Mergers & Acquisitions

  • August 19, 2014

    Winn-Dixie, Bi-Lo Parent Yanks Plans For $500M IPO

    The parent of the Bi-Lo and Winn-Dixie grocery store chains on Tuesday disclosed that it is pulling its plans for a $500 million initial public offering, without offering any explanation.

  • August 19, 2014

    Plant Insulation Co. Beats Insurers' Appeal Of Reorg Plan

    A California federal judge on Monday rejected protests from a group of Plant Insulation Co.'s insurance carriers to a Chapter 11 plan that creates an asbestos injury compensation trust, ruling the plan offers the trust a viable path for taking control of the reorganized entity.

  • August 19, 2014

    Deals Rumor Mill: Couche-Tard, Apax Partners, TPG Capital

    Canadian convenience store operator Alimentation Couche-Tard Inc. and Chinese Internet giant Tencent Holdings Ltd. have made the short list of potential bidders to purchase a $16 billion minority stake in China's Sinopec Sales, while Apax Partners LLP is looking to sell health care information technology unit TriZetto Corp. for up to $3 billion.

  • August 19, 2014

    Susser, Shareholders Work Out Deal Over $1.8B ETP Merger

    Texas-based convenience store and fuel retailer Susser Holdings Corp. said Monday that it has reached a deal to potentially settle two putative shareholder class actions in Delaware court, which are challenging Susser's $1.8 billion merger with Energy Transfer Partners LP.

  • August 19, 2014

    Saudi Food Co. Eyes Stake In Kuwait's $5B Americana

    Saudi Arabia-based Savola Group has conducted confidential, preliminary talks with a shareholder of Middle Eastern restaurant franchising and food giant Americana Group to purchase a stake in the Kuwaiti company, which is valued at nearly $5 billion, Savola said Tuesday.

  • August 19, 2014

    Fried Frank Guides $357M Purchase Of Evoq Properties

    Evoq Properties Inc. is being sold for $357.4 million to a group of investors including affiliates of New York-based Atlas Capital Investors III LLC and Square Mile Capital Management LLC as well as affiliates of San Antonio, Texas-based USAA Real Estate Co., Evoq announced Monday.

  • August 19, 2014

    High-Profile Fights For Control Showcase Seller's Market

    Dollar General Corp. pounced on Family Dollar Stores Inc. on Monday with a $9 billion bid that trumps an earlier offer from rival Dollar Tree Inc., setting up a high-stakes showdown between the discount retailers that underscores the thick competition — and eager suitors — stoked by this year's mergers and acquisitions boom.

  • August 19, 2014

    Arent Fox Accelerates Auto Group In LA With Partner Hire

    Arent Fox LLP said Tuesday it has strengthened its automotive group in Los Angeles with the addition of a former Manning Leaver Bruder & Berberich partner experienced in representing dealers in franchise disputes, compliance issues, mergers and acquisitions and general business litigation.

  • August 19, 2014

    Allergan Eyes Salix Tie-Up To Thwart $53B Valeant Takeover

    Allergan Inc. has reportedly approached Salix Pharmaceuticals Ltd. and at least one other drugmaker to discuss tie-up prospects, its latest maneuver to worm its way out of a hostile $53 billion bid from Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman.

  • August 19, 2014

    Former Microsoft CEO Steve Ballmer Leaves Board

    Former Microsoft Corp. Chief Executive Officer Steve Ballmer resigned from the tech giant’s board of directors on Tuesday, noting that he plans to focus his attention on running the newly acquired Los Angeles Clippers and teaching.

  • August 19, 2014

    Carillion Again Sweetens Bid For $5.1B Balfour Tie-Up

    British construction company Carillion LLC again sweetened its offer Tuesday to merge with competitor Balfour Beatty after discussing the potential deal with the target’s major shareholders, ahead of a Thursday deadline for Carillion to either make a firm offer or walk away.

  • August 19, 2014

    Hitachi Metals Pays $1.3B To Buy Foundry Co. From KPS

    Hitachi Metals Ltd. is set to purchase iron casting business Waupaca Foundry Inc. from a KPS Capital Partners LP affiliate for $1.3 billion, the companies said on Tuesday, in a move meant to bolster the Japanese conglomerate's global growth.

  • August 19, 2014

    Zhongji Reaches $960M Deal For FunPlus Gaming Unit

    Mobile social gaming company The FunPlus Group will sell off its gaming subsidiary DianDian Interactive to Chinese construction conglomerate Zhongji Investment Holding Co. Ltd. in a deal worth up to $960 million, it said Tuesday.

  • August 19, 2014

    BHP Billiton Plans Spinoff For Metals Businesses

    Following through with demerger plans announced last week Australian mining giant BHP Billiton Ltd. said Tuesday it is planning to spin off some of its businesses into a new global metals and mining company with assets in aluminum, coal, manganese, nickel and silver.

  • August 19, 2014

    Goodwin Procter Guides TA Associates' SkinnyPop Deal

    SkinnyPop Popcorn LLC is bringing in Boston-based private equity shop TA Associates as a key investor as the company looks to fatten up its business, TA Associates said Tuesday.

  • August 19, 2014

    QBE Aims To Raise $750M In Offering, Sell Agency Assets

    QBE Insurance Group Ltd. said Tuesday it plans to raise $750 million in a share placement and will sell off chunks of its U.S. and Australian agency businesses, as well as float its Australian lenders’ mortgage insurance unit, to help boost the struggling insurer’s financial flexibility.

  • August 19, 2014

    Warburg Pincus, Baosteel Pay $489M For Henan Gas Assets

    A Warburg Pincus LLC affiliate and China's Shanghai Baosteel Gases Ltd. are buying Henan Jinkai Chemical Investment Holding Group's industrial gas assets for $488.6 million, they said Tuesday, marking the beginning of a partnership.

  • August 19, 2014

    Orange Capital Urges Board Shakeup, Sale At Bellatrix

    New York hedge fund Orange Capital LLC sharpened its focus on the Canadian marketplace, saying Tuesday that it had amassed a sizable minority stake in Bellatrix Exploration Ltd. and would push the oil and gas outfit to consider strategic alternatives, including a sale.

  • August 19, 2014

    Medtronic Reaffirms $43B Covidien Bid Depsite Opposition

    Medical device maker Medtronic Inc. said Tuesday it is “fully committed” to proceeding with its $42.9 billion acquisition of rival Covidien PLC even as the controversial plan, which would shift company headquarters overseas where taxes are lower, faces scrutiny from U.S. legislators, regulators and shareholders.

  • August 19, 2014

    Dealmakers Q&A: Baker Botts' John Martin

    One factor significantly influencing M&A deals — both in terms of deal type and structure — is the increasing desire to monetize intellectual property and the recognition of patents as a separate asset class, says John Martin of Baker Botts LLP.

Expert Analysis

  • 3 New Weapons To Combat Shareholder Litigation

    Jordan D. Temple

    Class action shareholder litigation continues to be at the forefront of recent developments in corporate law, but courts in various jurisdictions have recently been chipping away at such aggressive litigation. Companies now have more options in defending against these suits, says Jordan Temple of Parker Poe Adams & Bernstein LLP.

  • Lessons From SEC Focus On Compliance Officers

    Louis Greenstein

    The two recent U.S. Securities and Exchange Commission proceedings involving Penson Financial Services Inc. and Private Capital Management Inc. illustrate the continued focus of SEC enforcement on the duties and potential liability of compliance officers, say attorneys with McGuireWoods LLP.

  • An In-House Lawyer's Top 10 Tips For Outside Counsel

    Francis M. Drelling

    To this day, I have yet to see a litigation hold letter that was written by someone who understands the realities of how a business is actually run. In-house counsel cannot issue decrees to business units that read like they are issued by the king to his subjects, says Francis Drelling, in-house counsel at Specialty Restaurants Corp.

  • A Different Claim Aggregation Method To Avoid SLUSA

    Benjamin P. Edwards

    As the securities class action continues to experience death by a thousand cuts, we may soon see increasing numbers of the "disaggregated class" — a new tactic some plaintiff attorneys have begun to deploy to work around the Securities Litigation Uniform Standards Act by filing duplicative state court cases, says Benjamin Edwards of Michigan State University College of Law.

  • Howard-Anderson Does Not Increase Potential D&O Liability

    Robert C. Schwenkel

    The Delaware Court of Chancery’s ruling in Chen v. Howard-Anderson has raised concern among some practitioners, but the decision must be read in the context of the Delaware courts’ consistent approach to the duty of loyalty, and thus, does not meaningfully increase the potential for personal liability of directors or officers, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Law Firms May Be Violating Copyrights

    Roy Kaufman

    On average, a legal professional forwards content to 14 different people per week. Yet many attorneys and staff lack an understanding of copyright and their firm’s specific policies regarding shared third-party materials, says Roy Kaufman of Copyright Clearance Center.

  • A 'Commercial Reality' Check In Lehman-Barclays Dispute

    Jonathan T. Koevary

    Given the expedited nature of the 2008 sale of Lehman Brothers’ brokerage business to Barclays Capital, it is not entirely surprising that ambiguities existed, but market participants can take comfort in a Second Circuit examination of the “commercial reality” of the transaction in a ruling that may affect future payouts to Lehman creditors, say Adam Friedman and Jonathan Koevary of Olshan Frome Wolosky LLP.

  • EU Merger Law May Soon Extend To Minority Acquisitions

    Paul Lugard

    In the EU, prior notification of a minority acquisition has only been required where it would lead to the acquisition of decisive influence over the target company. However, that may be subject to significant change if draft proposals recently put forward by the European Commission become legislative fact, say Paul Lugard and David Cardwell of Baker Botts LLP.

  • Will Ralls Decision Really Bring CFIUS Transparency?

    Nancy L. Perkins

    Although the D.C. Circuit decision in Ralls Corp. v. Committee on Foreign Investment in the United States plainly establishes that consideration of a transaction under Section 721 of the Defense Product Act must meet due process requirements, the decision’s ramifications as a practical matter in future transactions are much less clear, say attorneys with Arnold & Porter LLP.

  • A Close Look At NY's New Privilege Log Rule

    Joseph B. Schmit

    In addition to significantly reducing costs incurred in the preparation of privilege logs, the new categorical approach to privilege logs in New York will allow parties to identify and frame legal issues requiring the court’s attention more clearly — thus positively impacting the efficiency of the dispute resolution process as well, say Joseph Schmit and Aaron Schue of Phillips Lytle LLP.