Mergers & Acquisitions

  • March 5, 2015

    BPI Directors Urge Shareholders To Nix $1.2B Takeover Bid

    Portuguese lender Banco BPI SA’s board of directors is recommending shareholders reject a takeover bid by CaixaBank SA, already BPI’s largest shareholder, saying Thursday the Spanish bank’s €1.09 billion ($1.2 billion) offer undervalues the company.

  • March 5, 2015

    Saladworks Plan For Ch. 11 Sale Draws Creditor Flak

    A major creditor and an equity holder of Saladworks LLC took aim late Wednesday at the casual restaurant chain’s sale plans and protested the debtor’s bid to have the bankruptcy shield its CEO from breach-of-contract claims in Delaware Chancery Court or attempts to collect on loans he purportedly guaranteed.

  • March 5, 2015

    Akorn Hid Delays Integrating VersaPharm, Shareholder Says

    Akorn Inc. failed to disclose it was lagging in integrating VersaPharm Inc. and another newly acquired subsidiary into its accounting system, artificially inflating the market price of its securities, an Akorn shareholder alleged in a securities lawsuit filed in Illinois federal court Wednesday.

  • March 5, 2015

    Paul Hastings Hires Co-Head Of Fried Frank's M&A Practice

    Paul Hastings LLP snagged a Fried Frank Harris Shriver & Jacobson LLP mergers and acquisitions partner with experience working on health care megamergers and private equity investments to chair its M&A practice in New York, the firm said on Thursday.

  • March 5, 2015

    Deals Rumor Mill: FamilyMart, Simon Property, CBRE Group

    Japan's FamilyMart Co. and UNY Group Holdings Co. are mulling a merger that would create a convenience store operator boasting a combined $21.8 billion in sales over the past year, while Simon Property Group Inc. hopes to takeover fellow shopping-mall owner Macerich Co. for upwards of $13 billion.

  • March 5, 2015

    Judge OKs LBO $590M Settlement Distribution Plan

    A Massachusetts federal judge who has already approved $590 million in settlements and a $200 million attorneys' fee gave the green light Monday to an allocation plan in an antitrust class action claiming Goldman Sachs Group Inc., Carlyle Group LP and other private equity firms teamed up to keep leveraged buyout prices low.

  • March 5, 2015

    Morgan Lewis Wants Philly Papers' Billing Suit In Delaware

    Morgan Lewis & Bockius LLP said in a filing docketed Wednesday in Pennsylvania state court that accusations by the parent company of Philadelphia’s two major daily newspapers that the firm improperly sided with one faction in a 2013 ownership dispute should be heard in Delaware’s courts.

  • March 5, 2015

    Ex-XStrata Head's New Firm Raises $5.6B For Mining Venture

    X2 Resources, the London-based investment firm launched by Xstrata PLC's former CEO, revealed on Thursday that it has raised $5.6 billion from an array of investors and will use the money to create a new midsized mining company.

  • March 5, 2015

    GIC Boosts Merlin Stake After Blackstone, CVC Share Sale

    Singapore's sovereign wealth fund GIC Private Ltd. on Thursday almost doubled its minority stake in Merlin Entertainments PLC, the British operator of Madam Tussauds wax museums and dozens of other attractions, scooping up shares worth about $130 million based on recent trading.

  • March 5, 2015

    Citi Continues Slimdown In $1.2B Turkish Bank Stake Sale

    Citigroup Inc. said Thursday it shed its minority stake in Turkish lender Akbank TAS in a $1.2 billion share sale, the latest in a string of asset disposals for the New York-headquartered bank as it scales down its international operations.

  • March 5, 2015

    Recruit's $219M Pickup Adds To Outbound Japan M&A Surge

    Japanese staffing firm Recruit Holdings Co. Ltd. has agreed to acquire German online restaurant reservation service provider Quandoo GmbH for €198.6 million ($219 million), marking the latest in what has been a surge of overseas deal-making among Japanese companies.

  • March 5, 2015

    Growth-Minded AMAG Pharma Closes $201.2M Stock Offering

    Amag Pharmaceuticals Inc. has completed an upsized $201.2 million stock offering, raising money for product lineup expansion and possibly acquisitions, in a transaction guided by Goodwin Procter LLP and Davis Polk Wardwell LLP.

  • March 5, 2015

    Mallinckrodt Puts Up $2.3B For PE-Backed Lung Drug Outfit

    Mallinckrodt PLC on Thursday added to a growing list of Big Pharma deals with a $2.3 billion agreement to buy private equity-backed Ikaria Inc., a move that will broaden its specialty and critical-care offerings and beef up its presence in hospitals.

  • March 5, 2015

    Wachtell Guides AbbVie In $21B Pharmacyclics Buy

    Drugmaker AbbVie Inc. will pay $21 billion for Pharmacyclics Inc.,  the company announced Wednesday, a pickup that gives AbbVie, guided by Wachtell Lipton Rosen & Katz, access to one of the most promising cancer drugs on the market after a major deal-making flop last year.

  • March 4, 2015

    Activision Investors Seek Nod For Contested $275M Settlement

    Activision Blizzard Inc. investors urged a Delaware Chancery judge Thursday to overrule an objection from a dissenting shareholder and bless a $275 million settlement with company leaders that would end derivative and class action litigation over an $8.2 billion deal to buy back Vivendi SA's controlling stake in the game maker.

  • March 4, 2015

    Revel Rivals Get One Week to Beat Straub's $82M Sale Bid

    A New Jersey bankruptcy judge on Wednesday gave would-be buyers of bankrupt Revel Casino Hotel a week to come up with a better offer than Florida resort tycoon Glenn Straub’s $82 million bid for the troubled Atlantic City property, calling sale approval premature.

  • March 4, 2015

    Volvo Unloads $300M In Shares Of India's Eicher Motors

    Swedish truck maker Volvo Group said Wednesday it has sold 1.27 million shares in the listed Indian automaker Eicher Motors Ltd. for approximately 2.5 billion Swedish kronor ($300.18 million) but said the sale will not affect Volvo’s joint venture with the company.

  • March 4, 2015

    Deals Rumor Mill: ZF, Hellman & Friedman, Qatar Airways

    ZF Friedrichshafen AG's $13.5 billion acquisition of U.S. rival TRW Automotive Holdings Corp. is likely to be approved by the European Union, while Hellman & Friedman and Fortress Investment Group are planning to offer up to $2.6 billion to buy Istituto Centrale delle Banche Popolari Italiane SpA.

  • March 4, 2015

    Market Rumors: Berkshire Hathaway, Evry, Tigar Pilar

    Berkshire Hathaway is planning to break into the euro bond market, marking the company's debut debt in the European currency, while private equity firm Apax has secured $709 million of financing for its acquisition of Nordic IT company Evry.

  • March 4, 2015

    UK Unloads Eurostar Cross-Channel Rail Stake In $1.16B Deal

    The U.K. government announced Wednesday that it has agreed to sell its 40 percent stake in the Eurostar International Ltd. railway connecting Britain with France and Belgium in a £757.1 million ($1.16 billion) deal with a consortium made up of Caisse de depot et placement du Quebec and Hermes Infrastructure.

Expert Analysis

  • Law Firm Tensions Mount In Africa — What Does It Mean?

    Steve Blundell

    Tensions are perhaps inevitable in a fast-growing market such as Africa where international law firms are gearing up for a greater level of market entry, and where the independent firms remain highly reliant on referrals from these same firms. But the questions facing both types of firms go to the heart of short-term expedient versus long-term strategy, says Steve Blundell of Redstone Consultants.

  • Burger King's Fresh Take On Exchangeable Share Structure

    David Wilson

    Much of the buzz around Burger King's acquisition of Tim Hortons centered on the complexity and novelty of the deal, with the Burger King deal team reinventing the conventional exchangeable share structure in order to afford shareholders a tax deferral of U.S. capital gains, say David Wilson and Patricia Olasker of Davies Ward Phillips & Vineberg LLP.

  • The Rise Of 'Yankee Loans' In Europe

    Andrew Brown

    There has been a steadily increasing trend of European borrowers raising financing under so-called “Yankee loans” — where the credit facility is syndicated to U.S. investors, is governed by New York law and has typical U.S.-style incurrence covenants. It is likely that the volume of these loans will continue to increase, particularly for high-value mergers and acquisitions, say Andrew Brown and Mark Ramsey of Skadden Arps Slate Mea... (continued)

  • How Mayo, Myriad And Alice May Impact Patent Valuations

    Sean Sheridan

    Some patents may clearly be identified by a patent holder’s intellectual property counsel as being invalid in light of the U.S. Supreme Court decisions in Mayo, Myriad or Alice, but many of these patents are likely to fall in a gray area, says Sean Sheridan of Charles River Associates.

  • The Moving Target Of Ministerial Consent In Nigeria

    Ben James

    While the upstream sector in Nigeria has seen high levels of mergers and acquisitions activity in recent years, the Nigerian High Court's Moni Pulo decision casts doubt on the settled understanding of what types of upstream interest transfers require ministerial consent, say Ben James and Adam Blythe of Bracewell & Giuliani LLP.

  • Tips For Dealing With Open Source Issues In M&A

    Jeffrey Johnson

    For both the buyer and seller, understanding the implications of the target’s use of open source software should play a significant role in preparing for, and evaluating, a contemplated merger or acquisition, say Jeffrey Johnson and Michelle Pham of Pryor Cashman LLP.

  • Report Highlights Continued Need For CFIUS Planning

    Farhad Jalinous

    The recently published annual report from the Committee on Foreign Investment in the United States shows a decline in reviewed transactions for 2013, an increase in cases taken to the 45-day investigation phase and some notable developments regarding the countries most active in CFIUS reviews, say attorneys with Kaye Scholer LLP.

  • 2 Delaware Cases May Slow Appraisal Arbitrage Momentum

    Mark D. Gerstein

    Two appraisal cases out of Delaware involving CKx Inc. and mark an important judicial response to the recent spike in “appraisal arbitrage,” which may effectively subdue the rise of this practice. The scope of these decisions, however, should not be overstated, say attorneys with Latham & Watkins LLP.

  • Behavioral Health And Other Rumblings From JPMorgan 2015

    Richard S. Grant

    After conversations with numerous health care private equity funds and lenders at the JPMorgan Healthcare Conference, we can report that the behavioral health sector continues to generate a great deal of buzz. In addition to some of the widely reported multifacility large investments, there is much more interest from funds in serial acquisitions of discrete facilities or operations, say attorneys with McGuireWoods LLP.

  • How Activists Use Lack Of Information To Achieve Results

    Patrick Tucker

    Emboldened by an enormous influx of funds and several high-profile “wins” over the last several years, activists have increasingly honed their communications strategies, making unequivocally incomplete statements designed to shift public perception broadly while also gaining tactical victories against targeted companies, says Patrick Tucker, senior vice president at financial communications firm The Abernathy MacGregor Group.