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Mergers & Acquisitions
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November 22, 2024
DirecTV Scraps Dish Merger After Bondholder Rejection
DirecTV is abandoning a plan to purchase EchoStar's video distribution business Dish DBS, including Dish TV and Sling TV, after Dish DBS' bondholders rejected a proposed exchange debt offer that was required to seal the deal.
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November 22, 2024
Viatris Fined £1.5M For Failing To Comply With CMA Order
The Competition and Markets Authority said Friday that it has fined U.S. healthcare company Viatris Inc. £1.5 million ($1.9 million) for breaching an order as the regulator reviewed a deal it had inked with Theramex, a U.K. pharmaceutical business.
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November 22, 2024
Apollo Secures Another Week For £1B Bid For Auto Parts Biz
Auto parts supplier TI Fluid Systems said Friday that both it and the U.K. mergers and acquisitions authority have given Canadian rival ABC Technologies a second extension to finalize its takeover offer of approximately £995 million ($1.3 billion).
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November 21, 2024
Chinese Co. Says It Didn't Agree To Class Arb. In $100M Claim
An e-commerce company known as the Amazon of China is urging a New York federal court to nix an arbitral award allowing class arbitration of claims that the company grossly shortchanged minority shareholders when it went private in 2016, saying it never agreed to such a proceeding.
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November 21, 2024
Tempur Gave UK Co. 'Total Autonomy' Post-Merger, CEO Says
The CEO of a United Kingdom-based mattress company acquired by Tempur Sealy in 2021 told a Houston federal judge Thursday that his new parent company has provided him "total autonomy" since the acquisition.
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November 21, 2024
Big Lots Seeks To Include Claims Against Execs In Asset Sale
Discount retailer Big Lots on Thursday asked a Delaware bankruptcy judge to approve a $760 million asset sale to a private equity group and override creditor objections to the inclusion of potential litigation claims against company insiders in the package.
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November 21, 2024
3 Firms Guide $370M Investment In Hospitality Co Lighthouse
Travel and hospitality platform Lighthouse, steered by Paul Weiss and Latham & Watkins, has received $370 million in a Series C investment round led by Gibson Dunn-advised private equity firm KKR that will be used to "drive continued product innovation," the company announced Thursday.
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November 21, 2024
Kirkland-Led LLCP Secures $575M For Continuation Fund
Middle-market private equity shop Levine Leichtman Capital Partners, advised by Kirkland & Ellis LLP, on Thursday announced that it closed a multiasset continuation fund after securing $575 million in capital commitments, which will be used to buy interests in three portfolio companies.
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November 21, 2024
2 Energy Transition-Focused SPACs Raise $210M Combined
Two special purpose acquisition companies looking to capitalize on energy transition opportunities began trading publicly on Thursday after announcing pricing for their respective initial public offerings, which combined would raise $210 million.
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November 21, 2024
PE Posting Near-Record Megadeal Numbers, Report Shows
Private equity dealmaking has built significant momentum this year, notching respectable deal volume and posting a record number of megadeals over $5 billion, according to a new report from S&P Global Market Intelligence.
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November 21, 2024
White & Case Guides Mediaocean On $525M Innovid Buy
Private equity-backed advertising company Mediaocean said Thursday it has agreed to buy software platform Innovid for roughly $525 million, with White & Case LLP and Latham & Watkins LLP steering the deal as legal counsel.
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November 21, 2024
Mayer Brown Practice Co-Head To Lead Linklaters Team
Following a series of high-level corporate and finance hires this year, Linklaters announced Thursday that it is hiring the former co-leader of Mayer Brown LLP's infrastructure mergers and acquisitions practice as its head of U.S. infrastructure and private capital M&A.
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November 21, 2024
Trump Eyes Crypto, SpaceX To Sell Shares, And More Rumors
Donald Trump's social media company wants to enter the cryptocurrency business, while Elon Musk's SpaceX is planning a tender offer of shares that values the space technology startup at $250 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
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November 21, 2024
Consortium Set To Complete €2.2B Cybersecurity Biz Buy
Exclusive Networks said Thursday that its biggest shareholder Permira and U.S. private equity firm Clayton Dubilier & Rice have won all the regulatory clearances for their approximately €2.2 billion buy of the French cybersecurity firm.
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November 21, 2024
Chewy Investors Sue BC Partners In Del. Over PetSmart Deal
British international investment giant BC Partners exploited its control of online pet product retailer Chewy Inc. when a BCP affiliate merged into Chewy after divesting its interest in PetSmart Inc., saddling Chewy with a potential $1.9 billion post-deal tax liability, according to a new Delaware Court of Chancery complaint.
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November 21, 2024
HSF-Led Military Tech Co. To Buy Oz Telecoms Biz For $94M
U.K. defense technology group Cohort said Thursday that it has agreed to buy satellite products business EM Solutions for 144 million Australian dollars ($94 million) as it seeks to expand into the growing naval satellite communications market.
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November 21, 2024
Tritax Investors Greenlight Brookfield's £557M Takeover
Shareholders at Tritax EuroBox have approved a £557 million bid by Canadian investment management giant Brookfield to acquire the U.K. logistics real estate investor.
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November 20, 2024
Conn. Trial Firm's Dissolution Is In Disarray, CEO Tells Judge
The windup of Connecticut Trial Firm LLC is "in complete controversy" and must be submitted to arbitration, CEO Ryan C. McKeen has told a state Superior Court judge, saying his onetime 50-50 partner, Andrew P. Garza, committed "self-dealing, waste and abuse" to benefit his new firm, Claggett Sykes & Garza LLC.
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November 20, 2024
AI-Driven Software Co. LogicMonitor Gets $800M PE Infusion
Software-as-a-service-based hybrid observability platform LogicMonitor on Wednesday announced that it secured an $800 million investment from a consortium of private equity investors, valuing the company at $2.4 billion.
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November 20, 2024
Cleary Hires Milbank Atty For Capital Markets Team
Cleary Gottlieb Steen & Hamilton LLP announced the addition of a former Milbank LLP transactional attorney to its New York office on Wednesday, saying she will be an asset for its capital markets clients.
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November 20, 2024
Sidley-Guided Lifeway Rejects Second Danone Buyout
Lifeway Foods Inc. said Wednesday that its board has rejected a Nov. 15 revised offer from Danone North America PBC to buy the remainder of Lifeway for $27 per share, or roughly $306 million.
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November 20, 2024
Davis Polk-Led Comcast To Spin Off NBCUniversal TV Assets
Comcast Corp. said Wednesday it plans to spin off a suite of NBCUniversal cable television networks, including the USA Network, CNBC and MSNBC, along with additional digital assets, which generate a combined total $7 billion in annual revenues.
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November 20, 2024
UK Drops Probe Into Google's Investment In AI Startup
The partnership between Google's parent Alphabet Inc. and the U.S. artificial intelligence startup Anthropic PBC does not qualify for investigation under the merger rules, Britain's antitrust authority said Wednesday at the end of the first phase of its investigation.
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November 20, 2024
Investors Get More Time For £253M UK Payments Tech Biz Bid
The mergers and acquisitions watchdog has given a group of investment companies more time to make a firm £253 million ($320 million) offer for Equals Group, the payments technology business said Wednesday.
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November 19, 2024
Finnish Sports Co. Fights NHL Agent's Bid To Ax $1.2M Suit
A Finnish sports talent corporation has slammed an NHL agent's bid in Massachusetts federal court to toss its lawsuit over $1.2 million in arbitration awards, saying he has systemically used shell companies to dodge collection of the judgments against him.
Expert Analysis
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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A Look At M&A Conditions After FTC's Exxon-Pioneer Nod
The Federal Trade Commission's recent consent decree imposing several conditions on Exxon Mobil's acquisition of Pioneer Natural Resources helps illustrate key points about the current merger enforcement environment, including the probability of further investigations in the energy and pharmaceutical sectors, say Ryan Quillian and John Kendrick at Covington.
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FTC Theories Of Harm After Anesthesia Co. Ruling
As Federal Trade Commission litigation against U.S. Anesthesia Partners proceeds following a Texas federal court's recent decision to dismiss a private equity sponsor from the suit, the case attempts to incorporate and advance some of the commission's theories of competitive harm from the final 2023 Merger Guidelines, say attorneys at Mintz.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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What Updated PLR Procedure May Mean For Stock Spin-Offs
A recently published Internal Revenue Service revenue procedure departs from commonly understood interpretations of the spinoff rules by imposing more stringent standards on companies seeking private letter rulings regarding tax-free stock spinoff and split-off transactions, and may presage regulatory changes that would have the force of law, say attorneys at Skadden.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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What's New In Kentucky's Financial Services Overhaul
Kentucky's H.B. 726 will go into effect in July and brings with it some significant restructuring to the Kentucky Financial Services Code, including changes to mortgage loan license fees and repeals of provisions relating to installment term loans and savings associations, say attorneys at Frost Brown.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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FTC Noncompete Rule Risks A Wave Of State AG Actions
The Federal Trade Commission's final rule language banning noncompetes may contribute to a waterfall enforcement effect in which state attorneys general deploy their broad authority to treat noncompetes as separate and independent violations, say Ryan Strasser and Carson Cox at Troutman Pepper.
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What Transactional Attys Must Know About Texas Biz Courts
As Texas prepares to launch its new business courts, transactional attorneys — especially those involved in commercial, securities and internal governance matters — should keep several issues in mind when considering use of the state's business court system to facilitate deals and settle disputes, say attorneys at Katten.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.