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Private Equity
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February 16, 2024
French Retail Co. Casino Group Files For Ch. 15 Recognition
French retail conglomerate Casino Guichard-Perrachon SA filed for Chapter 15 bankruptcy in New York, seeking recognition of a French insolvency proceeding designed to slash more than €1.5 billion ($1.6 billion) from its debt sheet.
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February 16, 2024
Chromocell Hits Stock Markets Following $6.6M IPO
Clinical-stage biotechnology company Chromocell Therapeutics Corp. began trading publicly on Friday after raising $6.6 million in its initial public offering, becoming the latest in a flurry of biotech IPOs.
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February 16, 2024
Taxation With Representation: Paul Weiss, Kirkland
In this week's Taxation With Representation, Diamondback buys Endeavor, KKR & Co. acquires a stake in Cotiviti, and Gilead Sciences Inc. purchases CymaBay Therapeutics Inc.
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February 16, 2024
Gibson Dunn, DLA Piper Steer $1.45B Sale Of All3Media
RedBird IMI, advised by Gibson Dunn & Crutcher LLP, on Friday revealed that it has agreed to buy independent television production and distribution company All3Media from its joint owners, DLA Piper-led Warner Bros. Discovery Inc. and Liberty Global Ltd., in a £1.15 billion ($1.45 billion) deal that will allow the independent production company to continue developing and producing programming.
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February 16, 2024
Paul Weiss-Led PE Firms Buying HireRight In $1.65B Deal
Paul Weiss Rifkind Wharton & Garrison LLP is guiding private equity firms General Atlantic and Stone Point Capital on a $1.65 billion deal to purchase all the outstanding shares of HireRight Holdings Corp. they do not already own, HireRight said in a statement Friday.
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February 16, 2024
Lawyers Advising PE On Alternative Exits Amid Market Slump
Private equity firms have turned to their lawyers to find creative solutions for realizing cash for investors as deals activity in the IPO market in London remains sluggish — such as setting up continuation funds, making partial sales or working creatively with debt.
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February 15, 2024
7th Circ. Rejects Ancestry.com's Arbitration Bid In Privacy Suit
The Seventh Circuit on Thursday upheld a lower court's decision that minors suing Ancestry.com for sharing their genetic testing information can avoid arbitration, saying there was no language in the terms their parents signed designating the children as parties to the agreement.
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February 15, 2024
Shoppers Say Albertsons-Kroger Suit Shortcomings Fixed
Consumers challenging Kroger's $24.6 billion bid for Albertsons defended their revised lawsuit in California federal court against the supermarkets' latest dismissal bid, arguing their tweaked complaint now adequately identifies the affected stores and lays out how the deal threatens competition.
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February 15, 2024
Citadel Securities, Others Beat Biotech Spoofing Suit, For Now
A New York federal judge has adopted in full a magistrate judge's recommendation to toss a suit accusing several broker-dealers, including Citadel Securities LLC and Virtu Americas LLC, of carrying out a spoofing scheme that repeatedly drove a biotechnology company's share price down, saying he agrees with the report's finding that the suit fails to show that the alleged scheme caused lower stock prices in every instance.
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February 15, 2024
Baker McKenzie Can't Send Malpractice Suit To London
An Illinois state appeals court has rejected a push by Chicago-based Baker McKenzie to transfer to London a legal malpractice suit accusing the international law firm of botching a client's bid to reacquire a coal mine in Russia, saying in a 2-1 decision that Cook County has an interest in deciding the case even if the alleged misconduct stems from attorneys in a Russian member firm.
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February 15, 2024
Trian Decries Disney's 'Spaghetti-Against-The-Wall' Strategy
Walt Disney Co. shareholder and activist investor The Trian Group is taking a public swipe at the company's performance, criticizing its "fairy tale" and "spaghetti-against-the-wall" strategy to improve profits.
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February 15, 2024
Freenome Raises $254M For Early Cancer Detection Tests
Cancer-focused biotechnology company Freenome said Thursday it has raised $254 million from investors to advance cancer detection tests in its pipeline.
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February 15, 2024
Aurinia Refocusing After Failed Effort To Find A Buyer
Kidney-focused biotech Aurinia Pharmaceuticals is hitting pause on drug development, cutting jobs and initiating a $150 million stock buyback program, the company disclosed in its year-end financial report Thursday.
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February 15, 2024
Lawmakers Push PE Firm For Answers On Steward Health
A group of lawmakers demanded answers from private equity firm Cerberus Capital Management on Thursday over its relationship with financially troubled Steward Health Care-owned hospitals in Massachusetts, saying that Steward's recent collapse is a "textbook example" of the "grave risks" that come with private equity takeover of the healthcare system.
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February 15, 2024
FTC's Khan Calls Healthcare 'Key' To Fight For Competition
Federal Trade Commission Chair Lina Khan told a conference of physicians the agency is fighting corporate control at several levels of the healthcare industry, touting the sector as a key battleground in the administration's push for more competition across the economy.
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February 15, 2024
Trump Social Media Blank-Check Merger Gets SEC Approval
The blank-check company looking to take former President Donald Trump's social media platform public has obtained approval from the U.S. Securities and Exchange Commission to move forward with the long-delayed merger, according to a recent regulatory filing.
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February 15, 2024
Starwood Capital Injects $850M Into Echelon Data Centres
Real estate-focused private investment firm Starwood Capital Group on Thursday revealed that it acquired a 50% stake in Dublin, Ireland-based Echelon Data Centres through an $850 million investment, valuing Echelon at roughly €2.5 billion ($2.69 billion) in a deal built by three firms.
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February 15, 2024
Deals Rumor Mill: Sony-Michael Jackson, Inspire IPO, Walmart
Sony plans to acquire half of Michael Jackson's catalog; private equity firm Roark Capital is planning to list Inspire Brands, which owns Dunkin' and other food chains; and Walmart is pursuing an acquisition of TV maker Vizio. Here, Law360 breaks down these and other notable deal rumors from the past week.
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February 14, 2024
Campbell Soup Says It Gave FTC Info For $2.7B Sauce Deal
Campbell Soup Co. has given the Federal Trade Commission all the information the agency has asked for concerning its planned acquisition of Sovos Brands, the owner of the popular sauce brand Rao, before the agency decides whether to give the $2.7 billion union its blessing.
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February 14, 2024
Insurer Needn't Defend Landlord From Antitrust MDL
A Washington state judge has ruled in favor of an insurer in a coverage dispute revolving around nearly 40 antitrust class action claims against landlords that have been combined into a multidistrict litigation case, finding that the insurer owes no defense coverage to an accused property manager.
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February 14, 2024
Adagio Medical Goes Public In $128M SPAC Merger
Adagio Medical, a catheter ablation tech maker, and Arya Sciences, a special purpose acquisition company, said on Wednesday that they would merge, taking the combined company public at a $128 million value, guided by respective legal adviser Reed Smith and Kirkland.
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February 14, 2024
OECD Chief Claims No Knowledge Of Aussie PwC Breaches
The OECD's top official had no knowledge of PwC Australia's breaches of confidentiality when he took equity in its former CEO's consulting firm that he relinquished when the existence of the equity became public knowledge, his spokesperson told Law360.
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February 14, 2024
SEC Says Bankruptcy Doesn't Stop Crowdfunding Fraud Case
Securities regulators are urging a Michigan federal judge to allow them to press on with their claims against the alleged mastermind behind a $2 million crowdfunding scheme — who has since quietly changed his name and allegedly bilked his attorney — arguing that his recent bankruptcy filing shouldn't pause proceedings.
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February 14, 2024
Biotech Nabs $200M Via Private Placement, Starts CEO Search
Public gene therapy company enGene Holdings Inc. announced Wednesday that it will sell 20 million of its common shares, raising an anticipated private placement of around $200 million, to fund the development of its lead compound EG-70.
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February 14, 2024
Juul Gets More Antitrust Claims To Arbitration
A California federal judge has sent two more claims against Juul to arbitration and dismissed a request for an injunction to block Altria's already-unwound investment in the company.
Expert Analysis
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Unlocking Value In Carve-Out M&A Transactions
Some of the largest mergers and acquisitions in 2023 were carve-out transactions, and despite their unique intricacies and challenges, these transactions offer both buyers and sellers the opportunity to generate outsized returns in an otherwise vigorously competitive landscape, when carefully planned and diligently executed, say Kevin Crews and Rami Totari at Kirkland.
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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.