
Oil and gas producer Diversified Energy Co. PLC said Wednesday that it has completed the $106 million acquisition of natural gas assets in eastern Texas from Crescent Pass Energy in a cash-and-stock deal.
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October 30, 2024
Cleveland-Cliffs Gets Final Approval For $2.5B Stelco Deal
Ohio steelmaker Cleveland-Cliffs Inc. said Wednesday it has received the Canadian regulatory approvals needed to complete its planned $2.5 billion acquisition of Canada's Stelco Holdings Inc., slating the deal close for Friday.
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October 30, 2024
KKR, ECP To Plug $50B Into Data Centers, Power Projects
Private equity firms KKR & Co., advised by Simpson Thacher, and Energy Capital Partners have teamed up to inject $50 billion into building data centers and energy generation projects in a bet on meeting rising demand for infrastructure to support the artificial intelligence boom.
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October 30, 2024
Kirkland-Led Francisco Paying $1.1B For AdvancedMD
Kirkland & Ellis LLP is guiding Francisco Partners on an agreement disclosed Wednesday to buy medical payments company AdvancedMD from Global Payments for $1.125 billion.
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October 30, 2024
Linklaters-Led Mining Biz To Buy $60M Gold Project In Brazil
Precious metals miner Hochschild said Wednesday that it has agreed to acquire full control of a project in Brazil from Cerrado Gold for a total of $60 million in a deal guided by law firms including Linklaters and Stikeman Elliott.
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October 29, 2024
Merger Guides In Fashion As Court Pauses Handbag Deal
The Federal Trade Commission scored a major win last week with a court order pausing the planned $8.5 billion merger between the owners of Coach and Michael Kors, but the ruling stopped short of fully embracing enforcers' recent attempts to influence merger law.
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October 29, 2024
US Finalizes Investment Ban On Chinese Emerging Tech
The Biden administration finalized plans to ban U.S. investors from funding emerging Chinese technology, saying the restrictions are necessary to prevent Beijing from advancing technologies critical to its military modernization campaign.
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October 29, 2024
Pa. Seeks State Takeover Of Embattled Hospital System
Pennsylvania urged a state court to appoint a receiver for a hospital system after its operator, Prospect Medical Holdings Inc., allegedly violated an asset purchase agreement by spending millions of dollars on its investors instead of healthcare system management.
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October 29, 2024
Investors Float $21M Deal To End Life Sciences SPAC Suit
Shareholders in special purpose acquisition company CM Life Sciences Holdings have reached a tentative $21 million class settlement in Delaware's Court of Chancery after suing over alleged missing or misleading disclosures in the lead-up to the take-public merger of clinical data and genomics company Sema4 Holdings in July 2021.
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October 29, 2024
Sham Getty Stock Offer Lands Investor 10-Month Prison Term
A former Massachusetts corporate executive will serve 10 months in prison for launching a sham takeover bid for Seattle-based Getty Images Holdings to drive up its share price and make hundreds of thousands of dollars in profit, a Boston federal judge said Tuesday.
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October 29, 2024
Warren Pushes FTC Chair To Probe Oncology Acquisitions
Massachusetts Sen. Elizabeth Warren on Tuesday urged the Federal Trade Commission to scrutinize McKesson Corp.'s proposed $2.49 billion acquisition of a controlling stake in Core Ventures, and Cardinal Health's proposed $1.12 billion purchase of a controlling stake in Integrated Oncology, saying the deals would further consolidate the "already highly consolidated" oncology market.
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October 29, 2024
Burns & Levinson Atty Duo Latest To Join Blank Rome
Blank Rome has announced it added a pair of attorneys from Burns & Levinson to its office in Boston, a move that the firm said bolsters its litigation and corporate capabilities and serves as the latest example of lawyers moving between the two firms since Blank Rome opened the office in April with 25 Burns & Levinson corporate and finance attorneys.
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October 29, 2024
M&A Rebounded As Equity Issuance, IPOs Faltered In Q3
The number of global M&A deal announcements increased for the second consecutive quarter in the third quarter, but global equity issuance and IPO activity slowed, according to a Tuesday report from S&P Global Market Intelligence.
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October 29, 2024
Crescent Inks Oncology Merger With $200M In Private Funding
Crescent Biopharma Inc. has agreed to take fellow cancer-focused biotech GlycoMimetics Inc. private in a deal that includes $200 million of investments from well over a dozen firms to help fund the combined company's operations through 2027, GlycoMimetics revealed Tuesday.
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October 29, 2024
PE-Owned Implant Maker Plagued By Lawsuits Hits Ch. 11
Joint implant maker Exactech Inc. on Tuesday filed for Chapter 11 protection in Delaware bankruptcy court with an offer from its lenders to take over the company, as a wave of lawsuits tied to product recalls weighs on the private equity-owned firm.
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October 28, 2024
Partner Sues Over Firm Breakup After $100M Conn. Verdict
Ryan C. McKeen, the former CEO of a trial firm known for high-dollar verdicts, is wrongfully trying to arbitrate a dispute over the terms of the practice's breakup, his former law partner Andrew P. Garza alleged in a state court showdown between the two 50% owners and their families.
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October 28, 2024
Handbag Cos. Turn To 2nd Circ. Over Pause On $8.5B Merger
The owners of Michael Kors and Coach plan to ask the Second Circuit to review a New York federal judge's order granting the Federal Trade Commission's bid to halt an $8.5 billion merger between the companies while the agency conducts an in-house merger challenge, according to a notice filed Monday.
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October 28, 2024
Wash. AG Candidates Clash On Consumer Protection, Guns
The candidates vying to replace Washington Attorney General Bob Ferguson, who carved out a national reputation as an antitrust champion, present starkly different visions on whether to build upon his tenure or reverse course, clashing not just on consumer protection, but also gun safety and access to reproductive care.
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October 28, 2024
9th Circ. Nixes Arbitration In Live Nation Ticket Sale Suit
The Ninth Circuit affirmed Monday that Live Nation and Ticketmaster can't force consumer litigation over allegedly exorbitant ticket prices into arbitration, ruling in a published opinion that the underlying arbitration agreement linking to "borderline unintelligible" arbitral rules is unenforceable.
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October 28, 2024
5 Firms Guide Nearly $10B Garda World Security Deal
London-based private equity firm BC Partners is selling its majority equity interest in Garda World Security Corp. to a group led by the security service provider's CEO, in a transaction steered by at least five law firms that values GardaWorld at CA$13.5 billion ($9.7 billion).
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October 28, 2024
7 Months, 11 Dissents: GOP Minority Flexes Muscles At FTC
The Federal Trade Commission's two relatively new Republican members are starting to show how they'll use their minority position to full advantage. Sometimes they've fully signed on to the Democratic majority, other times they've dissented emphatically. And the GOP members showed something new this month when approving a dramatic overhaul to the agency's merger filing rules: forcing their colleagues to compromise.
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October 28, 2024
Hospital Wants NC County's 'Monopoly' Suit Tossed
Owners of an Asheville, North Carolina, hospital accused of understaffing its emergency room and driving up wait times say the county suing them for unjust enrichment is actually trying to get paid twice for healthcare its emergency responders have already provided.
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October 28, 2024
Linklaters Adds 4 A&O Shearman Finance Partners In NY
Linklaters LLP announced Monday the addition of four partners from the recently merged Allen Overy Shearman Sterling to the firm's finance division, deepening its U.S. capital markets and restructuring offerings in New York.
Expert Analysis
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Opinion
OFAC Sanctions Deserve To Be Challenged Post-Chevron
The U.S. Supreme Court's Loper Bright decision opens the door to challenges against the Office of Foreign Assets Control's sanctions regime, the unintended consequences of which raise serious questions about the wisdom of what appears to be a scorched-earth approach, says Solomon Shinerock at Lewis Baach.
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Behind The Delay Of Final HSR Premerger Filing Rules
Erin Toomey at Epiq discusses the wait for the final version of the revised Hart-Scott-Rodino premerger filing requirements that were first introduced in June 2023, the factors that might be behind the delay, and how to plan for the potential data-focused rule change
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Why FDIC Banks May Want To Consider Fed Membership
With the Federal Deposit Insurance Corp. recently ratcheting up bank supervision and proposing idiosyncratic new policies, state-chartered nonmember banks may want to explore the benefits of becoming Federal Reserve members and consider practical steps to make the switch, say Max Bonici and Connor Webb at Venable.
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Opinion
The FTC Needs To Challenge The Novo-Catalent Deal
Novo's acquisition of Catalent threatens to substantially lessen competition in the manufacturing and marketing of GLP-1 diabetes and obesity drugs, and the Federal Trade Commission should challenge it under a vertical theory of harm, as it aligns with last year's merger guidelines and the Fifth Circuit decision in Illumina, says attorney David Balto.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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Preparing For Increased Scrutiny Of Tech Supply Chains
The U.S. Department of Commerce's recent action prohibiting sales of a Russia-based technology company's products in the U.S. is the first determination under the information technology supply chain rule, and signals plans to increase enforcement of protections that target companies in designated foreign adversary jurisdictions, say attorneys at Debevoise.
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SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early
After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.
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Del. Dispatch: 27.6% Stockholder Not A Controller
The Delaware Court of Chancery's recent decision in Sciannella v. AstraZeneca — which found that the pharma giant, a 26.7% stockholder of Viela Bio Inc., was not a controller of Viela, despite having management control — shows that overall context matters when challenging transactions on breach of fiduciary duty grounds, say attorneys at Fried Frank.
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The Good, The Bad And The Ugly Of Healthcare's PE Boom
While an influx of capital may provide access to new resources and innovative technologies, the private equity model's method of funding may be fundamentally at odds with patient-first healthcare, and in recent years that inherent tension has gotten ugly, say Eva Gunasekera and Jaclyn Tayabji at Tycko & Zavareei.
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Opinion
A Way Forward For The US Steel-Nippon Deal And Union Jobs
Parties involved in Nippon Steel's acquisition of U.S. Steel should trust the Pennsylvania federal court overseeing a key environmental settlement to supervise a way of including future union jobs and cleaner air for the city of Pittsburgh as part of a transparent business marriage, says retired judge Susan Braden.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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A Look At State AGs Supermarket Antitrust Enforcement Push
The ongoing antitrust intervention by state attorneys general in the proposed Kroger and Albertsons merger suggests that states are straying from a Federal Trade Commission follow-on strategy in the supermarket space, which involved joining federal investigations or lawsuits and settling for the same divestment remedies, say attorneys at Troutman Pepper.
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How To Survive Shareholder Activism
In an era where shareholder activism is on the rise, companies must identify weaknesses, clearly communicate strategies, update board composition and engage with shareholders consistently in order to avoid disruptive shareholder activism and safeguard the interests of both the company and its shareholders, say J.T. Ho at Orrick and Greg Taxin at Spotlight Advisors.
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'Outsourcing' Ruling, 5 Years On: A Warning, Not A Watershed
A New York federal court’s 2019 ruling in U.S. v. Connolly, holding that the government improperly outsourced an investigation to Deutsche Bank, has not undercut corporate cooperation incentives as feared — but companies should not completely ignore the lessons of the case, say Temidayo Aganga-Williams and Anna Nabutovsky at Selendy Gay.