Suntory Beverage & Food Ltd. has struck a tentative ¥150 billion ($1.2 billion) deal to pick up Japan Tobacco Inc.’s soft drink business as the seller looks to get out of the beverage production business by the fall, according to a Monday statement.
Mylan Inc. fired back at Kirkland Ellis LLP, telling a Pennsylvania federal court Friday that the firm “thumbs its nose” at its duty of loyalty to clients and should be blocked from representing Teva Pharmaceutical Industries Ltd. in its hostile takeover bid of Mylan NV.
When European telecommunications titan Altice SA revealed earlier this week that it had agreed to buy a massive chunk of private equity-backed Suddenlink Communications, it marked Altice’s entry into the U.S. cable market, and experts say this deal exemplifies some big-time shifts in the way the sector views its future.
The proposed $27.4 billion tie-up between Camel cigarettes maker Reynolds American Inc. and rival Lorillard Inc. will likely receive antitrust clearance as early as next week, while Charter Communications Inc. is gearing up to make an offer to buy Time Warner Cable Inc. for more than $170 per share.
Expedia Inc. said Friday it has sold its majority stake in the underperforming travel site eLong Inc. to a group of Chinese buyers led by Ctrip.com International Ltd. for $671 million, unloading a site that had been weighing down Expedia’s profits.
Hotel investor and operator Mandarin Oriental International Ltd. said Friday that it has teamed up with Saudi Arabian conglomerate The Olayan Group to buy the luxury Hotel Ritz Madrid for €130 million ($143 million), adding a tony European asset to its portfolio of properties.
Cincinnati-based Frisch’s Restaurants Inc. will sell 100 percent of its shares to private equity fund NRD Partners I LP for $175 million, or $34 per share in cash, the two companies said Friday.
In this week's Taxation With Representation, Sullivan & Cromwell LLP helps CVS Health Corp. snatch Omnicare Inc. in a $12.7 billion blockbuster deal while Endo International PLC shells out $8.05 billion for generic drug giant Ropes & Gray LLP-guided Par Pharmaceuticals Holdings Inc.
Oil and gas developer Vanguard Natural Resources LLC said on Thursday it plans to purchase Eagle Rock Energy Partners LP in a $474 million stock swap deal led by Paul Hastings LLP, marking the second big buy in a month for Vanguard.
BakerHostetler LLP has added a former Seyfarth Shaw LLP transactional attorney who has more than 35 years of experience steering domestic and international business deals, including mergers, securities offerings, project financing and real estate transactions, to its New York business group, the firm announced Thursday.
Fried Frank Harris Shriver & Jacobson LLP has recruited a finance ace from Hogan Lovells LLP, who has extensive experience in private equity leveraged buyouts and corporate mergers and acquisitions, to join its London outpost as a partner.
South African fishing company Oceana Group Ltd. has struck a deal to buy DLA Piper-repped fish processor Daybrook Fisheries Inc. for $382.3 million in a deal steered by Hogan Lovells LLP, K&L Gates LLP, Haynes and Boone LLP, Kean Miller LLP and Webber Wentzel.
Defense technology contractor Elbit Systems Ltd. said Thursday that it is buying the cyber and intelligence business of fellow Israeli company NICE Systems Ltd. for $117.9 million.
Private equity firms Bain Capital and Japan Industrial Partners Inc. will sell 45.8 million shares in Japanese restaurant chain Skylark Co Ltd. in a secondary offering, Skylark said Thursday.
Kirkland & Ellis LLP urged a Pennsylvania federal court Wednesday not to block the firm from representing Teva Pharmaceutical Industries Ltd. in its hostile takeover bid for Mylan NV, calling the conflict challenge a “preposterous” attempt to kill the proposed merger because it only ever advised Mylan subsidiaries.
It has never been easier for clients to strike a deal with a company based in a different country, and as the number of cross-border transactions continues to rise, it's more important than ever for law firms to understand the potential pitfalls of such deals. Here, experts provide tips to reduce clients’ risk when advising them on cross-border mergers.
A Delaware bankruptcy judge agreed Thursday to allow Karmaloop Inc. to hand itself over to senior secured lenders after no bids were fielded to purchase the online apparel seller, and the top creditors also reached a settlement with unsecured creditors who had previously criticized the transaction.
Hewlett-Packard Co. has sold a majority stake in its Chinese enterprise technology assets to Beijing-based Tsinghua University for $2.3 billion, the company said Thursday, a move that will help HP maneuver around China's foreign technology restrictions.
Dragon Oil PLC said on Thursday that its largest shareholder, Dubai government-owned Emirates National Oil Co. Ltd., has offered to buy the company’s remaining shares for £1.6 billion ($2.5 billion), in a bid to consolidate its energy exploration operations.
Activision Blizzard Inc., publisher of “World of Warcraft” and “Call of Duty,” received approval Thursday for a $275 million settlement alongside shareholders angered by company leaders' perceived self-dealing during the reclamation of an $8.2 billion stake from European entertainment conglomerate Vivendi SA.
When there are deadlocks over material decisions in a joint venture, judicial dissolution is often an imperfect solution of last resort. Negotiated solutions hammered out while disputes and personal animosities may be clouding the parties’ judgment also may fail to provide satisfactory relief, say Kenneth Gerasimovich, a shareholder at Greenberg Traurig LLP, and Jennifer Brady, a New York-based attorney.
It has become all too common in transaction-related stockholder litigation for the pleading net to be cast widely, embroiling disinterested and independent directors into long and costly litigation. The Delaware Supreme Court's decision in the case of Cornerstone Therapeutics Inc. should lead to closer scrutiny of allegations against individual directors, say attorneys with Paul Hastings LLP.
Cybercriminals are increasingly deploying clever schemes to exploit company executives and their advisers in connection with corporate transactions, including financing transactions and mergers and acquisitions. These sophisticated schemes include emails that provide a closing or a litigation settlement that would seem wholly legitimate to the recipient, say Brent McIntosh and Judson Littleton of Sullivan & Cromwell LLP.
Notwithstanding commentary suggesting otherwise, in our view, the recent Delaware Chancery Court decision in a derivative suit related to an El Paso Pipeline Partners LP “drop-down” transaction does not indicate that the court will be more likely than in the past to find liability of master limited partnership general partners or their bankers, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
There has been a rapid and robust growth in the number of companies offering electronically stored information collection, management and processing services. But a recent survey indicated that not all service providers offer the level of expertise needed in today’s world of big data, the cloud and mobile devices, says Barry O’Melia, chief operations officer at Digital WarRoom.
The Delaware Supreme Court’s recent decision in Lazard Technology Partners LLC v. Qinetiq North America Operations LLC upholds the literal meaning of an earnout provision, and suggests that a target’s reliance on the implied covenant of good faith and fair dealing to save it from “losses at the negotiating table” is a tenuous strategy, say David Healy and Douglas Cogen of Fenwick & West LLP.
The Delaware Chancery Court's decision in Alliant Techsystems Inc. v. MidOcean Bushnell Holdings LP reinforces the need for practitioners to pay careful attention to the relationship between multiple “exclusive remedy” provisions in acquisition agreements, say Lisa Stark and Andrew Lloyd of K&L Gates LLP.
The Tessera Inc. patent case highlights a useful procedure seldom used in the federal court system — Federal Rule of Evidence 706, which allows for a court-appointed expert. But Rule 706 provides little guidance on when to use such an expert, how to select one or how to work with one. Here are some tips, say Philip Woo and Nathan Greenblatt of Sidley Austin LLP.
Mergers and acquisitions parties are limited in the extent of hindsight data they can apply in a purchase price dispute, but our analysis indicates that there are alternative interpretations that may suggest some very useful planning insight for party advisers, say forensic and litigation consultants at FTI Consulting.
Effects of tag-along provisions should be considered primarily within the context of the discount for lack of marketability, whereas drag-along provisions should be considered primarily within the context of the discount for lack of control. Moreover, in our view, tag-along and drag-along provisions can have both positive and negative impacts for an interest holder, say John Agogliati III and Ross Hurwitz of Berdon LLP.