Mergers & Acquisitions

  • July 28, 2015

    GKN Buys Fokker For $780M To Expand Aerospace unit

    GKN PLC said Tuesday that it plans to expand its aerospace division with the purchase of private equity-backed parts supplier Fokker Technologies Group BV in a deal worth €706 million ($780.6 million) including debt.

  • July 28, 2015

    Kirton Nabs Ex-Ballard Vet To Lead European Markets Group

    Kirton McConkie PC has bolstered its new, European markets practice in Salt Lake City with a former Ballard Spahr LLP partner who is experienced in mergers and acquisitions, securities and EB-5 matters and regularly advises clients on European transactions. 

  • July 28, 2015

    Hikma To Pay $2.7B For Boehringer US Unit

    Hikma Pharmaceuticals PLC on Tuesday said that it has struck a $2.65 billion cash-and-stock deal to buy a specialty generic drug business from Boehringer Ingelheim Pharmaceuticals Inc., again expanding its presence in the U.S. market.

  • July 28, 2015

    Kirkland Reps Capella In $900M Sale To Medical Properties

    Medical Properties Trust Inc. said Monday it's paying $900 million to acquire private equity-owned acute care hospital operator Capella Healthcare Inc., a deal Kirkland & Ellis LLP worked on as counsel to the seller.

  • July 28, 2015

    Freshfields Guides Honeywell On $5.1B Deal For Elster

    Honeywell International Inc., advised by Freshfields Bruckhaus Deringer, has agreed to buy the utility metering and technology business Elster for £3.3 billion ($5.14 billion) from U.K.-based turnaround investor Melrose PLC, expanding Honeywell’s reach in growing markets, the companies said Tuesday.

  • July 27, 2015

    Ernst & Young Reneged On Schlumberger Purchase Deal: Suit

    Schlumberger Ltd. on Monday accused global audit firm Ernst & Young U.S. LLP of pulling out of an agreed-upon purchase of the oilfield service giant's management consulting arm, leading Schlumberger to inform its employees of a non-existent sale that created uncertainty and allegedly led to the loss of tens of millions.

  • July 27, 2015

    Law Prof Makes Final Push Against 'Worthless' Settlement

    Dissenting shareholders objecting to the disclosures-only settlement of litigation challenging Riverbed Technology Inc.'s $3.6 billion take-private deal made a final push Monday to convince a Delaware Chancery judge to reject the deal, including a Fordham University law professor who says the arrangement is “worthless.”

  • July 27, 2015

    Deals Rumor Mill: RBS, Hamilton Lane, Symphony, Atkins

    Royal Bank of Scotland Group PLC is in talks for a management buyout of its private banking business in India, while a Silicon Valley instant-messaging software startup backed by Wall Street heavyweights seeks another round of investments, and the private equity-backed Atkins Nutritionals Inc. mulls a possible initial public offering this year.

  • July 27, 2015

    Sullivan Scores For New Client Teva In $40.5B Allergan Deal

    If Monday’s $40.5 billion deal between Teva Pharmaceutical Industries Ltd. and Allergan PLC is a big conquest for Teva, it’s also a major coup for the Israeli generic-drug maker’s acquisition counsel Sullivan & Cromwell LLP, which swooped in last month to replace Kirkland & Ellis LLP.

  • July 27, 2015

    Herrick Feinstein Nabs Ex-Arent Fox Sports Deals Pro

    Herrick Feinstein LLP has landed a former Arent Fox LLP sports and media transaction attorney whose specialties include naming and media rights, arena operating and personnel agreements, sponsorship and merchandise deals and team acquisitions.

  • July 27, 2015

    FCC's Clyburn Calls For Review Of Program Access Rule

    Federal Communications Commissioner Mignon Clyburn said the AT&T Inc.-DirecTV merger review process highlighted the need for the agency to examine its program access rules, while another commissioner Monday called the process policymaking through merger review.

  • July 27, 2015

    Gambling Cos.' Bwin.Party Bidding War Hits $1.56B

    Online sports betting and gaming group GVC Holdings PLC raised the stakes Monday with a sweetened, roughly £1 billion ($1.56 billion) takeover bid for Bwin.party Digital Entertainment PLC, in an attempt to scuttle Bwin.party's proposed merger with rival 888 Holdings PLC.

  • July 27, 2015

    Beacon Roofing Inks $1.1B Deal To Buy Roofing Supply Group

    Virginia-based Beacon Roofing Supply Inc. has inked a deal to buy Dallas-based Roofing Supply Group from private equity firm Clayton Dubilier & Rice for $1.1 billion, Beacon said Monday.

  • July 27, 2015

    Kilpatrick Nabs 3-Atty M&A, Real Estate Team In Atlanta

    Kilpatrick Townsend & Stockton LLP has beefed up its corporate practice in Atlanta by picking up a three-attorney team from Locke Lord LLP experienced in mergers and acquisitions, private equity and venture capital deals, real estate and securities matters, the frim announced.

  • July 27, 2015

    Deutsche Boerse Drops $805M For Forex Trader 360T

    Deutsche Boerse AG on Sunday said it agreed to buy private-equity backed foreign-exchange trading platform 360T Beteiligungs GmbH for €725 million ($804 million) equity and debt, hoping to expand its over-the-counter trading operations, marking the first of two large deals in as many days.

  • July 27, 2015

    McGraw Hill Drops $2.2B To Buy SNL Financial

    Standard & Poor ratings agency parent McGraw Hill Financial said Monday it has agreed to buy private equity-owned data and information provider SNL Financial for $2.225 billion cash, adding SNL’s robust real estate and media coverage to its financial intelligence portfolio.

  • July 27, 2015

    China's GSR Capital Sets Up $5B Fund For Overseas Tech M&A

    Chinese venture capital firm GSR Capital on Monday said it is establishing a new $5 billion fund targeting cross-border buyouts technology companies with scaling opportunities in China, saying the fund will seek out investments in tech ranging from clean energy to pharmaceuticals to wireless communications. 

  • July 27, 2015

    Teva Inks $40.5B Deal For Allergan Generics Unit

    Teva Pharmaceutical Industries Ltd., guided by Sullivan & Cromwell LLP, has inked a deal to pay $40.5 billion in cash and stock for the generic-drug business of Allergan plc instead of continuing to pursue a hostile bid for Mylan NV, Teva said Monday.

  • July 24, 2015

    White & Case Flexes Its M&A Muscle With Anthem-Cigna Deal

    With Friday’s blockbuster $52 billion proposal for Anthem Inc. to swallow fellow health insurer Cigna Corp., Anthem’s counsel White & Case LLP notched one of its biggest deals yet and solidified its status as a versatile deal-maker with a knack for health-related transactions.

  • July 24, 2015

    Biolitec Takes $70M Contempt Ruling To High Court

    Biolitec AG asked the U.S. Supreme Court to review a case in which it was stuck with a $70 million contempt penalty and an arrest warrant for its CEO, contending this is a rare chance for the justices to address the distinction between criminal and civil contempt.

Expert Analysis

  • Screened Selection In Party-Appointed Arbitrations

    Charles B. Rosenberg

    The International Institute for Conflict Prevention & Resolution's screened selection process for party-appointed arbitrators is a simple compromise between the positions of those who believe the existing system of party appointments should remain unchanged and those who would overhaul the system, say Charles Rosenberg of White & Case LLP and Olivier Andre of the International Institute for Conflict Prevention & Resolution.

  • Drafting Documentation Principles In Acquisition Financing

    Excerpt from Lexis Practice Advisor
    Andrew Bettwy

    Identifying the appropriate precedent documentation is often the key element of documentation principles. In addition, the level of deference given to the precedent documentation is often a heavily negotiated point, say Andrew Bettwy and Glen Lim of Proskauer Rose LLP.

  • Where’s The Exit? New Opportunities In China For PE Firms

    Dean Collins

    With a deepening of China’s A-share market, it has become more attractive for private equity firms to sell their interest in a portfolio company to a Chinese listed company, although it has been unclear how, on account of regulatory constraints, this could be achieved for foreign sellers. A recent transaction has thrown interesting light on this issue, say attorneys with Dechert LLP.

  • Fair Proxy Voting: Why Section 14(a) Needs Scienter

    Caleb J. Bartel

    Section 14(a)’s current interpretation sacrifices early discovery and corrective disclosures for the risk of strike suits having little to do with informed voting. Requiring a showing of scienter in post-closing damages cases will change the wait-and-see incentive by eliminating its benefit, says Caleb Bartel of Irell & Manella LLP.

  • Ex Ante Vs. Ex Post: Janis Joplin’s Yearbook Revisited

    Paul E. Godek

    Fisher and Romaine’s well-known article, “Janis Joplin’s Yearbook and the Theory of Damages,” argues that commercial damages should be measured as of the time the challenged act occurred, an approach that has generally been favored. However, their argument is somewhat contrived, says Paul Godek, principal at MiCRA and a former economic adviser at the Federal Trade Commission.

  • Free Your Advance Notice Bylaws From Ambiguities

    Eduardo Gallardo

    Stockholders pay close attention to advance notice bylaw provisions and are not afraid to use ambiguities to their advantage, and Delaware courts will often construe those bylaws against the drafter and in favor of the stockholder, as seen in Hill International v. Opportunity Partners, say attorneys with Gibson Dunn & Crutcher LLP.

  • Conditionality And Other Considerations In M&A Financing

    Excerpt from Lexis Practice Advisor
    Andrew Bettwy

    Financing conditions in acquisition agreements largely fell out of favor in recent years as sellers increasingly refused to assume financing risk. As a result, buyers have turned their attention to financing commitment conditionality with laser-like focus, say Andrew Bettwy and Glen Lim of Proskauer Rose LLP.

  • A Call For New Approach To Continuous Holder Requirement

    Philip Richter

    Vice Chancellor J. Travis Laster, in a case related to Dell Inc.’s going-private transaction, adopted a “strict” interpretation of the continuous holder requirement while suggesting that the Delaware Supreme Court overrule the holding and adopt a different approach. Nevertheless, the decision may immediately affect stockholders’ access to appraisal rights, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • 3 Antitrust Precedents Ripe For Overturning

    Steven Cernak

    When the U.S. Supreme Court recently declined on stare decisis grounds to overturn a criticized intellectual property precedent on royalty payments, the justices said that their respect for precedent would have been less had it been one interpreting the Sherman Antitrust Act. These comments prompt the question: Which old and criticized antitrust precedent might be subject to reversal? say attorneys with Schiff Hardin LLP.

  • Customer Data Sale In Bankruptcy: Lessons From RadioShack

    Marshall J. Hogan

    The recent sale of RadioShack Corp.'s customer records database provides an illustration of what a bankruptcy trustee or debtor in possession can expect when attempting to sell personally identifiable information, particularly where the sale contradicts the debtor’s previous promises, says Marshall Hogan of Foley & Lardner LLP.