Mergers & Acquisitions

  • July 30, 2021

    Concrete Supply Co. Investor Sues To Halt Planned Merger

    Construction supplier U.S. Concrete Inc. was hit with a lawsuit Friday in New Jersey federal court that seeks to halt the company's pending $1.3 billion merger with Vulcan Materials Co., saying shareholders need more information about the deal's finances before voting on it.

  • July 30, 2021

    IWeb Inks $3.7B Deal For Nigeria-Based Tingo Mobile

    Technology development company iWeb said Friday it plans to snap up Tingo Mobile in a $3.7 billion deal before combining the Nigeria-based mobile device maker with Coinfield, a crypto exchange it announced plans to buy earlier this week.

  • July 30, 2021

    Del. Court Orders New Trial On $749M Yahoo Patent Reserve

    Delaware Chancery Court on Friday ordered a new trial and directed former Yahoo owner Altaba Inc. to set aside a $749 million patent infringement suit cash reserve previously ruled unnecessary, citing post-trial disclosures and actions that "undermined" court confidence that the cash would be available if needed.

  • July 30, 2021

    L Brands Inks $90M Global Deal For 'Toxic' Workplace Suits

    Multichain specialty retailer L Brands announced a $90 million corporate governance reform agreement Friday to settle multiple derivative lawsuits seeking damages arising from "toxic" workplace conditions, including sexual harassment.

  • July 30, 2021

    UK Also Probing Facebook's Kustomer Deal

    The U.K.'s Competition and Markets Authority announced Friday that it is investigating Facebook Inc.'s planned purchase of customer relationship management service provider Kustomer, following a similar move by the European Commission earlier this year.

  • July 30, 2021

    Engie Sells Stake In €14.6B French Gas Network GRTgaz

    CNP Assurances SA and Caisse des Depots et Consignations are increasing their stakes in Engie SA's GRTgaz in a transaction that implies an enterprise value of €14.6 billion ($17.2 billion) for the French gas network, the companies said Friday.

  • July 30, 2021

    Don't Miss It: MoFo, Troutman Pepper Guide Week's Hot Deals

    With so much mergers and acquisitions news this week, you may have missed several deals announced in the last several days helmed by firms such as Morrison & Foerster LLP and Troutman Pepper. Here, Law360 recaps the ones you may have missed.

  • July 30, 2021

    Bridgepoint Buys Stake In $1B Sustainability-Focused Firm

    Bridgepoint snagged a minority stake in ACT in a deal announced Friday that values the sustainable-energy-focused company at $1 billion. 

  • July 30, 2021

    Biggest Merger Review Developments Of 2021 So Far

    The year started off with two high-profile deals abandoned in the face of pressure from U.S. enforcers determined to stop so-called killer acquisitions. Now, antitrust practitioners are waiting for decisions on a number of pending merger challenges. Here, Law360 looks at the major developments so far in 2021 as the new administration gears up for a busy second half.

  • July 30, 2021

    Founder Of French Telecom Iliad Makes €3.1B Take-Private Bid

    The founder of French telecommunications service provider Iliad Group said Friday that he's launching a €3.1 billion ($3.7 billion) tender offer to acquire the remaining shares in the company he doesn't already own.

  • July 29, 2021

    6th Circ. Judge Suggests Hospital Row Shouldn't Be In Courts

    A Sixth Circuit judge suggested Thursday that a lower court shouldn't have bothered issuing a preliminary injunction barring ProMedica Health System Inc. from terminating insurance contracts with rival St. Luke's Hospital in Ohio and the hospital's physicians group.

  • July 29, 2021

    House Gives SEC $73M Boost, Blocks Trump-Era Proxy Rules

    The U.S. House of Representatives voted to approve a bill Thursday giving the U.S. Securities and Exchange Commission a $73 million funding boost over fiscal year 2021, while blocking the agency from using the funds to implement controversial Trump-era proxy voting rules.

  • July 29, 2021

    'Mixed Bag' Chancery Ruling Keeps Utah Mine Suit Alive

    In what he called a "mixed bag" ruling, a Delaware vice chancellor moved toward trial counterclaims in a sprawling Chancery Court battle over an alleged international loan-to-own scheme dating to 2013 and focused on a $600 million Utah copper mine.

  • July 29, 2021

    Battery Venture Ends With $9M Judgment Against Owner

    A Norwegian entrepreneur's ambitious battery venture, which at one point supposedly raised $1 billion, ended quietly in Florida federal court Thursday after he failed to mount a defense to a $9 million arbitration enforcement action.

  • July 29, 2021

    Deals Rumor Mill: Baxter International, Didi Global, Nanosys

    Baxter International could buy $8 billion health care technology company Hill-Rom, Didi Global is weighing a go-private deal to appease Chinese regulators just one month after hitting the U.S. public markets, and Nanosys is mulling a SPAC merger. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • July 29, 2021

    Chemical Co. Sues Seller Over IP Claim In $240M Deal

    A Kansas oilfield company has filed suit in Delaware Chancery Court against the founder of one of the companies it purchased in a $240 million deal, saying that he launched a competing business using trade secrets that he now claims are public information.

  • July 29, 2021

    Air Taxi Startup Lowers Enterprise Value Of SPAC Deal By $1B

    Archer Aviation and special purpose acquisition company Atlas Crest said Thursday that they were slicing the enterprise value of their merger by $1 billion, in a move that comes as the U.S. Securities and Exchange Commission seeks to ensure SPAC deals are being adequately regulated.

  • July 29, 2021

    Latham, Weil Gotshal Steer Vacasa's $4.5B SPAC Deal

    Vacation home rental platform Vacasa said Thursday it will go public at an equity value of $4.5 billion through a merger with a private equity-backed blank-check company, with legal advice from Latham & Watkins LLP and Weil Gotshal & Manges LLP.

  • July 29, 2021

    Australian Fintech Iress Snubs $2.2B Takeover Bid From EQT

    Iress Ltd. said Thursday that it rejected two unsolicited takeover offers from Swiss private equity firm EQT for being too low, with the most recent bid valuing the Australian financial technology company at about AU$2.96 billion ($2.18 billion).

  • July 29, 2021

    Nikola Founder Charged In NY With Lying To Raise Billions

    The Manhattan U.S. attorney's office unveiled fraud charges against Nikola Corp. founder and onetime chairman Trevor Milton on Thursday, accusing him of lying to investors about his company's ability to build an electric- and hydrogen-powered truck, dubbed the Badger, and unlawfully raising billions of dollars.

  • July 28, 2021

    7th Circ. Revives Stock Suit Against Ex-Appvion Execs

    A Seventh Circuit panel revived litigation accusing the ex-leaders of the bankrupt paper company Appvion of overvaluing the business's stock to line their own pockets, saying Wednesday that the Employee Retirement Income Security Act doesn't preempt state-law misconduct claims against the former directors and officers.

  • July 28, 2021

    AT&T, Cricket To Pay $3.25M In Suit Over Bad Prepaid Phones

    AT&T and Cricket Wireless have been ordered by the Maryland Attorney General's Office to pay $3.25 million to customers in the state who purchased prepaid phones that the companies allegedly knew would stop working shortly after they merged.

  • July 28, 2021

    Gray Television Shedding 10 Stations For $925M Deal

    The U.S. Department of Justice on Wednesday accepted Gray Television Inc.'s offer to unload 10 broadcast television stations to address concerns about overlaps that would result from the TV station owner's planned $925 million purchase of Quincy Media Inc.

  • July 28, 2021

    Starwood Capital Urges Monmouth Investors Against $3B Deal

    Starwood Capital Group on Wednesday publicly urged fellow shareholders in real estate investment trust Monmouth to reject a $3.4 billion all-stock buyout offer from a competing investor, a move that comes nearly a week after its own bid for the company was turned down.

  • July 28, 2021

    Icahn Says CVR Investors' Case 'Is Based On An Oxymoron'

    Billionaire investor Carl C. Icahn told a Delaware Chancery Court judge Wednesday that claims he intentionally drove down the price of CVR Refining LP to acquire more shares of the company at a cheap price don't make sense, saying he lost hundreds of millions in the deal.

Expert Analysis

  • Law Firms, Know Who's Responsible For Your Cloud Security

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    Lawyers generally know that files go into the cloud and that the files are then secured and protected, but it's necessary for firms to take a closer look at their cloud supply chain and then come up with a responsibility matrix that helps mitigate any potential risks or weaknesses, says Martin Ward at iManage.

  • Benefits For Law Firms Venturing Into New Services

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    By offering more services, law firms can deepen and strengthen their client relationships and truly become an extension of their clients' teams while generating new revenue streams, and while there are risks associated with expanding into consulting, they may be worth it, says Lou Ramos at Major Lindsey.

  • New FTC Mergers Approach Raises Risks For Buyers, Sellers

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    In rescinding a 1995 policy statement last week, the Federal Trade Commission likely seeks to more regularly impose "prior approval" obligations for future transactions in its merger cases, which changes the risk profile for buyers and sellers negotiating antitrust provisions in deal agreements, say Jon Dubrow and Noah Feldman Greene at McDermott.

  • Series

    Embracing ESG: Exelon GC Talks Diversity Initiatives

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    Executing a commitment to diversity, equity and inclusion programming, through recruitment, inclusive legal pipelines and community empowerment via pro bono efforts, can ensure a strong environmental, social and governance proposition, says Gayle Littleton at Exelon.

  • Data Trends To Watch In M&A And Competition Investigations

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    With an uptick in mergers and acquisitions and dramatic shifts in the data landscape, practitioners need to understand the myriad emerging trends affecting regulatory oversight, second requests, merger clearance and competition investigations, and avoid data-related problems that might derail deals, say Andrea Levine and Tim Anderson at FTI Consulting.

  • What Food Industry Can Expect After Biden Antitrust Order

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    President Joe Biden's recent executive order will bring an increased focus on competition law from four federal agencies, so food and agriculture companies should anticipate and incorporate changes in their standard operating procedures with respect to antitrust policy and compliance, say attorneys at Faegre Drinker.

  • Recent SPAC Settlement Signals SEC Enforcement Wave

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    The U.S. Securities and Exchange Commission's recent settlement with special purpose acquisition company Stable Road — and its sponsor, CEO and proposed merger target — over false representations to investors illustrates the agency's heightened focus on policing SPAC transactions and should prompt participants to ensure adequate due diligence, say attorneys at Pillsbury.

  • Revamping Law Firm Marketing Lists — With Partner Buy-In

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    Jackson Lewis’ Paige Bowser shares lessons from the firm's recent overhaul of an outdated email marketing database, including tips for getting partners on board, ensuring compliance with privacy laws and augmenting outreach strategies.

  • First 2021 Corporate FCPA Case Offers Compliance Reminders

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    Foster Wheeler's recent Foreign Corrupt Practices Act settlement — the first corporate enforcement action since President Joe Biden took office — highlights the FCPA risks related to public contracting and tenders, the use of third-party agents, successor liability following M&A activity, and the U.S. authorities' aggressive assertion of jurisdiction in international corruption cases, says Robert Johnston Jr. at Lowenstein Sandler.

  • The Murky World Of Legal Rankings Gets Some Clarity In NJ

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    New Jersey's new, stringent approach to legal rankings will make accolade advertising more transparent, benefiting both attorneys and clients and offering legal marketers a new set of best practices amid evolving standards, say Penny Paul at Lowenstein Sandler and Susan Peters at Greybridge.

  • Biden Competition Order May Shift Ocean Carriers' Course

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    President Joe Biden's recent executive order on promoting competition in the American economy has the potential to reshape the shipping business and could mark the beginning of a significant move to increase regulation against unfair, unreasonable and anti-competitive practices by ocean carriers, say attorneys at K&L Gates.

  • Awaiting High Court Answer On Post-Cyan Discovery Issue

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    The U.S. Supreme Court’s forthcoming decision in Pivotal Software v. Tran next term may clarify a question begat by the court’s 2018 Cyan decision — whether the Private Securities Litigation Reform Act’s automatic discovery stay provision applies in state courts — and thereby lessen the burden on parties litigating amid the ambiguity, says Liz Cassady at Steptoe & Johnson.

  • What SPAC Litigation Trends Could Mean For D&O Insurance

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    A look at the last two and a half years of securities litigation related to special purpose acquisition companies suggests that directors and officers insurance policyholders should prepare to confront coverage issues, particularly given the hardening D&O insurance market and the anticipated increase in regulatory oversight, say Huiyi Chen and David Kroeger at Jenner & Block.

  • Series

    Embracing ESG: Cigna Counsel Talks Employee Wellness

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    Building employee well-being into corporate environmental, social and governance priorities required our legal team to focus more closely on cross-functional collaboration within the company and increased communication with our board of directors and shareholders, says Julia Brncic at Cigna.

  • Hybrid Work Models Are Key To Gender Parity In Law Firms

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    To curb the historically high rates of attrition among female lawyers, Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks suggest firms must normalize hybrid work schedules, and they recommend best practices to promote engagement among all attorneys, regardless of where they work.

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