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Mergers & Acquisitions
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May 16, 2024
Siemens Selling Innomotics Unit To PE Firm KPS In $3.8B Deal
German tech conglomerate Siemens AG said Thursday it has agreed to sell its Innomotics large motors and drives unit to New York City-based private equity firm KPS Capital Partners at an enterprise value of €3.5 billion, or roughly $3.8 billion.
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May 15, 2024
Chancery Nixes BuzzFeed Worker Arbitration Bid
Delaware's Court of Chancery dismissed from an arbitration access dispute on Wednesday 85 BuzzFeed Media Enterprises employees who sued for arbitration of a stock conversion right, rejecting claims that company employment agreements require Delaware courts to handle the issue.
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May 15, 2024
UnitedHealth Concealed DOJ Merger Investigation, Suit Says
UnitedHealth Group has been hit with a proposed shareholder class action alleging that it failed to disclose that the U.S. Department of Justice had reopened an antitrust investigation into the health insurance giant following its acquisition of a healthcare data company, and that top executives had sold more than $120 million of shares knowing about the investigation before a news report revealed it to the public.
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May 15, 2024
FTC Chair Khan Defends Request For 25% Budget Increase
Federal Trade Commission Chair Lina M. Khan defended a 25% budget increase request during a House appropriations hearing Wednesday, calling it "healthy" that aggressive Biden administration merger enforcement has made antitrust considerations top of mind for companies mulling transactions.
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May 15, 2024
Ollie's Can Make $14.6M Stalking-Horse Bid For 99 Cents Only
Discount retail chain 99 Cents Only received approval Wednesday from a Delaware bankruptcy judge for a $14.6 million stalking-horse bid for 11 of its properties in Texas from Ollie's Bargain Outlet Inc., another discount retailer.
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May 15, 2024
Metropolis, SP Plus Get Rare Early End To $1.5B Deal Probe
The U.S. Department of Justice has agreed to a rare early termination of its review of payments tech company Metropolis Technologies Inc.'s planned $1.5 billion deal for parking and logistics provider SP Plus Corp., after previously requesting additional information about the transaction.
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May 15, 2024
Seyfarth Shaw Adds Corporate Pro From Hogan Lovells
Seyfarth Shaw LLP has brought on a new corporate partner with more than 30 years of BigLaw advisory experience amid the firm's continuing corporate department growth in New York.
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May 15, 2024
Top Calif. Dealmakers Join Sullivan & Cromwell From Skadden
Sullivan & Cromwell LLP said Wednesday it is bringing two "top Silicon Valley dealmakers" from Skadden Arps Slate Meagher & Flom LLP to the firm, touting the pair's history with multibillion-dollar technology-related mergers and acquisitions.
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May 15, 2024
Chancery Orders $199M Penalty In TransCanada Deal Suit
Citing "non-cumulative" damages award offsets, a Delaware vice chancellor on Wednesday ordered the former TransCanada Corp. to pay $199 million of a potential $283 million judgment issued in a post-trial ruling last year on amounts owed to former Columbia Pipeline Group Inc. shareholders shorted in a 2016 merger.
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May 15, 2024
Chinese Art Marketplace, EV Co. Ink SPAC Deals Worth $834M
Two Chinese companies, art marketplace Tyfon Culture Holdings and electric-vehicle maker Aiways Europe have announced plans to go public in the U.S. via mergers with special-purpose acquisition companies in deals that are together valued at around $834 million.
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May 15, 2024
Klobuchar Wants FTC To Make Firms Report Real Estate Buys
It's time for the Federal Trade Commission to require the companies and private equity firms gobbling up residential real estate to report those acquisitions to the agency for antitrust purposes the same way they have to report other big purchases, Sen. Amy Klobuchar said.
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May 15, 2024
Kirkland Guiding Billionaire McCourt On Bid To Buy TikTok
Billionaire Frank McCourt, advised by Kirkland & Ellis, says he's building a consortium to purchase TikTok and redesign the platform to eliminate the collection of users' information, putting "people in control of their [own] digital identities and data."
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May 15, 2024
Royal Mail 'Minded' To OK New £3.5B Bid From Czech Mogul
The owner of national postal carrier Royal Mail said on Wednesday that it is prepared to accept an increased buyout bid worth £3.5 billion ($4.4 billion) by a conglomerate controlled by Czech billionaire Daniel Křetínský, in a deal led by Kirkland & Ellis LLP.
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May 15, 2024
Vodafone Begins €500M Share Buyback Following Biz Sale
Vodafone Group PLC unveiled the take-off of a share repurchase program worth up to €500 million ($631 million) on Wednesday, the first part of a wider year-long €2 billion buyback funded by the proceeds of selling its business in Spain.
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May 14, 2024
Musk Can't Avoid Another Deposition In SEC Twitter Dispute
A California federal judge on Tuesday ordered Elon Musk to testify once again in the U.S. Securities and Exchange Commission's suit over his $44 billion acquisition of X, formerly known as Twitter, finding that the SEC's subpoena "reasonably seeks" information relevant to the agency's investigation.
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May 14, 2024
Autonomy Overstated Revenue Before HP Sale, Jury Hears
Autonomy's reported revenue was overstated by a combined $300 million in the two-and-a-half years before HP acquired it, an accounting expert testified Tuesday in a California criminal trial over claims that Autonomy founder Michael Lynch duped HP into buying his software company for an inflated $11.7 billion price.
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May 14, 2024
Holland Adds Healthcare Transactions Partner In Chicago
Holland & Knight on Tuesday announced the arrival of attorney John Saran on its healthcare transactions team, who joins after nine years at Ropes & Gray LLP.
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May 14, 2024
FTC Cleared To Sue Texas Anesthesia Co., But Not PE Firm
A Texas federal judge highlighted the limits of the Federal Trade Commission's ability to go after private equity firms accused of anti-competitive "roll-up" strategies, tossing antitrust claims against a private equity firm while preserving monopolization allegations against the anesthesia group the firm created.
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May 14, 2024
Vodafone Gets Green Light For €5B Sale Of Spanish Biz
Vodafone Group PLC said Tuesday in a statement that it has received final approval from Spanish authorities for its planned sale of Vodafone Spain — or Vodafone Holdings Europe SLU — to Zegona Communications PLC for €5 billion ($5.3 billion).
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May 14, 2024
Kilmer Sports Looks To Buy French Soccer Club Saint-Étienne
Canada-based sports investment firm Kilmer Sports Ventures has entered into exclusive negotiations with shareholders to discuss purchasing AS Saint-Étienne, a "decorated and beloved" soccer club in France, according to a joint Monday statement.
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May 14, 2024
FalconPoint Plugs $250M Into Infrastructure Solutions Biz
New York-based private equity shop FalconPoint Partners on Tuesday announced that it plugged over $250 million into infrastructure company Jennmar as an inaugural investment in a deal built by three law firms.
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May 14, 2024
Fla. Man Get 13 Mos. For Trading On Goldman Insider Info
A Florida man was sentenced to 13 months in prison after pleading guilty to trading stocks on information provided by a former Goldman Sachs analyst, his attorney said Tuesday.
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May 14, 2024
Social Media Software Co.'s Deal Hurt Investors, Suit Says
Social media management platform Sprout Social was hit with a proposed class action alleging that it concealed that its growth following the acquisition of an influencer marketing platform was unsustainable and that it damaged investors when disappointing financial results and a guidance-cut announcement led to a share decline.
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May 14, 2024
DLA Piper Expands To Brazil With New São Paulo Office
DLA Piper announced that it is growing its Latin American operations with a newly opened location in Brazil's largest city, São Paulo.
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May 14, 2024
Katten Adds M&A Litigation Practice Chair From DLA Piper
Katten Muchin Rosenman LLP has added an experienced mergers and acquisitions partner from DLA Piper in Texas, the firm said Tuesday.
Editor's Picks
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UK Enforcers Say Cargo Equipment Deal Raises Concerns
The planned merger of Finnish cargo handling equipment outfits Cargotec Corp. and Konecranes PLC faces increasing scrutiny across the globe, as U.K. enforcers raised concerns about competition for a number of different products for port services.
Expert Analysis
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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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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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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Key Antitrust Class Certification Questions Remain Unclear
The U.S. Supreme Court, by recently rejecting certiorari in Visa v. National ATM, turned down the opportunity to clarify how to analyze disputed evidence bearing on the certification of antitrust class actions, leaving the applicable standards unclear instead of resolving this split of authority, says Jonathan Berman at Jones Day.
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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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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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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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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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Why RWI Insurers Should Consider Excluding PFAS
As regulation of per- and polyfluoroalkyl substances escalates, carriers providing representations and warranties insurance should reconsider providing PFAS coverage on a case-by-case basis, say Dave Bartoletti and Ina Avalon at Taft Stettinius.
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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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Online Portal Helps Fortify Feds' Unfair Health Practices Fight
The Federal Trade Commission, U.S. Justice Department and the U.S. Department of Health and Human Services recently launched an online portal where the public can report potentially unfair healthcare practices, effectively maximizing enforcers' abilities to police anti-competitive actions that can drive up healthcare costs and chill innovation, say attorneys at Seyfarth.