Mergers & Acquisitions RSS

  • April 16, 2014

    Nelnet Picks Up CIT Group Student Loan Unit, $3.6B Debt

    Nelnet Inc. has agreed to buy CIT Group Inc.’s student lending business, the companies announced Wednesday, adding about $3.6 billion in student loans to Nelnet’s portfolio.

  • April 16, 2014

    Guild Lining Up Backers For Possible Inquirer Bid, Court Hears

    The Newspaper Guild of Greater Philadelphia told a Delaware Chancery judge Wednesday that it wanted to be involved in the upcoming auction of the Philadelphia Inquirer's parent company and had lined up a number of investors interested in backing a possible bid by the union.

  • April 16, 2014

    Quantum Foods To Go With $54M Oaktree Stalking Horse Bid

    Meatpacker Quantum Foods LLC said Wednesday that it has canceled its planned Chapter 11 auction and is set to seek court approval for the $54 million stalking horse bid from a unit of private equity firm Oaktree Capital Management LP called Raging Bull Acquisition Co. LLC.

  • April 16, 2014

    Metso Board Rejects Rival's Stock Swap Merger

    Finnish engineering company Metso Corp. has rejected an unsolicited proposal by rival The Weir Group PLC to merge, the company said in a brief message Wednesday to stock exchange regulators and shareholders.

  • April 16, 2014

    Optimism On Venture-Backed IPOs Weathers Shaky Market

    After starting the year at the same breakneck pace that defined 2013, several venture-backed companies in recent weeks have quietly tempered their go-public bids in the face of a more volatile marketplace. But with overall conditions still swinging in favor of public listings, experts say it's likely a question of when — not if — activity will pick up again.

  • April 16, 2014

    Deals Rumor Mill: Ahli, Michael Foods, SodaStream

    Bahrain's largest lender is considering a $5 billion sale or merger with a rival bank that could be the largest banking transaction in the region for the past 20 years, while SodaStream is considering selling a minority stake to one of three major beverage companies.

  • April 16, 2014

    Triton Doles Out $1.8B For GEA's Heat Exchangers Unit

    European private equity investor Triton Advisers Ltd. will buy German industrial machinery maker GEA Group AG's heat exchangers division for €1.3 billion ($1.8 billion), the companies said Wednesday, in a move that GEA said will allow it to refocus on core businesses.

  • April 16, 2014

    Fortress, Avenue Founders Pay $550M For NBA's Bucks

    The NBA's Milwaukee Bucks will be sold for $550 million to Fortress Investment Group founder Wesley Edens and Avenue Capital Group co-founder Marc Lasry, and plans to build a new stadium for the franchise are in the works, the team's president and owner Herb Kohl said Wednesday.

  • April 16, 2014

    Thompson Hine Adds Ex-Akin Gump Antitrust Pro In DC

    Thompson Hine LLP has brought a former Akin Gump Strauss Hauer & Feld LLP antitrust partner experienced in mergers and acquisitions, consumer protection matters and class actions — including high-profile litigation over alleged e-book price-fixing — on board in its Washington, D.C., office, the firm said Wednesday.

  • April 16, 2014

    Taylor English Adds Ex-Bryan Cave Corporate, M&A Pro

    Atlanta law firm Taylor English Duma LLP said Friday that it has snagged a corporate finance, mergers and acquisitions, commercial contracts, sports and media industry wiz from Bryan Cave LLP to join its expanding corporate and business practice group.

  • April 16, 2014

    Sealing The Deal: Ballard Spahr Steers Philly Gas Works Deal

    When they led the Philadelphia mayor’s office through the biggest deal in the city’s history, the nearly $2 billion planned sale of Philadelphia Gas Works to UIL Holdings Corp., attorneys from Ballard Spahr LLP didn't just have to worry about securing a favorable price for the country’s largest municipally owned utility.

  • April 16, 2014

    FTC Gives Go-Ahead To TPG's $1.8B Jonah Field Deal

    The Federal Trade Commission granted early termination to the required waiting period for private equity giant TPG Capital LP’s planned acquisition of Encana Corp.’s natural gas properties in Wyoming’s Jonah Field for $1.8 billion, according to a brief notice Tuesday.

  • April 16, 2014

    Scania Investors Advised To Accept $9B Volkswagen Offer

    Swedish shareholders association Aktiespararna recommended Wednesday that private shareholders of Swedish truck maker Scania AB accept Volkswagen AG's €6.6 billion ($9 billion) takeover bid, voicing rare support for a deal that has been largely derided by other local investors until now.

  • April 16, 2014

    Citic Pacific Puts Up $36.5B To Buy Parent Co.'s Assets

    Citic Pacific Ltd. on Wednesday said it will buy the assets of its state-owned parent company, Citic Group, for about 227 billion yuan ($36.5 billion) in a deal that will see the Chinese conglomerate — which boasts businesses in sectors including financial services, real estate and energy — publicly listed for the first time. 

  • April 16, 2014

    Rising Star: Latham & Watkins’ Bradley C. Faris

    Bradley C. Faris has played a leading role on deals totaling more than $70 billion over the last 16 months, including the complex $3.2 billion sale of an Illinois Tool Works Inc. unit to Carlyle Group in February, making the Latham & Watkins LLP partner one of Law360’s top mergers and acquisitions lawyers under age 40.

  • April 16, 2014

    Yamana, Agnico Ink $3.5B Osisko Deal Amid Goldcorp Threat

    Osisko Gold Corp. greenlit an improved offer Wednesday from Yamana Gold Inc. to takeover the company for CA$3.9 billion ($3.56 billion) through a partnership with Agnico Eagle Mines Inc., as Goldcorp Inc. continued its hostile pursuit by nominating 11 executives to Osisko's board.

  • April 16, 2014

    Stoel Rives Adds 2 Ex-DLA Piper Energy Development Pros

    Stoel Rives LLP has bolstered its energy development practice in Washington, D.C., with the addition of two former DLA Piper attorneys experienced in financing and mergers and acquisitions, the firm said Tuesday.

  • April 16, 2014

    Johnson Controls Pays $1.6B For Air Distribution Technologies

    Johnson Controls Inc. said Wednesday that it will acquire Air Distribution Technologies Inc., one of the largest air distribution and ventilation products providers in North America, from the Canada Pension Plan Investment Board for approximately $1.6 billion, bolstering its position in the buildings market.

  • April 15, 2014

    Philly Inquirer's Minority Owner Matches $77M Minimum Bid

    A minority owner of The Philadelphia Inquirer's parent company vowed Tuesday to bid a minimum of $77 million for its publications if a Delaware Chancery judge ordered the parent dissolved via a public auction, the same baseline figure majority owners promised to pay at a proposed private auction.

  • April 15, 2014

    Ind. Limestone Goes With PE Firm's $26M Stalking Horse Bid

    Bankrupt quarrier Victor Oolitic Stone Co., which does business as Indiana Limestone Co., canceled the scheduled Chapter 11 auction and is set to go with the $26 million stalking horse offer from a unit of private equity firm Wynnchurch Capital, an attorney for the debtor said Tuesday.

Expert Analysis

  • Fog May Be Lifting Around Finders

    Kenneth G.M. Mason

    The regulatory world of when and whether a U.S. person can raise capital and receive transaction-based compensation without registering as a broker-dealer has been murky. But the U.S. Securities and Exchange Commission’s aggressive stance on when finders have to register as broker-dealers has recently encountered judicial disavowal by courts, which has helped clarify certain compensation issues, say Kenneth Mason and Sharon Obialo of Kaye Scholer LLP.

  • Beware 'Jewel' Risks In Lateral Partner Hiring

    Pamela Phillips

    Jewel litigation has been filed after every major law firm bankruptcy in the past 10 years, including Lyon & Lyon, Brobeck, Coudert, Thelen, Heller and Howrey. These lawsuits have produced years of litigation, with similar suits expected in the Dewey bankruptcy. Despite the legal uncertainties surrounding such claims, hiring firms can take steps now to minimize their Jewel risk for any lateral hire, say attorneys with Arnold & Porter LLP.

  • Heartbleed Rains On The Legal Cloud Parade

    David Houlihan

    While the actual breaches are unknown, Heartbleed has the potential to expose all of a lawyer's files stored or transmitted online. The bug raises professional responsibility questions and offers confirmation of the greatest anxieties that the legal industry has about online practice. In fact, the timing is poor for many legal tech providers, following a general industry warming to cloud offerings, says David Houlihan of Blue Hill Research Inc.

  • A New Approach To Classified Corporate Boards

    Philip Richter

    As institutional investors and proxy advisory firms push forward with the declassification movement, corporate governance constituencies might consider developing a modified classified board structure that could result in preserving the structure’s value-enhancing benefits while addressing shareholders’ concerns about board accountability, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Not 'Fully Protected' — What’s A Director To Do?

    Peter Allan Atkins

    A footnote in the Delaware Court of Chancery’s Rural Metro decision starkly spotlights the visceral trouble spot in the enhanced-scrutiny paradigm — that even the conscientious director who does everything right may still be branded as breaching fiduciary duty. This is particularly troubling in the context of a statutory promise that directors will be “fully protected” if they conscientiously comply, says Peter Allan Atkins of Skadden Arps Slate Meagher & Flom LLP.

  • Keep Your Audience From Checking Email: 5 Legal Talk Tips

    Michael H. Rubin

    Why do the majority of speakers get polite claps at the end of their talks while a few select others receive rousing applause? Having given more than 375 presentations to legal groups, bar associations, Fortune 500 companies and corporate gatherings, I’ve learned a few things about what not to do. Remember, great speakers don’t tell “war stories.” They don’t even give examples from their own practice, says Michael Rubin of McGlinchey Stafford PLLC.

  • Rethinking Successor Liability Under FCPA And FCA

    Taylor Phillips

    Traditionally, transacting parties could be certain that, with limited exceptions, an asset purchase structure would permit the acquirer to avoid liability for the seller’s pre-acquisition legal violations. Unfortunately, recent developments have cast some doubt on whether the government considers itself bound by the traditional rule in actions arising under the Foreign Corrupt Practices Act and False Claims Act, say attorneys with Bass Berry & Sims PLC.

  • What To Expect From UK's New Competition Regime

    Becket McGrath

    April 1 marked a new phase in the development of the U.K. competition regime. The most visible change is the creation of a new unitary competition authority. Although the substantive legal regime has not been subjected to any such radical changes, this institutional change is accompanied by a number of noteworthy procedural changes, say Becket McGrath and Trupti Reddy of Edwards Wildman Palmer LLP.

  • Own 10% Of A Foreign Business? Don't Neglect BEA Surveys

    Amy E. D'Agostino

    Last month, I received a stack of express mail over a foot deep from the Bureau of Economic Analysis, which has statutory authority to collect vast amounts of data on certain international investments in the U.S. and abroad. The girth of the envelopes highlights the need for a compliance update — especially since the potential penalties for noncompliance include fines and potential jail time for officers, directors, employees or agents, says Amy D'Agostino of Chadbourne & Parke LLP.

  • Limitations Of Section 251(h)

    Excerpt from Lexis Practice Advisor
    Claudia Simon

    Given the requirements of Section 251(h) of the Delaware General Corporation Law, not every two-step merger will be able to take advantage of it to avoid stockholder approval of a back-end merger. Perhaps the most obvious limitation is that it is a state law, so it will only apply to Delaware targets. Even if a target is incorporated in Delaware, however, it may not be able to opt into Section 251(h) for various reasons, says Claudia Simon of Paul Hastings LLP.