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Private Equity
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April 22, 2024
Agiliti Faces Another Chancery Suit Over $2.5B Squeeze-Out
A shareholder of Agiliti sued the medical equipment management company Monday in Delaware's Chancery Court for more details surrounding events leading up to an impending $2.5 billion squeeze-out merger with an affiliate of Thomas H. Lee Partners, its largest and controlling stockholder, echoing a similar lawsuit filed in late March.
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April 22, 2024
Vista Outdoors Nudges MNC Capital To Bolster $3B Bid
Vista Outdoor Inc. on Monday urged investment firm MNC Capital to increase its prior $3 billion buyout offer, as Vista weighs MNC's proposals against an already inked merger agreement to sell its ammunition brands off to Czechoslovak Group.
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April 22, 2024
Catching Up With Delaware's Chancery Court
Last week, Delaware's Chancery Court news included a Tesla announcement about moving to Texas, a midcase appeal of Tripadvisor's move to Nevada, and United Airlines' escape from a stockholder suit. Disputes about board entrenchment, squeeze-out mergers, co-founder fallouts and deadly ice cream moved ahead.
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April 22, 2024
PE-Backed Cruise Operator Viking Sets Sights On $1B IPO
Private equity-backed cruise operator Viking Holdings Ltd. on Monday set a price range on an estimated $1 billion initial public offering, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters counsel Latham & Watkins LLP, marking the latest test of the IPO market's nascent recovery.
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April 22, 2024
Latham-Led GEF Capital Closes $325M Climate-Focused Fund
Latham & Watkins LLP-advised climate change- and pollution mitigation-focused private equity firm GEF Capital Partners on Monday announced that it clinched its second climate solutions fund above target with $325 million in tow.
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April 19, 2024
Jane Street Denied TRO In Trade Theft Suit Against Millennium
A New York federal judge on Friday refused Jane Street Group LLC's bid for an emergency order after the trading firm accused rival Millennium Management LLC and two former employees of stealing and misappropriating a confidential trading strategy.
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April 19, 2024
Ill. Judge Accepts 3rd Try To Allege Fraud Against Boeing
An investment fund leveling allegations of fraud against Boeing managed to convince an Illinois state court judge on its third attempt that the aircraft maker may have inflated stock values by purportedly covering up safety issues with its 737 Max airplanes.
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April 19, 2024
PE Exec Can Recoup $1M 'Varsity Blues' Forfeiture
A private equity executive whose conviction in the "Varsity Blues" college admissions case was almost entirely wiped out by the First Circuit is entitled to a refund of $1 million he paid to the scheme's ringleader, a federal judge ruled Friday.
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April 19, 2024
Trump Media CEO Fears Illegal Short Selling Is Harming Stock
The chief executive of the company that owns Donald Trump's Truth Social platform wants Nasdaq's help in determining whether manipulation stemming from illegal short selling is harming the company's stock price, according to a securities filing on Friday.
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April 19, 2024
Casino SPAC Can Return Money, Not Shares, Chancery Rules
Stockholders in a blank-check company that failed to merge with a Philippines-based casino are entitled to a distribution from $37.5 million sitting in trust, but the company may not redeem any shares until an investor's Delaware lawsuit plays out, a Chancery Court vice chancellor said Friday.
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April 19, 2024
AI Co. Founder Faces SEC Suit After Fraud Charges
The fugitive founder of a purported artificial intelligence startup was sued Friday by the U.S. Securities and Exchange Commission over an alleged $2.8 million scheme to defraud investors.
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April 19, 2024
China Seeks To Boost Hong Kong's Status As Market Hub
China's securities regulators unveiled several measures on Friday designed to boost Hong Kong's stature as an international hub and ultimately benefit both jurisdictions amid lean times for capital raising, according to statements from securities officials.
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April 19, 2024
Climate Lawsuits Aren't The SEC's Only Legal Headache
The U.S. Securities and Exchange Commission has been grabbing headlines over the past couple of months as it attempts to fend off a host of lawsuits challenging recently enacted climate disclosure rules, but the agency has been no stranger to litigation brought by business groups opposing everything from new stock buyback disclosures to the agency's growing private fund oversight to its hands-off approach to crypto rule writing.
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April 19, 2024
Sidley, Perkins Coie Guiding Nordstrom On Strategic Review
Sidley Austin LLP and Perkins Coie LLP are representing a special committee of Nordstrom Inc.'s board of directors that is looking into taking the Seattle-based luxury department store private after an earlier 2017 go-private plan fell apart.
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April 19, 2024
Hatteras Fund Investors Sue In Chancery After 95% Drop
Stockholders in a series of funds managed by alternative investment boutique Hatteras Investment Partners LP have launched a proposed class action against the company's board in Delaware's Court of Chancery, alleging breaches of fiduciary duty in conjunction with the funds' liquidation.
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April 19, 2024
Taxation With Representation: Kirkland, Cleary, O'Melveny
In this week's Taxation With Representation, Resideo Technologies Inc. announced plans to buy Snap One Holdings Corp., APi Group said it bought an elevator maintenance company, Prysmian said it agreed to purchase Encore Wire, and Sayari said it closed on an investment from TPG.
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April 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. holiday resort chain Butlins target Aviva and a huddle of insurers, Meta and WhatsApp tackle a patents claim by telecommunications company Semitel, an ongoing construction dispute between Essex County Council and Balfour Beatty, and Formycon AG hit a pharmaceutical company for infringing medical products. Here, Law360 looks at these and other new claims in the U.K.
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April 18, 2024
Hedge Fund Says Its $100M Award Over Peru Bonds Is Valid
A hedge fund has asked a D.C. federal judge not to throw out its suit seeking to enforce a $100 million arbitral award it secured over Peru's valuation of old government bonds, saying the country wants to relitigate claims that were already rejected by the arbitrators.
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April 18, 2024
Investors In Failed Manila Casino Deal Sue For SPAC Shares
Shareholders in a blank-check company that failed to take a Philippines casino public have intervened in two Delaware Chancery Court lawsuits to recoup their failed investments, with one seeking to litigate damages from the busted $2.6 billion deal and the other pushing for the company's liquidation.
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April 18, 2024
23andMe Taps Dechert To Review CEO Buyout Proposal
A special committee of genetic testing company 23andMe has engaged Dechert LLP as its legal adviser and Wells Fargo as its financial adviser as it looks to review an anticipated buyout offer from its co-founder and CEO Anne Wojcicki, according to a statement Thursday.
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April 18, 2024
3 Firms Advise French Software Firm Planisware's $257M IPO
French software company Planisware on Thursday launched its initial public offering on the Euronext Paris exchange with plans to raise around €241 million ($256.9 million), giving the company a valuation of €1.1 billion.
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April 18, 2024
Deals Rumor Mill: Tapestry-Capri, StubHub IPO, Salesforce
The FTC is preparing to sue to block Tapestry's $8.5 billion takeover of designer brands' owner Capri, StubHub is eyeing a summer IPO at an estimated $16.5 billion valuation, and Salesforce is making a play to acquire data-management software firm Informatica. Here, Law360 breaks down these and other notable deal rumors from the past week.
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April 18, 2024
Insurance Broker Jensten Builds £170M Acquisition War Chest
Private equity-backed insurance broker Jensten Group said Thursday it has secured £170 million ($211 million) in funding for a series of planned acquisitions.
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April 18, 2024
Kirkland, Weil-Guided Apax To Buy HR Payroll Co. For €36M
Investment group Apax Global Alpha Ltd. said Thursday that a fund it advises has agreed to buy Zellis UK Ltd., a prominent provider of payroll and HR software in the U.K. for approximately €36 million ($38.4 million), financed via one of its funds.
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April 18, 2024
Hipgnosis Agrees To $1.4B Takeover By US Rival Concord
Concord Chorus has agreed to buy its British music royalties rival Hipgnosis Songs Fund in an all-cash transaction worth $1.4 billion, as the U.S. company looks to add 1.2 million more songs to its portfolio, the companies said in joint statement Thursday.
Expert Analysis
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Attorneys, Law Schools Must Adapt To New Era Of Evidence
Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.
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Why Public Cos. Should Also Comply With SEC's Names Rule
While the U.S. Securities and Exchange Commission's updated Names Rule specifically clarifies that funds must consider ESG factors in their investment strategies if their names so imply, public companies should also heed the message and conduct business consistent with the way they market or advertise themselves, says Spencer Feldman at Olshan Frome.
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Series
ESG Around The World: The UK
Following Brexit, the U.K. has adopted a different approach to regulating environmental, social and governance factors from the European Union — an approach that focuses on climate disclosures by U.K.-regulated entities, while steering clear of the more ambitious objectives pursued by the EU, say attorneys at Dechert.
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Best Practices For Cos. Navigating US-China Investigations
Given recent enforcement trends and the broad jurisdictional reach of U.S. laws, companies with operations in China must enhance their compliance programs in order to balance new corporate enforcement expectations with Chinese data protection and privacy requirements, say attorneys at Paul Hastings.
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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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Planning Compliance For Updated FinCEN Reporting Rules
Although the Financial Crimes Enforcement Network's reporting deadline for beneficial ownership information may seem far off, companies should act now to determine which corporate entities must report and what information must be collected, given the potential time, resources and legal questions involved, say attorneys at Crowell & Moring.
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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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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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Calif. GHG Disclosure Law Will Affect Companies Worldwide
California's Climate Corporate Data Accountability Act, which will require comprehensive greenhouse gas emissions disclosures from large companies operating in the state, will mean compliance challenges for a wide range of industries, nationally and globally, as the law's requirements will ultimately trickle out and down, say attorneys at Brownstein Hyatt.
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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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Series
ESG Around The World: Japan
Japan is witnessing rapid developments in environmental, social and corporate governance policies by making efforts to adopt a soft law approach, which has been effective in encouraging companies to embrace ESG practices and address the diversity of boards of directors, say Akira Karasawa and Landry Guesdon at Iwata Godo.
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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
Judicial Independence Needs Defense Amid Political Threats
Amid recent and historic challenges to the judiciary from political forces, safeguarding judicial independence and maintaining the integrity of the legal system is increasingly urgent, says Robert Peck at the Center for Constitutional Litigation.