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Mergers & Acquisitions
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May 02, 2024
Conn. Gaming Co., Bingo Supplier Settle Soured Deal Suit
A Connecticut gaming company and the bingo products supplier it accused of withholding assets it had promised to sell in a $1.2 million acquisition agreement settled their dispute the day before they began jury selection, according to a new notice filed in federal court.
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May 02, 2024
Investors Not Entitled To Info, Sequel Youth Tells Chancery
A once-thriving chain of youth treatment facilities that came under scrutiny after a private equity firm bought it in 2017 urged Delaware's Court of Chancery on Thursday to toss a lawsuit from two former executives who demanded financial information about their "eviscerated" investments, arguing that the company didn't have to provide it.
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May 02, 2024
Immigrant Bond Co. Buyer Wants In On $811M Fine Appeal
Libre Immigration Services has moved to intervene at the Fourth Circuit to fight an $811 million judgment against companies it recently acquired that the Consumer Financial Protection Bureau sued over abusive immigrant bonding practices.
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May 02, 2024
Door Maker Asks To Undo Landmark Divestiture Order
Door maker Jeld-Wen has asked a Virginia federal court to dismiss an order in a private merger challenge requiring it to sell a manufacturing plant, saying the landscape has changed since the landmark 2018 ruling.
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May 02, 2024
Plastic-Film Maker Announces $200M Recapitalization
Plastic-film maker Transcendia Holdings announced Thursday that it had reached a recapitalization deal that will cut $200 million in debt, provide $114 million in new capital, and hand majority ownership of the company to private equity firm Industrial Opportunity Partners.
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May 02, 2024
Broadcast Cos. Demand Oversight Of Sports TV Joint Venture
Broadcasters and competition advocates on Thursday pressed lawmakers to hold hearings on the pay-television industry, warning that a planned sports streaming venture between Disney, Fox and Warner Bros. Discovery threatens to "dominate" the market.
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May 02, 2024
Discover Ups Liability Costs For Card Pricing Issue To $1.2B
Discover Financial Services has put a $1.2 billion price tag on remediation for its previously disclosed credit card pricing misclassification, which is now the subject of a U.S. Securities and Exchange Commission investigation, representing an increase of nearly 230% from the $365 million liability it recorded nearly a year ago.
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May 02, 2024
Snell & Wilmer Adds Armstrong Teasdale Tech Pro In Denver
Snell & Wilmer LLP's Denver outpost has added a new transactional partner to its corporate and securities team, bringing with him 18 years of experience including co-founding the technology transactions group for Armstrong Teasdale LLP and leading its technology industry group.
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May 02, 2024
Deals Rumor Mill: Coca-Cola, General Mills, MLB's Giants
Coca-Cola is preparing an IPO for its African bottling division, cereals giant General Mills is exploring selling its North America yogurt business, and a 5% stake in the San Francisco Giants is up for sale at a price that could value the club at $4 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
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May 02, 2024
3 Firms Build Shutterstock's $245M Buy Of Creative Asset Co.
Stock photography company Shutterstock Inc. on Thursday announced that it has agreed to buy digital creative asset and templates company Envato Pty. Ltd. in a $245 million cash deal built by three firms.
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May 02, 2024
Permira Takes Majority Stake In BioCatch At $1.3B Valuation
European private equity shop Permira, advised by Latham & Watkins LLP, has taken a majority stake in BioCatch, a digital fraud detection and financial crime prevention company, valuing the Tel Aviv-headquartered business at $1.3 billion, according to a Thursday announcement.
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May 02, 2024
Freshfields-Led Novartis Inks $1.75B Cancer Drug Co. Buyout
Novartis AG said Thursday it has agreed to buy U.S. radiopharmaceutical company Mariana Oncology in a transaction worth up to $1.75 billion, as the Swiss pharmaceutical giant moves to bolster its precision nuclear medicine portfolio.
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May 02, 2024
FTC Clears $60B Exxon Deal With Pioneer Executive Ban
The Federal Trade Commission on Thursday cleared the way for the close of the $60 billion mega-merger between Exxon Mobil Corp. and Pioneer Natural Resources, subject to an agreement barring former Pioneer Natural Resources CEO Scott Sheffield from gaining a seat on Exxon's board.
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May 01, 2024
Autonomy CEO's Atty Says Judge 'One-Sided' Against Client
A Steptoe LLP partner representing former Autonomy CEO Michael Lynch in his criminal fraud jury trial accused the judge overseeing the case of making comments to the jury that are "one-sided" in a way that prejudices the defense.
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May 01, 2024
Republicans Say Bank Merger Reviews 'Need A Shot Clock'
House Republicans on Wednesday raised concerns with federal banking officials about how long it can take their agencies to sign off on proposed bank mergers, a long-standing industry complaint that the lawmakers say a tight "shot clock" could help address.
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May 01, 2024
Sheppard Mullin Hires Paul Weiss Healthcare Antitrust Pro
Sheppard Mullin Richter & Hampton LLP said Wednesday that it has hired a counsel from Paul Weiss Rifkind Wharton & Garrison LLP who is joining as partner in the firm's antitrust and competition practice group in New York.
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May 01, 2024
Future Is 'Bleak' If Judge Rejects Novant Merger, Court Hears
Novant Health on Wednesday sought to portray itself as the "last best hope" to save two struggling hospitals in North Carolina at the start of a multiday hearing in which the Federal Trade Commission is asking the court to squelch Novant's proposed $320 million merger.
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May 01, 2024
Colorado Asks Judge To Review New Kroger Sales At Trial
Kroger can't throw a new divestiture plan on the table two months before discovery closes and then ask the court to consider it when deciding whether to hand down a preliminary injunction blocking its $25 billion union with Albertsons from moving forward, the state of Colorado says.
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May 01, 2024
Eiger Gets Deal With Merck Over $46M Rare-Disease Drug Sale
Bankrupt Eiger BioPharmaceuticals Inc. told a Texas federal judge Wednesday it had struck a tentative agreement with drug company Merck & Co. over licensing rights to a rare-disease drug that it is selling for $46.1 million.
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May 01, 2024
Del. Justices Reverse Toss Of $7.3B Inovalon Deal Challenge
Delaware's top court on Wednesday reversed a Chancery Court dismissal of stockholder challenges to the $7.3 billion go-private sale of Inovalon Holdings Inc. to Nordic Capital, saying that the lower court wrongly concluded that minority investors were adequately informed about the deal and special committee conflicts of interest.
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May 01, 2024
Paramount Faces Chancery Suit Over Skydance Merger Moves
The general treasurer of Rhode Island has sued Paramount Global in Delaware's Chancery Court for access to records regarding efforts to merge the mass media giant with Skydance Media, accusing Paramount's billionaire controller, Shari Redstone, of usurping company opportunities and tilting the terms and processes toward her own benefit.
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May 01, 2024
Willkie Lands Akin Gump M&A Pro In Houston
Willkie Farr & Gallagher LLP is expanding its Texas team, announcing Wednesday it is bringing in a mergers and acquisitions pro and energy expert from Akin Gump Strauss Hauer & Feld LLP as a partner for its Houston office.
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May 01, 2024
Skadden Atty To Join Simpson Thacher's New Boston Office
Simpson Thacher & Bartlett LLP announced Wednesday it will open an office in Boston later this year with the help of a new registered funds partner who recently left Skadden's investment management group.
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May 01, 2024
Trump's Truth Social Stake Expands To Nearly 65%
Former President Donald Trump's stake in his social media platform rose to 65%, according to a securities filing, valuing his stake at more than $5 billion based on current trading, though Trump is barred from selling shares for several months.
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May 01, 2024
PG&E, KKR In Exclusive Talks For Partial Sale Of Power Biz
Pacific Gas & Electric Corp. is in exclusive talks with private equity giant KKR to sell a minority interest in its subsidiary, Pacific Generation LLC, to KKR's infrastructure strategy in a deal that would reduce customer rates by more than $100 million over the next two decades.
Expert Analysis
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Tips For Litigating Against Pro Se Parties In Complex Disputes
Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.
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Del. Dispatch: Lessons From Failed ETE-Williams Merger
Attorneys at Fried Frank delve into the Delaware Supreme Court's recent decision in Energy Transfer v. Williams to highlight the major monetary consequences of a failed merger, and show why merger agreement drafting and factual context are of utmost importance.
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5 Ways To Leverage Recent DOJ 'Safe Harbor' M&A Policy
Companies can take a series of practical steps both before and after closing to gain maximum advantage from the recently announced U.S. Department of Justice merger and acquisition safe harbor policy and minimize enforcement risk, say Jonny Frank and Jeremy Hirsch at StoneTurn.
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Pro Bono Work Is Powerful Self-Help For Attorneys
Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.
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Avoiding Bribery, Corruption And Sanctions Risks In Int'l M&A
Given the evolving merger and acquisition landscape — as evidenced by the Justice Department’s recently announced safe harbor policy — acquirers conducting international transactions must build bribery, anti-corruption and sanctions risk considerations squarely into their due diligence processes, say Brian Markley and Jennifer Potts at Cahill Gordon.
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Series
Playing In A Rock Cover Band Makes Me A Better Lawyer
Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.
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Series
The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'
The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.
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New DOJ Roles Underscore National Security Focus
The U.S. Department of Justice’s recent creation of two new leadership positions signals to the private sector that federal law enforcement is pouring resources into corporate investigations to identify potential national security violations, say attorneys at Ballard Spahr.
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How To Navigate The FTC's New Private Equity Frontier
The Federal Trade Commission's recent district court complaint against an anesthesia firm and its private equity partner tests key bounds of the agency's stand-alone authority, and defense strategies can include challenges to both the geographic and the service market fronts, say attorneys at Baker McKenzie.
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Opinion
Newman Suspension Shows Need For Judicial Reform
The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.
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Practicing Under DOJ 'Safe Harbor' Policy For M&As
The U.S. Justice Department's recently announced safe harbor policy for mergers and acquisitions offers greater specificity and predictability for acquiring companies that need time to self-report violations, but it's important to remember that the new window is not endless, say attorneys at Simpson Thacher.
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SEC's Life Sciences Actions Utilize Novel Tools And Theories
Recent enforcement actions show that the U.S. Securities and Exchange Commission is employing new forms of data analytics and noteworthy applications of insider trading laws in its scrutiny of fraud within the life sciences and health industries, say Edward Imperatore and Jina Choi at MoFo.
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How And Why Your Firm Should Implement Fixed-Fee Billing
Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Opinion
SEC Actions Against Musk Are Constitutionally Defective
The U.S. Securities and Exchange Commission's recent subpoena enforcement action against Elon Musk may be constitutionally and statutorily deficient — and the commission staff who issued the subpoenas and the action may have been unconstitutionally appointed, say Alex Lipman at Lipman Law and Justin Weddle at Weddle Law.
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Series
Conn. Banking Brief: The Notable Compliance Updates In Q3
The most notable legal changes affecting Connecticut financial institutions in the third quarter of 2023 included increased regulatory protections for consumers, an expansion of state financial assistance for underserved communities, and a panoply of tweaks to existing laws, says Brian Rich at Barclay Damon.