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Private Equity
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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
Sidley Gains Finance Ace From Paul Hastings In California
Sidley Austin LLP has strengthened its global finance practice with the addition of a partner who came aboard after practicing at Paul Hastings LLP for more than two decades and will be based in the firm's office in the Century City neighborhood of Los Angeles.
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March 11, 2024
Reddit Unveils Long-Anticipated IPO That Could Raise $715M
Reddit Inc. on Monday launched plans for an estimated $715 million initial public offering, represented by Latham & Watkins LLP and underwriters' counsel Davis Polk & Wardwell LLP, setting in motion the social media platform's long-awaited IPO.
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March 11, 2024
Burford, Sysco Can't Swap In Price-Fixing Suits, Court Told
A magistrate judge was right to point to the underlying facts and public policy when denying an attempt to substitute a Burford Capital affiliate for Sysco in sprawling price-fixing lawsuits against pork and beef producers, the beef producers told a Minnesota federal court.
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March 11, 2024
O'Melveny Lands Private Equity Ace From Kirkland In Calif.
O'Melveny & Myers LLP announced Monday that it has strengthened its private equity group with the addition of a Century City-based partner who came aboard from Kirkland & Ellis LLP.
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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
Retailer The Body Shop Files For US Liquidation
Buth-Na-Bodhaige Inc., better known as soap and lotion seller The Body Shop, filed for Chapter 7 liquidation in New York after its international parent filed for insolvency in the United Kingdom.
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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
Trump 'An Existential Threat' To Rule Of Law, Attys Warn
Former President Donald Trump represents an "existential threat" to democracy and the rule of law, legal experts said Friday at a conference on white collar crime in San Francisco.
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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
AI-Focused Chip Provider Astera Labs Tees Up $507M IPO
Astera Labs Inc., a provider of connectivity chips designed to boost the potency of artificial-intelligence software, on Friday set a price range on an estimated $507 million initial public offering, represented by Goodwin Procter LLP and underwriters counsel Simpson Thacher & Bartlett LLP.
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March 08, 2024
Pa. Court Grants Seizure Of Nursing Homes In 'Dire' Condition
A Pennsylvania federal court has granted an emergency request for a receiver to take control of six nursing homes in the state that Revere Tactical Opportunities REIT LLC claims were left in a "dire financial condition" by the properties' owners, who had also allegedly defaulted on a $30 million loan.
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March 08, 2024
Ex-Private Funds Leader With Perkins Coie Jumps To MoFo
The former chair of Perkins Coie LLP's private investment funds group has jumped to Morrison Foerster LLP in Denver.
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March 08, 2024
Longtime Cannabis Atty From Bressler Joins Fox Rothschild
Fox Rothschild LLP announced that an experienced cannabis and financial services attorney who spent nearly two decades with Bressler Amery & Ross PC has moved to the firm's litigation practice as a partner in Morristown, New Jersey.
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March 08, 2024
Activist Battle Tips, 'Hair-Raising' Red Flags Detailed At Tulane
Companies attending Tulane University Law School's annual Corporate Law Institute conference got distinctive insights into how they can responsibly fend off activist investor attacks, heard diverging views about activists' motivations, and were warned about potential red flags in board members' pasts.
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March 08, 2024
Founder Of France's Believe Touts 1st Bid Over Rival Offer
A consortium of investors looking to take over French digital music company Believe SA on Friday acknowledged a competing offer lobbed by entertainment conglomerate Warner Music Group while reiterating that it believes its own bid is "best positioned" to help the music company thrive.
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March 08, 2024
Slaughter And May Guides PE Firm's £432M Wealth Firm Buy
Pollen Street Capital said Friday that its subsidiary has agreed to fully buy out Mattioli Woods, a wealth management company, for approximately £432 million ($556 million), as the U.K. private equity investor looks to capture a slice of the lucrative sector.
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March 08, 2024
Taxation With Representation: Fried Frank, Latham
In this week's Taxation with Representation, Viavi acquires Spirent, Cadence Design Systems purchases Beta Cae Systems International, and United Rentals buys Yak.
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March 07, 2024
Kroger, Albertsons Want Shoppers' Suit To Await FTC Case
Kroger and Albertsons told a California federal judge Thursday that the Federal Trade Commission's challenge to their $24.6 billion merger should take precedence over a private lawsuit they want paused while the FTC case plays out in Oregon federal court.
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March 07, 2024
Chancery Clears Way For March 22 Trump Media SPAC Vote
Efforts to take former President Donald Trump's Truth Social media platform public have continued moving ahead after Delaware's Court of Chancery rejected a full preliminary injunction sought by a former executive of the blank-check company involved before a key vote on the take-public merger.
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March 07, 2024
Harpoon Shareholder Sues For Records On $680M Merck Buy
A shareholder of Harpoon Therapeutics Inc. sued in Delaware's Court of Chancery Thursday for corporate documents related to the company's proposed $680 million cash buyout by Merck, saying the proposed deal appears to unfairly "lock in a windfall for select Harpoon investors."
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March 07, 2024
Deals Rumor Mill: Reddit, Cisco, LeBron James-PGA Tour
Reddit's IPO could fetch a $6.5 billion valuation, European antitrust regulators are likely to approve Cisco's $28 billion acquisition of cybersecurity firm Plunk, and LeBron James is among parties interested in investing up to $3 billion combined to support the PGA Tour. Here, Law360 breaks down these and other notable deal rumors from the past week.
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March 07, 2024
An M&A Rebound? Nowhere In Sight, Tulane Panelists Say
High interest rates, regulatory heat and the low availability of debt continue to delay both megadeals and the broader mergers and acquisitions rebound that deal-makers had been hoping for, attendees heard Thursday at the annual Corporate Law Institute conference at Tulane University Law School.
Expert Analysis
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Del. Dispatch: Clarification On Fiduciary Duties Of Controllers
The Delaware Chancery Court’s January opinion in a Sears Hometown and Outlet Stores' stockholder dispute — holding that a controlling stockholder owes the company and minority shareholders some fiduciary duties when selling shares or voting to change the status quo — suggests instances where investors opposing board decisions should tread carefully, say attorneys at Fried Frank.
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FTC AI Inquiry Signals Intensified Focus On Emerging Tech
The Federal Trade Commission's recent inquiry into investments and partnerships between Big Tech companies and artificial intelligence startups appears to be directed at guiding future enforcement decisions in competition, privacy and consumer protection — and three principles discussed at a related tech summit give insight on the agency's approach, say attorneys at Skadden.
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What Shareholder Approval Rule Changes Mean For Cos.
The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Series
ESG Around The World: Brazil
Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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What Financial Cos. Must Know For Handling T+1 Settlements
The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.
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What Cos. Evaluating M&A Can Glean From Latest HSR Report
The recently released Hart-Scott-Rodino report for fiscal year 2022 helps unearth important data points for companies as they evaluate potential transactions, including that, despite a historically low enforcement rate, the number of actions exceeds the number of second requests for the first time in nearly 20 years, say Ryan Quillian and John Kendrick at Covington.
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Chancery's Sears Ruling Clarifies Stockholder Duties
In a recent landmark decision involving stockholders of Sears Hometown and Outlet Stores, the Delaware Chancery Court addressed for the first time what precise duties a controlling stockholder owes, highlighting that controller interference with board action is not per se invalid and that enhanced scrutiny is a reasonableness test, say Christopher Chuff and Taylor Bartholomew at Troutman Pepper.
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How Biotech Cos. Can Utilize Synthetic Royalty Financing
Synthetic royalty transactions have been on the rise as a funding structure for biotechnology companies, but questions have arisen surrounding how such transactions work, and structuring them correctly requires a nuanced understanding, say Todd Trattner and Ryan Murr at Gibson Dunn.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.