Mergers & Acquisitions

  • October 7, 2015

    BREAKING: Anheuser-Busch Makes $100B Play For Rival SABMiller

    Anheuser-Busch InBev, the world’s largest brewer, finally made its first public offer for SABMiller on Wednesday, offering £65.2 billion ($99.8 billion) in a revised bid that was quickly spurned by SABMiller for undervaluing the brewer’s “unique and unmatched footprint.”

  • October 6, 2015

    Sheppard Mullin Snags Dealmaker From Latham In LA

    Sheppard Mullin Richter & Hampton LLP has shored up its corporate practice and private equity team in Los Angeles by snagging a former Latham & Watkins LLP partner with experience representing companies in mergers and acquisitions and advising private equity firms in leveraged acquisitions, the firm said Tuesday.

  • October 6, 2015

    Duane Morris Adds Attys From Bracewell & Giuliani, Venable

    A former Bracewell & Giuliani LLP transactional partner specializing in cross-border deals and a former Venable LLP special counsel focusing on compliance issues in private equity are joining the Washington, D.C., office of Duane Morris LLP, the firm announced Tuesday.

  • October 6, 2015

    Exelon, DC Mayor Strike Deal To OK $6.8B Pepco Merger

    Washington, D.C., officials said Tuesday that they've brokered a deal with Exelon Corp. that would allow its $6.8 billion merger with Pepco Holdings Inc. to go through after the district's utility regulators rejected the tie-up over concerns it would harm ratepayers.

  • October 6, 2015

    Deals Rumor Mill: SABMiller, Johnson Controls, Saudi Aramco

    SABMiller PLC has rejected Anheuser-Busch InBev's more than $100 billion takeover offer as too low, Johnson Controls Inc. could pay more than $3 billion to acquire industrial battery maker EnerSys and Saudi Aramco could spend up to $1.5 billion on a China National Petroleum Corp. refinery and assets.

  • October 6, 2015

    FTC Fines Investor For Not Filing Merger Alert On Tech Buy

    Billionaire investor Len Blavatnik has agreed to pay $656,000 to settle allegations he violated antitrust laws by failing to report voting shares he acquired last year in TangoMe, a California technology startup, federal authorities said on Tuesday.

  • October 6, 2015

    Sanchez, Targa Sink $240M Into Eagle Ford Gas Project

    Targa Resources Corp. and Sanchez Energy Corp. said Monday they are teaming up on a $240 million effort to build a natural gas processing plant and associated gas gathering pipelines to tap fields held by Sanchez Energy and other producers in the Eagle Ford shale area of south Texas.

  • October 6, 2015

    EU Agrees To Share Information On Sweetheart Tax Deals

    European Union member states on Tuesday agreed to the automatic exchange of information on cross-border tax rulings, such as sweetheart deals made with multinational companies like Inc. in Luxembourg and Apple Inc. in Ireland to lower their taxes.

  • October 6, 2015

    Apple Supplier To Buy PMC-Sierra In $2B All-Cash Deal

    Semiconductor manufacturer Skyworks Solutions has snapped up California-based chipmaker PMC-Sierra Inc. for $2 billion in cash, the company said Monday.

  • October 6, 2015

    Williams Cos. Hit With Putative Class Action Over $38B Sale

    The Williams Cos. Inc. was hit with a putative class action suit in Delaware Chancery Court on Monday over allegations that its $37.7 billion sale to an affiliate of Dallas-based pipeline firm Energy Transfer Equity LP undervalues the company and shortchanges shareholders.

  • October 6, 2015

    Cadwalader Adds Ex-Norton Rose Energy Partner

    Cadwalader Wickersham & Taft LLP announced on Monday that it has expanded its energy and commodities practice with the addition of a former Norton Rose Fulbright LLP partner as a lateral hire who focuses on regulatory counseling and permitting related to energy infrastructure, and related transactional work.

  • October 6, 2015

    Cravath Steers Amerisource In $2.6B Deal For PharMEDium

    Pharmaceutical distribution giant AmerisourceBergen on Tuesday said it would look to expand its outsourcing business by purchasing compounded sterile preparation provider PharMEDium for $2.575 billion in cash from its private equity backers, in a deal guided by Cravath Swaine & Moore LLP.

  • October 5, 2015

    Investors Say Dell Worth Twice $25B Buyout In Appraisal Row

    Dell investors seeking appraisal of their shares from the computer giant's $25 billion go-private deal told a Delaware Chancery judge Monday that the share price should have been worth roughly twice the transaction price, arguing that the company essentially left $26 billion in value on the table.

  • October 5, 2015

    Boston-Based City Sports Files For Ch. 11

    Boston-based athletics retailer City Sports Inc. on Monday filed for Chapter 11 protection in Delaware, citing competition, the national economy and “record setting weather” as having adversely impacted its sales.

  • October 5, 2015

    Austria Railway Case Brings Wall St. Risks, Justices Told

    The attorney for a woman injured on Austria’s national railway told the U.S. Supreme Court during arguments Monday that granting the country immunity from her personal injury suit would cause uncertainty in the financial world by making it harder for companies to sue foreign governments over complex deals.

  • October 5, 2015

    Del. High Court Affirms Chancery Nixing $2.6B KKR Deal Suit

    The Delaware Supreme Court on Friday upheld a Chancery Court decision to throw out a putative class action by KKR Financial Holdings LLC shareholders who claim they were shortchanged in a $2.6 billion takeover by KKR & Co. LP, finding that suing stockholders did not successfully challenge the board's business judgment.

  • October 5, 2015

    Fertilizer Co. Potash Nixes $8.8B Bid For Rival K+S

    Canada-based fertilizer company Potash pulled its €7.85 billion ($8.8 billion) offer for German rival K+S on Sunday, citing macroeconomic factors such as falling commodities prices and continued pushback from K+S, according to a statement.

  • October 5, 2015

    Deals Rumor Mill: Suncor, BofA Merrill Lynch, Banpu Power

    Canadian Oil Sands Ltd. will reject Suncor Energy Inc.'s hostile $3.3 billion all-stock bid, several banks have secured $3.37 billion in debt to back Hellman & Friedman's purchase of Bain Capital's Securitas Direct Verisure Group stake and Banpu Power is readying a $600 million initial public offering.

  • October 5, 2015

    Engaged Capital Protests $857.8M HeartWare-Valtech Deal

    Activist investor Engaged Capital said Monday that heart pump maker HeartWare International should drop its bid to purchase Valtech Cardio in a cash and stock deal worth as much as $857.8 million, and should consider selling itself instead.

  • October 5, 2015

    Life Time Fitness Wants Suit Over $2.8B PE Buyout Tossed

    Life Time Fitness has asked a Minnesota federal judge to toss a proposed shareholder class action alleging its $2.8 billion private equity buyout undervalued the company and was supported by a misleading proxy statement, saying the plaintiffs have failed to establish any adequate legal grounds.

Expert Analysis

  • Some Useful Insights From Steris-Synergy Merger Case

    Barbara T. Sicalides

    It is unlikely that the Ohio federal court's decision in Federal Trade Commission v. Steris will affect the viability of the future competition theory. However, some of the more practical elements of the case include a possible judicial roadmap for the review of mergers involving a potential market entrant, say Barbara Sicalides and Benjamin Eichel of Pepper Hamilton LLP.

  • Restocking The Buyer’s Private M&A Toolkit Post-Cigna

    Daniel L. Serota

    While there have been many suggestions about how buyers should address the issues raised by Cigna v. Audax, these solutions are often impractical. What is needed is an alternative approach that restores the economic risk allocation that was available pre-Cigna without imposing deal risk, timing delays or reducing value, say Daniel Serota and John-Alex Shoaff of Greenberg Traurig LLP.

  • 5 Things Clients Never Tell Their Lawyers


    Given the times we live in, it is almost inevitable that everyone will, sooner or later, need to consult with legal counsel. With that in mind, I thought it might be interesting to discuss a few things that clients just won't tell their lawyers, says Francis Drelling, general counsel of Specialty Restaurants Corp.

  • Privacy Risk Considerations In Health Care IT Investments

    Erin Whaley

    By whatever name you call it — health information technology, digital health, mobile health, telehealth — there is a lot of private equity and venture capital money flowing to this space. But to help mitigate the risk of your health IT investment becoming a headline, it is imperative that you carefully examine your target’s privacy and security practices, says Erin Whaley of Troutman Sanders LLP.

  • Disclosure-Only Settlements Face Continued Scrutiny

    Israel Dahan

    Vice Chancellor Sam Glasscock, in a stockholder case related to Riverbed Technology's go-private deal, recently expressed serious reservations about the broad releases provided to Riverbed’s directors in exchange for enhanced disclosures. This and other recent rulings highlight the Delaware Chancery Court’s efforts to ensure that meritorious merger challenges are litigated, say attorneys with King & Spalding LLP.

  • Specialty Pharmacy Market Ripe For Private Equity Buyers

    Richard S. Grant

    M&A activity in the specialty pharmacy sector has been quite active, as witnessed by a number of key recent deals spread across different players, including large pharmacy providers and big-box retailers. Although increased valuations are expected to follow, opportunities remain for private equity sponsors able to understand the complex regulatory framework, say attorneys with McGuireWoods LLP.

  • New Data On Bank M&A Approvals — And Some Takeaways

    Mitchell S. Eitel

    Based on information in the Federal Reserve’s recent Semiannual Report on Banking Applications Activity and our own analysis of application approval data, Federal Reserve approval is obtainable, even for relatively large, complex or protested bank mergers, within six to 12 months in the vast majority of cases, say attorneys with Sullivan & Cromwell LLP.

  • 10 Marketing Tips From A Young Partner Perspective

    Richard Segal.jpg

    No one ever told you in law school that once you received the highly coveted associate job in a big firm, that to really succeed at that job and climb the ranks quickly you need to take on a second job — marketing, says Richard Segal of Kluger Kaplan Silverman Katzen & Levine PL.

  • Steris-Synergy Merger Case — A Missed Opportunity

    Beau W. Buffier

    Federal Trade Commission v. Steris Corp. was closely watched because it promised to be the first judicial treatment of potential competition in many years. Unfortunately for antitrust lawyers, the Ohio federal court's decision did not examine the validity or scope of the potential competition doctrine, say attorneys with Shearman & Sterling LLP.

  • In Congress: Boehner, Shutdown, President Xi

    Richard A. Hertling

    Once again Congress is racing against the clock to keep the federal government open — before a midnight deadline Wednesday. The tumultuous process fits the highly partisan pattern of recent years and even led to the surprise announcement Friday from Speaker of the House John Boehner that he will resign from his leadership post and from Congress, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.