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Mergers & Acquisitions
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December 05, 2024
Judge Recommends Axing Some Claims In X Severance Suit
A Delaware federal judge on Thursday recommended pruning of a 14-count suit filed by six former Twitter employees accusing the company now known as X and Elon Musk of contract breaches and other claims in connection with Musk's takeover of the social media giant in 2022.
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December 05, 2024
Jones Day Reps CNX On $505M Deal For Natural Gas Biz
CNX Resources Corp. said Thursday it has agreed to acquire for about $505 million the natural gas upstream and associated midstream business of Apex Energy II LLC, a portfolio company of funds managed by Carnelian Energy Capital Management LP.
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December 05, 2024
SpaceX Seeks Astronomical $350B Value, And More Rumors
SpaceX is in discussions for a transaction that could value the rocket and spacecraft maker at about $350 billion, the private equity owner of Crunch Fitness could sell the health club at a $1.5 billion value, and the management group looking to buy the Japanese owner of 7-Eleven may launch an IPO. Here, Law360 breaks down these and other notable deal rumors from the past week.
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December 05, 2024
Battery Recycling Firm To Go Public Via $250M SPAC Merger
Renewable energy-focused Ace Green Recycling Inc. has agreed to go public by merging with special purpose acquisition company Athena Technology Acquisition Corp. II in a deal that values Ace Green's equity at $250 million, both parties have announced.
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December 05, 2024
Hunton Gains Capital Markets Pro In Dallas From V&E
Hunton Andrews Kurth LLP has boosted its capital markets practice in Dallas with a former Vinson & Elkins LLP deal lawyer who has particular expertise in the mining and natural resources sector of the energy industry.
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December 05, 2024
Greeting Card Maker Buys US Gift Packaging Co. For $25M
The U.K.'s Card Factory PLC said Thursday it has bought Garven Holdings LLC, a gift packaging manufacturer, for $25 million, as the greeting card retailer eyes expansion into the U.S.
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December 05, 2024
UK Clears Vodafone-Three Telecoms Merger With Conditions
Vodafone and Three have been cleared to form the country's biggest mobile phone operator on the condition that they cap prices and invest in 5G infrastructure after the merger, Britain's antitrust regulator said Thursday.
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December 04, 2024
Withers IP Partners Hop To Sullivan & Worcester
Sullivan & Worcester LLP has said the Boston firm picked up a team of five intellectual property lawyers, including two partners, from Withers who have expertise in filing patents and working on deals for biotech startups.
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December 04, 2024
Live Nation Shields Legal Strategy Emails From DOJ Scrutiny
A Manhattan federal judge rejected the U.S. Department of Justice's bid to see emails between Live Nation Entertainment Inc. lawyers and counsel for arena operator Oak View Group, holding Wednesday that these communications discussed a joint legal strategy for the government's antitrust investigation.
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December 04, 2024
Aya Healthcare Buys Fla. Peer Cross Country In $615M Deal
Talent software and staffing company Aya Healthcare, steered by Procopio, will acquire Davis Polk & Wardwell-guided Cross Country Healthcare in an $18.61-per-share cash transaction worth roughly $615 million that will take the company private, according to a Wednesday statement.
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December 04, 2024
'Patriotic' Marketplace PublicSquare Raises $36M Stock Sale
The money-losing owner of self-described patriotic marketplace PublicSquare bolstered its balance sheet Wednesday through a $36 million registered direct offering guided by two law firms, one day after it named Donald Trump Jr. to its board of directors.
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December 04, 2024
Avon Cleared To Sell To Parent Co. For $125M In Ch. 11
A Delaware bankruptcy judge on Wednesday said he would approve a settlement between Avon Products Inc. and Brazilian parent company Natura that clears the way for the beleaguered cosmetics giant to sell itself to Natura for $125 million.
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December 04, 2024
Del. Justices Skeptical $2.4B SPAC Deal Misled Investors
Delaware Supreme Court justices pressed a stockholder attorney on Wednesday to explain how the blank-check company that took electric vehicle venture Canoo Holdings Ltd. public in a $2.4 billion deal breached its duties by failing to reveal information it purportedly had yet to receive.
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December 04, 2024
Simpson Thacher Leads Bruin's Launch Of New Soccer Agency
Private equity firm Bruin Capital is launching a new international soccer representation business, As1, with more than 300 athlete clients under the guidance of Simpson Thacher & Bartlett LLP, the law firm said Wednesday.
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December 04, 2024
TPG Leads $2B Investment In PE-Backed Data Firm Veeam
Insight Partners-owned Veeam Software said Wednesday it has sold off a $2 billion stake in the company through a secondary offering to a group led by TPG and including Temasek, Neuberger Berman Capital Solutions and other new investors, valuing the software company at $15 billion.
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December 04, 2024
Paul Weiss-Led PE Firm's SPAC Bids £836M For E-Training Biz
Investor General Atlantic said Wednesday that a company it manages has agreed to buy Learning Technologies Group PLC, a workplace training provider, for a total of £836 million ($1.1 billion) as the U.S. business looks to expand in the growing sector.
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December 03, 2024
Del. Justices Mostly Uphold Mindbody Merger Suit Ruling
Delaware's Supreme Court has upheld a Court of Chancery ruling that the former CEO of Mindbody Inc. is liable for an extra $1 per share plus interest to stockholders of the fitness software company but reversed the lower court's finding that Vista Equity Partners Management LLC, which acquired Mindbody in 2019, aided and abetted the executive.
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December 03, 2024
Chancery Orders Revenue Trust For Healthcare Co. 'Poaching'
A home health company formed through secret poaching by an allegedly disloyal former CEO, two officers and two private equities has been ordered to earmark much of its future revenue to a trust for the corporate victims, in a Delaware Court of Chancery ruling that described the subterfuge as "stunning."
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December 03, 2024
Monthly Merger Review Snapshot
The U.S. Department of Justice moved to block a $3 billion UnitedHealth Group deal, a pair of fashion brand companies abandoned their planned tie-up and the Federal Trade Commission pushed its bid to pause Tempur Sealy's $4 billion purchase of retailer Mattress Firm.
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December 03, 2024
Fairfax India Ups Stake In Bangalore Intl. Airport In $255M Deal
Investment holding company Fairfax India Holdings Corp. announced plans Tuesday to acquire an additional equity interest in Bangalore International Airport Ltd. from a subsidiary of Siemens Financial Services in a $255 million deal.
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December 03, 2024
Attys For Sears Ex-CEO, Appraisal Camp Clash In Chancery
A lawyer for Sears Hometown and Outlet Stores' former top fiduciary told a Delaware vice chancellor on Tuesday that case law does not support carving out stockholder proceeds from a fiduciary breach settlement in order to pay shareholders whose separate appraisal lawsuit was foiled by SHOS' bankruptcy.
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December 03, 2024
Norton Rose Names US Corporate, M&A And Securities Head
Norton Rose Fulbright announced Tuesday that it has tapped a New York partner to co-lead its U.S. corporate, mergers and acquisitions, and securities team.
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December 03, 2024
McCarter & English Adds Ex-DOJ Antitrust Atty In DC
McCarter & English has hired a new partner and former Wilson Sonsini Goodrich & Rosati PC senior counsel, who started her career working on antitrust issues for the U.S. Department of Justice in Washington, D.C., the firm announced Tuesday.
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December 03, 2024
KPS To Acquire Resin Maker Ineos Composites In $1.8B Deal
Private equity shop KPS Capital Partners LP, advised by Paul Weiss Rifkind Wharton & Garrison LLP, on Tuesday announced plans to buy resin maker Ineos Composites, led by Slaughter and May, for roughly €1.7 billion ($1.8 billion).
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December 03, 2024
Skadden, Clifford Chance Guide BlackRock On $12B HPS Buy
BlackRock said Tuesday it has agreed to buy HPS Investment Partners for approximately $12 billion, in a deal that will align HPS' nearly $150 billion global credit portfolio with BlackRock's $3 trillion public fixed income business.
Expert Analysis
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A Look At Acquisition Trends For Radiopharmaceuticals
As radiopharmaceutical drugs are increasingly used for the diagnosis and treatment of certain diseases, interest from Big Pharma entities is following suit, despite some questions around the drugs' capacity to expand beyond their limited niche, says Adrian Toutoungi at Taylor Wessing.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Anticipating Disputes In Small Biz Partnerships And LLCs
In light of persistently high failures of small business partnerships and limited liability companies, mediator Frank Burke discusses proactive strategies for protecting and defining business rights and responsibilities, as well as reactive measures for owners.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 37 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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How Generative AI May Aid Merger Clearance Process
Generative artificial intelligence capable of analyzing and searching large datasets stands to revolutionize the merger clearance process, including by significantly reducing the time and effort required to respond to Hart-Scott-Rodino second requests, say Kenneth Koch and Brian Blush at BDO USA.