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Private Equity
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July 02, 2024
Asia-Focused SPAC Eureka Raises $50M To Pursue Merger
Eureka Acquisition Corp. began trading Tuesday after the special-purpose acquisition company priced a $50 million initial public offering, embarking on a search to acquire a Chinese or Greater Asian business, guided by three law firms.
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July 02, 2024
Casino Game Co. Settles $5.8M Conn. Loan Lawsuit
An electronic casino and lottery game software maker and a group of its lenders have settled their dispute over a $5.8 million default judgment that the game-maker allegedly failed to pay from a suit the lenders brought in 2021.
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July 02, 2024
Chancery Cuts Sears Shareholders' $18.3M Award To $8.7M
Minority stockholders of Sears Hometown and Outlet Stores saw their class award in Delaware Chancery Court litigation trimmed from $18.3 million to $8.7 million Tuesday after former Sears CEO Edward S. Lampert and his co-defendants protested that the court had erred in its calculations.
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July 02, 2024
The Commercial Real Estate Q&A's You Can't Miss
Check out Law360 Real Estate Authority's most buzzed-about commercial real estate Q&As from the first half of 2024.
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July 02, 2024
FCA Approves PE Firm's £432M Bid For Wealth Manager
Wealth management firm Mattioli Woods said Monday that the U.K.'s financial regulator has given a green light to its approximately £432 million ($546 million) acquisition by London private equity firm Pollen Street Capital.
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July 01, 2024
Wash. Law Firm, Ex-Atty Aided In $20M Fraud, Suit Alleges
A Washington attorney and her former law firm are accused of lending "an air of legitimacy" to an alleged scheme to bilk an asset management firm out of $20 million by using forged invoices to obtain financing for computer equipment, according to a complaint filed in Washington state court.
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July 01, 2024
Metals Recycler Strikes $170M Go-Public SPAC Merger
American Resources Corp. on Monday announced that its metals recycling subsidiary will go public by merging with special-purpose acquisition company AI Transportation Acquisition Corp., in a deal that values American Metals LLC at $170 million and that was steered by three law firms.
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July 01, 2024
IPO Rebound Leads Capital Markets Recovery At Midyear
Capital markets activity moderately accelerated in the year's first six months, buoyed by the highest level of initial public offerings in three years, signaling a busy second half for deal-makers at least until the November presidential election.
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July 01, 2024
FC Barcelona Media Arm's $1B SPAC Merger Is Scrapped
A deal that would have taken the digital media arm for Spanish soccer giant FC Barcelona public through a $1 billion merger with special-purpose acquisition company Mountain & Co. I Acquisition Corp. has been called off, both parties have announced.
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July 01, 2024
Catching Up With Delaware's Chancery Court
Two multimillion-dollar settlement approvals, a $25 million fee-shifting demand, and a biotech merger spoiled by murder: This was just the beginning of the drama last week in the nation's preeminent court of equity. Shareholders in satellite companies filed new cases, a cannabis company headed toward trial, and there were new developments in old disputes involving Tesla and Truth Social.
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July 01, 2024
V&E Adds Kirkland, Simpson Thacher Attys In Texas And NY
Vinson & Elkins LLP said Monday it has strengthened its capital markets and financing practices with partners in Texas and New York who joined from Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP.
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July 01, 2024
Ardian Raises $3.2B For 6th Co-Investment Fund
French private equity firm Ardian said Monday it has raised $3.2 billion for the sixth generation of its global co-investment platform, Ardian Co-Investment Fund VI.
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July 01, 2024
Simpson Thacher Guides $15.4B New Mountain Fund Close
New York private equity firm New Mountain Capital said Monday it wrapped its New Mountain Partners VII LP fund at $15.4 billion, with legal guidance from Simpson Thacher & Bartlett LLP.
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July 01, 2024
PE Co. Altor Buys Majority Stake In Tech Biz F24 For £18.4M
U.K. investment company HgCapital Trust PLC said Monday that Altor, a private equity firm, has bought most of its stake in F24, in a deal that values the cloud computing company at £18.4 million ($23.3 million).
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July 01, 2024
Skadden-Led BlackRock To Buy Data Group Preqin For £2.6B
Investment firm BlackRock said Monday that it has agreed to acquire private markets data provider Preqin for £2.55 billion ($3.2 billion) to boost its investment management in a deal guided by Skadden Arps Slate Meagher & Flom LLP and Macfarlanes LLP.
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June 28, 2024
Chevron's End Is Just The Start For Energized Agency Foes
By knocking down a powerful precedent that has towered over administrative law for 40 years, the U.S. Supreme Court's right wing Friday gave a crowning achievement to anti-agency attorneys. But for those attorneys, the achievement is merely a means to an end, and experts expect a litigation blitzkrieg to materialize quickly in the aftermath.
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June 28, 2024
Stock Clearing Orgs Slam Firm's 'Bizarre' Constitutional Attack
Two of the nation's largest securities clearing agencies are fighting an attempt to declare their in-house disciplinary procedures unconstitutional, telling the Tenth Circuit that brokerage firm Alpine Securities Corp.'s attack on the private entities is unprecedented and threatens the stability of the capital markets.
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June 28, 2024
In Chevron Case, Justices Trade One Unknown For Another
The U.S. Supreme Court's decision to overrule a decades-old judicial deference doctrine may cause the "eternal fog of uncertainty" surrounding federal agency actions to dissipate and level the playing field in challenges of government policies, but lawyers warn it raises new questions over what rules courts must follow and how judges will implement them.
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June 28, 2024
Ackman's Pershing Square Sets $50 IPO Price On New Fund
Bill Ackman's new fund Pershing Square USA Ltd. on Friday set an initial public offering price of $50 per share in an IPO guided by three law firms, marking Ackman's latest step toward inviting the public to own a stake in his investment empire.
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June 28, 2024
As Election Looms, M&A Attys Advise To 'Stay The Course'
The contentious presidential election is bound to rattle mergers and acquisitions activity in the short term, and the eventual winner will create unique sets of winners and losers in the market, but attorneys have a simple message to clients: "Stay the course."
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June 28, 2024
Legal Tech Co. Seeks Arbitration Of ESOP Row At 11th Circ.
A legal technology company is urging the Eleventh Circuit to back arbitration of workers' claims that they lost $35.4 million when their employee stock ownership plan bought undervalued company shares, arguing that the lower court misstepped by finding that the agreement flouted rights under federal benefits law.
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June 28, 2024
Most H.I.G. Capital Claims Advance In $915M Del. Audax Suit
A Delaware Superior Court judge has kept alive much of a suit filed by affiliates of H.I.G. Capital alleging "brazen" sell-side fraud and conspiracy by interests of Audax Group in connection with H.I.G.'s $915 million deal in early 2022 for an allegedly overvalued Mobileum Inc.
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June 28, 2024
4 Things To Know As New SPAC Rules Take Effect
The U.S. Securities and Exchange Commission's new rules governing special-purpose acquisition companies take effect on Monday, marking an expansive attempt to strengthen oversight of SPAC deals. Here, Law360 examines what to expect as the agency's 581-page rule package goes live.
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June 28, 2024
Taxation With Representation: Kirkland, Vinson, Skadden
In this week's Taxation with Representation, Aareal Bank AG and Advent International sell a property management and maintenance software company, Webtoon Entertainment Inc. and Tamboran Resources Corp. price initial public offerings, SM Energy Company acquires oil and gas assets, and Nokia sells Alcatel Submarine Networks to the French state.
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June 28, 2024
Supreme Court Strikes Down Chevron Deference
The U.S. Supreme Court on Friday overturned a decades-old precedent that instructed judges about when they could defer to federal agencies' interpretations of law in rulemaking, depriving courts of a commonly used analytic tool and leaving lots of questions about what comes next.
Expert Analysis
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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Pay-To-Play Deal Shows Need For Strong Compliance Policies
The U.S. Securities and Exchange Commission, through its recent settlement with Wayzata, has indicated that it will continue stringent enforcement of the pay-to-play rule, so investment advisers should ensure strong compliance policies are in place to promptly address potential violations as the November elections approach, say attorneys at WilmerHale.
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7 Effects Of DOL Retirement Asset Manager Exemption Rule
The recent U.S. Department of Labor amendment to the retirement asset manager exemption delivers several key practical impacts, including the need for managers, as opposed to funds, to register with the DOL, say attorneys at Ropes & Gray.
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Standardizing Early Case Appraisal In Securities Class Actions
While an initial economic assessment of securities class action litigation is far too often not undertaken, it's an important step in planning the defense strategy that can provide counsel, clients and insurers with a much clearer view of the case, and can be simplified through standardized analyses, says Assen Koev at SCA iPortal.
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Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures
The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.
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8 Legal Issues Influencing Investors In The Creator Economy
The rapidly expanding digital creator economy — funding for which more than doubled in the U.S. in the first quarter — comes with its own set of unique legal issues investors must carefully consider before diving in, say Louis Lehot and Alan Pate at Foley & Lardner.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Dual-Track IPO-M&A Exit Strategies For Life Science Cos.
A dual-track process for life sciences companies offers a proven path to securing favorable deal terms for an exit, and strategic moves can include running a crossover financing round in the lead-up, say attorneys at McDermott.
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PE In The Crosshairs Of Public And Private Antitrust Enforcers
A series of decisions from a California federal court in the recently settled Packaged Seafood Products Antitrust Litigation, as well as heightened scrutiny from federal agencies, serve as a reminder that private equity firms may be exposed to liability for alleged anti-competitive conduct by their portfolio companies, say attorneys at Axinn.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Mid-2024 FCA Enforcement And Litigation Trends To Watch
Reviewing notable False Claims Act trends and enforcement efforts in the last year and a half reveals that healthcare is a key enforcement priority for the U.S. Department of Justice, and the road ahead may bring clarification on Anti-Kickback Statute causation and willfulness standards, along with increased focus on private equity, cybersecurity and self-disclosure, say attorneys at Epstein Becker.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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PE-Healthcare Mergers Should Prepare For Challenges
State and federal regulators are increasingly imposing new requirements on healthcare transactions involving private equity partners, with mergers that would have drawn little scrutiny a few years ago now requiring a multijurisdictional risk analysis during the deal formation process, say attorneys at Stinson.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.