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Mergers & Acquisitions
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March 12, 2024
FTC Welcomes Choice Hotels Dropping Wyndham Hostile Buy
The Federal Trade Commission's top antitrust staffer said Tuesday that he was "pleased" Choice Hotels International Inc. had given up on a hostile takeover of Wyndham Hotels & Resorts, warning that the deal had "posed serious competition questions."
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March 12, 2024
UK Conveyance Co. TM Group Acquires Lawtech Software
TM Group, a U.K.-based real estate due diligence platform used by law firms, announced Tuesday that it has acquired technology provider Lawtech Software Group.
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March 12, 2024
GE Aerospace Plans $650M Manufacturing Investment
GE Aerospace said Tuesday it plans to invest $650 million into its manufacturing facilities and supply chain this year to bolster support for its commercial and defense customers.
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March 12, 2024
Insider Trader Cites 'Carelessness' Of BigLaw Ex-Girlfriend
A former FBI trainee who kickstarted an insider trading scheme by looking at the confidential files of his then-girlfriend, a Covington & Burling LLP associate, has told a sentencing judge he isn't trying to downplay the seriousness of his actions by pointing to her "carelessness."
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March 12, 2024
Scholastic Buys Children's Content Co. 9 Story In $186M Deal
Children's publishing giant Scholastic on Tuesday announced that it will acquire all the economic interest and minority voting rights in 9 Story Media Group, an independent creator, producer and distributor of children's content, for roughly $186 million.
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March 12, 2024
Domino's Pizza To Buy Irish Franchisee In €92M Deal
Domino's Pizza Group PLC said on Tuesday that it will take full control of its biggest Irish franchisee in a cash, share and debt deal worth €91.9 million ($100 million).
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March 11, 2024
Illumina Brass Faces Shareholder Suit Over Grail Deal Debacle
Current and former directors and executives of Illumina, including former U.S. Food and Drug Administration Commissioner Scott Gottlieb, have been hit with a shareholder derivative suit in California federal court over their role in the biotech company's failed $8 billion deal to reacquire its cancer-detection company Grail Inc.
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March 11, 2024
Canadian Oil Driller Seeks US Recognition Of Reorg Filings
A Canadian operator of Wyoming oil and gas wells Monday asked a Delaware court to recognize its Canadian insolvency proceedings, saying it is out of cash, $92 million in debt and seeking a buyer after years of production problems.
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March 11, 2024
Entire Deadspin Staff Cut After Site's Sale To European Firm
All existing employees of sports blogging site Deadspin have been laid off after finding out Monday that the blog's owner, private equity-backed G/O Media Inc., has agreed to sell the site to European firm Lineup Publishing for an undisclosed price.
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March 11, 2024
Shoppers' Kroger, Albertsons Suit Shelved Pending FTC Case
A California federal judge pumped the brakes Monday on a private lawsuit challenging Kroger's $24.6 billion bid for Albertsons, preferring to wait on the outcome of a Federal Trade Commission lawsuit against the deal newly filed in Oregon federal court.
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March 11, 2024
IRobot Misled Investors On Failed Amazon Merger, Suit Claims
Roomba vacuum maker iRobot Corp. has been hit with a proposed class action from an investor alleging it misled shareholders about its now-canceled merger with Amazon, saying iRobot had downplayed the significant risk that the merger would not secure regulatory approval in the U.S. and Europe.
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March 11, 2024
Alteryx Shareholder Sues In Del. For Info On $4.4B PE Buyout
A shareholder of California-based computer software company Alteryx Inc. is demanding to inspect the company's books and records in relation to its $4.4 billion sale to private equity firms Insight Partners and Clearlake Capital, arguing that the company's special committee that evaluated the deal was "inherently conflicted from the beginning" and gave an unfair advantage to the two buyers.
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March 11, 2024
SEC Can't Rely On 'Flawed' Ruling To Avoid Retrial, Atty Says
A Connecticut lawyer facing retrial in a securities fraud case told the First Circuit that the U.S. Securities and Exchange Commission can't lean on a summary judgment finding that was also flawed.
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March 11, 2024
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery became a hot topic in New Orleans last week as litigators and judges at an annual convention acknowledged the First State's corporate law preeminence is under scrutiny. Back home, the court moved ahead on disputes involving Meta Platforms, Abercrombie & Fitch and Donald Trump.
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March 11, 2024
Choice Hotels Abandons Wyndham Hostile Takeover Attempt
After a monthslong hostile takeover attempt, Choice Hotels International Inc. on Monday announced its decision to withdraw its slate of nominees for election to Wyndham Hotels & Resorts' board of directors following the expiration of its exchange offer.
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March 11, 2024
Kirkland, Latham Guide $35B EQT-Equitrans Gas Merger
Kirkland & Ellis LLP-guided EQT Corp. and Latham & Watkins LLP-backed Equitrans Midstream Corp. said Monday they have agreed to merge, creating a $35 billion natural gas giant that will be "well positioned to be a globally competitive American energy leader."
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March 11, 2024
US Fund Manager Elliott Pulls £760M Bid For Currys
U.S. investment firm Elliott Advisors said Monday that it will not make another offer for Currys PLC, after the British electrical retailer snubbed a £760 million ($976 million) proposed takeover bid in February.
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March 09, 2024
Trump's Truth Social Defuses Chancery Go-Public Fight
If Truth Social issues any new shares before it goes public, they will be put into escrow account and no existing shareholder will be diluted, former President Donald Trump's social media company told Delaware's Court of Chancery on Saturday, ratcheting down a conflict with a minority shareholder.
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March 08, 2024
WaPo Scores Exit In Trump Media's $3.8B Defamation Suit
A Florida federal judge on Friday tossed a $3.8 billion defamation lawsuit by former President Donald Trump's social media startup but gave the company another shot at supporting its claims that the Washington Post acted with malice in its reporting accusing the startup of securities fraud.
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March 08, 2024
4 Severance Cases Stemming From Musk's X Corp. Takeover
A recently filed suit from four executives alleging Elon Musk cheated them out of severance pay adds to the legal fallout that Musk and X Corp. are facing in the aftermath of the tech billionaire's $44 billion acquisition of the company formerly known as Twitter.
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March 08, 2024
Sorrento Gets OK For $2M Ch. 11 Funding Infusion, Asset Sale
A Texas bankruptcy judge on Friday approved drug developer Sorrento Therapeutics Inc.'s bid for an asset sale and $2 million in funds to fuel its Chapter 11 case, saying they represented the only option outside of a transition to Chapter 7.
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March 08, 2024
CFIUS Rules May Need Review Amid 'Exponential' Growth
Foreign direct investment-related enforcement and penalty processes in the U.S. could use a review amid "exponential" growth in FDI regimes across the globe, greater awareness of national security risks, and increased U.S. outreach to foreign partners, a U.S. Treasury Department official said Friday.
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March 08, 2024
Off The Bench: Dartmouth Union, Iowa Betting Case Folds
In this week's Off The Bench, Dartmouth College men's basketball players vote to unionize over the school's objections, a probe into Iowa State University athletes' gambling activities fizzles amid warrantless search allegations, and a Wimbledon champion gets her doping suspension reduced. If you were on the sidelines over the past week, Law360 is here to clue you in on the biggest sports and betting stories that had our readers talking.
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March 08, 2024
Confirmation Of GOP Members Restores FTC To Full Strength
The U.S. Senate unanimously confirmed two Republican members to the Federal Trade Commission, balancing out what had been an all-Democratic agency for nearly a year and restoring its full quintet for the first time in almost a year and a half.
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March 08, 2024
Colo. Judge Sends Pot Co. Receivership Dispute To Arbitration
A member of a struggling cannabis cultivation and dispensary business alleging mismanagement by other owners must take its receivership battle to arbitration, after a Colorado state judge found that the company's operating agreement requires it.
Expert Analysis
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4 Key Ways CFIUS Affected Private Equity In 2023
Sponsors and investment professionals should note how escalated enforcement by the Committee on Foreign Investment in the United States in 2023 affected private equity deal making and evaluate their CFIUS-related procedures in preparation for the regulator's reach to expand further next year, say attorneys at Kirkland.
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How Clients May Use AI To Monitor Attorneys
Excerpt from Practical Guidance
Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.
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UK Takeover Code Changes: Key Points For Bidders, Targets
Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.
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7 Enforcement Predictions For US Export Controls, Sanctions
Federal agencies' assertions of coming increases in export-control and sanctions-violations enforcement are not new, but recent improvements in resources and inter-agency cooperation allow for certain predictions about how the administration’s latest approach to enforcement may be applied going forward, say attorneys at Akin.
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8 Ways To Negotiate Improved Disgorgement Outcomes
The U.S. Securities and Exchange Commission's nearly $3.4 billion collected in disgorgements in 2023 shows that substantial disgorgement claims from regulators and law enforcement are the new norm, but corporations may be able to dramatically reduce what they owe by using eight strategies to argue for reduced net profit calculations, say experts at AlixPartners.
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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What Banks Should Know About FDIC Assessment Rule
Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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EU Rejection Of Booking.com Deal Veers From Past Practice
The European Commission's recent prohibition of Booking's purchase of Etraveli based on ecosystem theories of harm reveals a lower bar for prohibiting nonhorizontal mergers, and may mean increased merger scrutiny for companies with entrenched market positions in digital markets, say lawyers at Linklaters.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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Mitigating Antitrust Risk Amid Increased Dealmaking Scrutiny
While deals continue to get done despite 60% of significant merger investigations in the U.S. last year concluding with a complaint or abandoned transaction, private equity firms should identify and assess potential antitrust risks and develop strategies to mitigate them early in the deal process, say attorneys at Dechert.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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Opinion
Activist Short-Sellers Are The Dark Knights Of Wall Street
While so-called activist short-sellers have been subject to increased scrutiny in recent years, these investors work in the shadows like Batman to expose fraud on Wall Street, often generating leads that may move regulators to take action, say attorneys at Labaton Sucharow.
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Series
Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.