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Mergers & Acquisitions
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October 15, 2024
True Value Hardware Hits Ch. 11 With $153M Asset Sale Plan
The 75-year-old hardware retailer True Value Co. LLC filed for Chapter 11 protection in Delaware bankruptcy court, with its plan to sell all assets to industry rival Do It Best Corp.
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October 15, 2024
Banknotes Maker Agrees To Sell Unit For £300M
Banknotes maker De La Rue said Tuesday that it has agreed to sell its authentication division and related entities to a U.S. company for £300 million ($390 million) in a deal steered by Bird & Bird, Slaughter and May and Freshfields.
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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 14, 2024
Baker McKenzie Leads Lundbeck's $2.6B Deal For US Pharma
Lundbeck said Monday that it has agreed to buy Longboard, a U.S. biopharmaceutical business, for $2.6 billion in cash as the Danish drug giant aims to capture a drug with "blockbuster potential" to treat a rare form of epilepsy.
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October 14, 2024
Pulp Giant Int'l Paper Shareholders Back £5.8B DS Smith Buy
International Paper Co. said Monday that its shareholders have "overwhelmingly" supported the planned £5.8 billion ($7.6 billion) all-share purchase of DS Smith PLC, its smaller U.K. rival, as the packaging giant eyes overseas expansion.
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October 11, 2024
IBM Unit Wants To Undo 'Troubling' Defamation Case Ruling
An IBM unit has asked the Fourth Circuit to revive its lawsuit alleging a former executive's defamatory statements nearly killed a major acquisition, arguing that a lower court attempted to inject a new standard into its analysis.
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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
FTC's Republicans Take Aim At Agency Merger Data
The Federal Trade Commission's two Republican members criticized a long-standing agency policy of reporting "abandoned" transactions that were never notified to the antitrust agencies as wins, while dissenting from an annual congressional report on merger reviews.
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October 11, 2024
Cable Co. CEO Says Buyer Fired Him In Violation Of Deal
An owner of a Colorado aerospace manufacturing company is suing a buyer in state court for allegedly violating the terms of their asset purchase deal, claiming the buyer fabricated a reason to fire him as CEO in order to avoid paying half a million dollars that it would otherwise owe to his company.
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October 11, 2024
Sports Biz Seeks To Freeze Assets In Suit Over NHL Deal
A Finland-based sports agency has asked a federal judge to enjoin a Massachusetts man from transferring or disposing of any assets while a lawsuit proceeds over a scheme he allegedly carried out to avoid paying roughly $1 million awarded to the company through arbitration.
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October 11, 2024
Cannabis Biz Ex-Partners Spar Over $6.4M Judgment Payout
Two former business partners are sparring in Colorado federal court over a proposed order to hold assets related to a cannabis company to satisfy a $6.4 million judgment and whether that order can be granted in compliance with the federal Controlled Substances Act.
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October 11, 2024
BurgerFi Creditors Blast DIP, Bidding Procedures In Ch. 11
Unsecured creditors of restaurant chain BurgerFi Inc. are challenging the terms of its post-bankruptcy financing package and some of the details of its planned asset sale, saying the provisions will unfairly leave creditors with little to nothing in recoveries.
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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
2 Finance Partners Added To Hunton's London Office
Hunton Andrews Kurth LLP has welcomed two new lawyers, Alan Cunningham and Richard Skipper, as finance partners in its London office.
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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 11, 2024
Nippon To Sell JV Stake For $1 In Push To Close US Steel Deal
Japan's Nippon Steel said Friday it has agreed to sell its stake in a 50-50 joint venture with ArcelorMittal to the European steelmaker for just $1, as Nippon seeks to address any antitrust concerns over its planned $14.9 billion acquisition of U.S. Steel.
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October 10, 2024
FTC's Final Merger Filings Overhaul Drops Labor Market Look
The Federal Trade Commission on Thursday finalized its long-awaited overhaul to U.S. merger filing rules, dropping initial proposed requirements to submit preliminary deal drafts and labor market details, while also reinstating the "early termination" of reviews of benign tie-ups.
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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
Yale Hospital Says Pension Liens Breach $435M Sale Deal
A hospital operator's purported $4 million pension liability has saddled its properties with liens that breach a $435 million sale contract, Yale New Haven Health told a Connecticut state judge Wednesday in a letter suggesting it may add claims to litigation over its deal with Prospect Medical Holdings Inc.
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October 10, 2024
Chancery OKs $125M Deal, Fees In Discovery Merger Suit
Declaring it "a great settlement," a Delaware vice chancellor approved on Thursday a near chart-topping, $125 million deal to end stockholder challenges to Discovery Inc.'s $43 billion merger with AT&T in 2022, an amount eclipsed only by a $148.2 million pretrial deal in a 2016 case.
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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
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."
Expert Analysis
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Increased IPOs In '24 Shows Importance Of Strategic Planning
Initial public offerings, debt issuances and M&A activity so far in 2024 have shown substantial increases over comparable periods in 2023, highlighting why counsel should educate clients on market trends and financing alternatives to proactively prepare them to be ready to take advantage of opportunities, say attorneys at Skadden.
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How Methods Are Evolving In Textualist Interpretations
Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.
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Increased Scrutiny Raises Int'l Real Estate Transaction Risks
Recently proposed regulations expanding the Committee on Foreign Investment in the United States' oversight, a White House divestment order and state-level legislative efforts signal increasing scrutiny of real estate transactions that may trigger national security concerns, say Luciano Racco and Aleksis Fernández Caballero at Foley Hoag.
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FTC Focus: What Access To Patent Settlements Would Mean
Settling parties should adopt a series of practice tips, including specifying rationales to support specific terms, as the Federal Trade Commission seeks to expand its access to settlements before the Patent Trial and Appeal Board, say Shannon McGowan and David Munkittrick at Proskauer.
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Why Attorneys Should Consider Community Leadership Roles
Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.
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9 Liability Management Tips As Debt Maturity Cliff Looms
As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.
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Series
Being An Opera Singer Made Me A Better Lawyer
My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.
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How Law Firms Can Avoid 'Collaboration Drag'
Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.
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Opinion
Litigation Funding Disclosure Key To Open, Impartial Process
Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.
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The Licensure Landscape For Psychedelics Manufacturers
As the need for bulk manufacturing of psychedelic substances grows, organizations aiming to support clinical trials or become commercial suppliers must navigate a rigorous and multifaceted journey to obtaining a license from the U.S. Drug Enforcement Administration, say Kimberly Chew at Husch Blackwell and Jaime Dwight at Promega Corp.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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Foreign Threat Actors Pose Novel Risks To US Tech Cos.
A recent bulletin jointly issued by several U.S. intelligence agencies warns technology startups and the venture capital community about national security risks posed by foreign threat actors, so companies interested in raising foreign capital should watch for several red flags, say Robert Friedman and Jacob Marco at Holland & Knight.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.