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Private Equity
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October 15, 2024
Frontier May Be Worth 2 Times Verizon's Bid, Investor Warns
Frontier Communications Parent Inc. stockholder Cooper Investors Pty Ltd. on Tuesday expressed "strong opposition" to Verizon Communications Inc.'s planned $20 billion deal to absorb the company, arguing Frontier could be worth nearly double the $38.50 per share that Verizon plans to pay.
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October 15, 2024
Simpson Thacher, Milbank Guide $2B DataBank Equity Raise
Data center developer and operator DataBank announced on Tuesday it has raised $2 billion in equity, led by AustralianSuper's $1.5 billion commitment, in an investment round arranged by Simpson Thacher and Milbank.
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October 15, 2024
Law Firms Diverge As Anti-ESG Pushback Continues
A continuing onslaught of legislation and litigation opposing corporate environmental, social and governance actions has created a fork in the road for law firms, with some choosing to scale back efforts and others pushing ahead with their internal ESG and diversity, equity and inclusion goals.
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October 15, 2024
The 2024 Law360 Pulse Social Impact Leaders
Check out our Social Impact Leaders ranking, analysis and interactive graphics to see which firms stand out for their engagement with social responsibility and commitment to pro bono service.
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October 15, 2024
Paul Weiss Steers Apollo In $4.8B Direct Lending Fundraise
Private equity giant Apollo Global Management Inc., advised by Paul Weiss Rifkind Wharton & Garrison LLP, announced on Tuesday that it closed its sophomore large-cap direct lending fund after securing roughly $4.8 billion of capital.
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October 14, 2024
Latham-Led TI Fluid To Back Apollo's Increased £1B Offer
Auto parts supplier TI Fluid Systems PLC said Monday that it has received an offer worth approximately £995 million ($1.3 billion) from private equity-backed Canadian competitor ABC Technologies Inc., which the British company indicated it is inclined to accept.
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October 14, 2024
Permira Wraps $7.2B Deal For Squarespace Amid Litigation
Private equity firm Permira said Monday that it has successfully bought the outstanding stock of Squarespace Inc. in its proposed $7.2 billion deal to take the website builder private, amid ongoing shareholder litigation in the U.S. challenging the transaction.
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October 11, 2024
New Squarespace Suit Filed For Take-Private Docs
A second shareholder of website builder Squarespace Inc. has sued in the Delaware Court of Chancery for books and records on the company's proposed $7.2 billion take-private deal with private equity giant Permira Advisors LLC, less than two weeks after the sidelining of an earlier books suit focusing on the same deal, which is set to expire late Oct. 11.
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October 11, 2024
M&A Dispute Triggers Could Shift Moving Into 2025
Legal disputes are a fact of life when it comes to mergers and acquisitions, but the deal provisions seen as the most likely to spur conflict have shifted since the impacts of the COVID-19 pandemic have subsided, according to attorneys surveyed in a new report from Berkeley Research Group.
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October 11, 2024
Fintech-Focused Cohen SPAC Leads 2 IPOs Worth $250M
Cohen Circle Acquisition Corp. I, a special purpose acquisition company founded by financial services industry veteran Betsy Cohen, began trading Friday, one of two SPACs that completed initial public offerings for a combined $250 million.
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October 11, 2024
6 Firms Guide IPO Trio From Biotech, Medical Device Cos.
Two venture-backed biotechnology startups and a medical device maker began trading Friday after pricing three initial public offerings that raised $510 million combined — all of which were enlarged from original plans — under guidance from six law firms.
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October 11, 2024
Kirkland, Skadden Compete Atop M&A Adviser League Tables
The two firms at opposite ends of the bargaining table on the largest merger announced this year — Mars' $36 billion agreement to purchase Kellanova — are also running neck-and-neck in the mergers and acquisitions league tables when measured by dollar volume, according to data provided by Dealogic.
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October 11, 2024
Kramer Levin Formalizes Its Private Credit Practice
Kramer Levin Naftalis & Frankel LLP has formalized a private credit practice co-led by partners David Berg and Yasho Lahiri, putting a name to the work the firm has already been doing in the space.
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October 11, 2024
Taxation With Representation: Davis Polk, Latham, Kirkland
In this week's Taxation With Representation, Rio Tinto agrees to acquire Arcadium Lithium for roughly $6.7 billion, Ares Management Corp. and GCP International reach a $3.7 billion deal, and Butterfly Equity announces plans to buy The Duckhorn Portfolio for $2 billion.
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October 10, 2024
Chancery OKs $9.5M Deal For Katapult SPAC Challenge
A $9.5 million deal settled a Delaware Court of Chancery stockholder suit Thursday seeking damages arising from a stock slump following the $883 million blank check company deal that took subprime consumer lender Katapult Holdings Inc. public in June 2021.
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October 10, 2024
Longtime Minnesota Twins Owners Put Team Up For Sale
The Pohlad family on Thursday announced plans to explore a sale of the Minnesota Twins, ending a 40-year reign of ownership, and has brought on Hogan Lovells as legal counsel, a source familiar with the matter told Law360.
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October 10, 2024
Proskauer Adds Akin Knowledge Management Ace In NY
Proskauer Rose LLP is expanding its private funds team, bringing in an Akin Gump Strauss Hauer & Feld LLP knowledge management expert as a partner in its New York office.
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October 10, 2024
Sen. Warren, Novo At Odds On Merits Of $16.5B Deal
Sen. Elizabeth Warren on Thursday raised the alarm on Novo Holdings' planned $16.5 billion purchase of Catalent, arguing the transaction could give Novo "unprecedented" control over the production of certain obesity drugs by Eli Lilly and other top competitors, but Novo insists the deal would give it no such edge.
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October 10, 2024
Pfizer Threatened To Sue Former Execs, Starboard Says
Activist investment firm Starboard Value has set its sights on pharmaceutical giant Pfizer, issuing a letter Thursday that alleges Pfizer has threatened to sue former executives that Starboard is working with and expresses "concerns about the trajectory of the business."
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October 10, 2024
Sports Tech Sees Threefold Increase In M&A Deal Values
The sports tech sector saw a more than threefold increase in merger and acquisition deal values in the first half of this year compared with the second half of 2023, with more than $27 billion in transactions led by Silver Lake's $13 billion take-private acquisition of Endeavor Group, according to a report released by global tech investment bank Drake Star on Thursday.
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October 10, 2024
Hyundai Plans IPO For Indian Biz, Plus More Rumors
Hyundai's Indian unit is eyeing a massive $3.3 billion initial public offering, rumors are swirling regarding ownership stakes of major European soccer clubs, and Saudi Arabia’s Public Investment Fund may buy a $1 billion minority stake in sports-streaming giant DAZN. Here, Law360 breaks down these and other notable rumors from the past week.
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October 10, 2024
Brazilian Firm Cites Market Conditions In Delaying US IPO
Private equity-backed lubricants maker Moove Lubricants Holdings is hitting pause on initial public offering plans because of "adverse market conditions," according to a Wednesday securities filing from its parent company.
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October 10, 2024
Siguler Guff Snags Over $900M For Credit Opportunities Fund
New York-based private markets investment firm Siguler Guff & Company LP, advised by Ropes & Gray LLP, on Thursday announced that it closed its third small business lending fund and related accounts with more than $900 million in tow.
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October 10, 2024
Kirkland-Led Brookfield's £557M Tritax Bid Beats Rival Offer
Asset manager Brookfield said Thursday that Tritax EuroBox has accepted its £557 million ($728 million) bid, beating out an all-stock offer worth approximately £552 million from property investor Segro that the logistics property investor accepted in September.
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October 09, 2024
Gensler Mum On Future As AI, Crypto Rules Await Action
U.S. Securities and Exchange Commission Chair Gary Gensler declined to comment Wednesday on his or the agency's future should former U.S. President Donald Trump win a second term in office this November, even as questions remain about the post-election future of proposed regulations, like those that would safeguard crypto assets and crack down on the use of predictive data analytics.
Expert Analysis
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Arbitration Implications Of High Court Coinbase Ruling
The U.S. Supreme Court's recent Coinbase v. Suski ruling not only reaffirmed the long-standing principle that arbitration is a matter of contract, but also established new and more general principles concerning the courts' jurisdiction to decide challenges to delegation clauses and the severability rule, say Tamar Meshel at the University of Alberta.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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The Current State Of Healthcare Transaction Reviews In Calif.
As of April, certain healthcare transactions in California have been subject to additional notification compliance requirements, and complying with these new rules could significantly delay and discourage some deals, says Andrew Demetriou at Husch Blackwell.
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Practical Private Equity Lessons From 2 Delaware Deals
A pair of Delaware Chancery Court cases remind private equity sponsors that specificity is crucial through the lens of deal certainty, particularly around closing conditions and agreement sections of acquisition agreements, say Robert Rizzo and Larissa Lucas at Weil Gotshal and William Lafferty at Morris Nichols.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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What 11th Circ. Fearless Fund Ruling Means For DEI In Courts
The Eleventh Circuit's recent backing of a freeze on the Fearless Fund's grants to women of color building new companies marks the latest major development in litigation related to diversity, equity and inclusion and may be used to question other DEI programs targeted at providing opportunities to certain classes of individuals, say attorneys at Simpson Thacher.
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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5 Steps To Navigating State Laws On Healthcare Transactions
As more states pass legislation requiring healthcare-transaction notice, private equity investors and other deal parties should evaluate the new laws and consider ways to mitigate their effects, say Carol Loepere and Nicole Aiken-Shaban at Reed Smith.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Next Steps After 5th Circ. Nixes Private Fund Adviser Rules
The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.
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Inside Antitrust Agencies' Rollup And Serial Acquisition Moves
The recent request for public comments on serial acquisitions and rollup strategies from the Federal Trade Commission and U.S. Justice Department mark the antitrust agencies' continued focus on actions that fall below premerger reporting thresholds, say attorneys at Paul Weiss.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.