In this week’s Taxation With Representation, Eldorado Resorts snatches up Isle of Capri Casinos for $1.7 billion, a tech-focused private equity firm buys California-based Infoblox for nearly as much, and Lennar Corp. expands its Florida footprint with a $643 million deal.
A Delaware Chancery judge said Friday he would try to render bench rulings on Tesla Motors Inc. investors’ bids to consolidate and fast-track their challenges to the proposed $2.6 billion acquisition of SolarCity Corp., potentially giving them a chance to halt an upcoming shareholder vote on the deal.
With so much mergers and acquisitions news this week, you may have missed several deals announced in recent days helmed by firms such as Kirkland, Ropes & Gray and Allen & Overy. Here, Law360 recaps the ones you might have missed.
Google, News Corp. and Ask.com owner Interactive Corp. urged a California federal judge Friday to declare a former MySpace co-owner a vexatious litigant over his pursuit of allegations they depressed MySpace’s price ahead of its 2005 sale, saying he’s filed 16 “really harassing” motions since the court dismissed the claims a year ago.
Staffing company Adecco Inc. sued an arm of the Gores Group in a New York court Thursday, claiming the private equity firm owes it $2.1 million from an acquisition deal.
California-based Analogix Semiconductor Inc. announced Thursday that it has been purchased by a Chinese investment fund for more than $500 million.
Coca-Cola Femsa SAB de CV, Coke’s Central and South American bottling arm, said it would buy Brazilian Coke bottler Vonpar on Friday in a deal valued at 3.5 billion Brazilian reais ($1.1 billion), allowing Coca-Cola Femsa to expand its reach in the south of Brazil.
Salesforce is mulling a Twitter takeover that could value the social media company at around $13 billion; U.S. options exchange CBOE is in discussions to buy Bats Global, which is valued at about $2.6 billion; and Mexican billionaire Carlos Slim has acquired a $112 million stake in CaixaBank.
Germany’s Knorr-Bremse said Friday that it again raised its stake in Haldex and called the increase a confirmation of the attractiveness of its 5.52 billion Swedish kronor ($649 million) takeover offer, the latest twist in a monthslong bidding war over the Swedish brake company.
The U.S. Department of Justice is trying to sabotage a $54 billion merger between Anthem and Cigna by publicly airing internal memos that detail strife between the two insurers, according to a new filing from Anthem in D.C. federal court.
The U.S. Department of Justice has worked with foreign enforcers on some of the most high-profile antitrust cases in recent memory, and will likely increase collaboration with international counterparts in the future, Renata Hesse, acting assistant attorney general of the DOJ’s Antitrust Division, said Friday.
With divestitures and carveouts on the rise, more and more public companies are weighing reverse Morris trust transactions, a tax-friendly deal structure that allows investors maintain an interest in the assets being sold. Here, Law360 features three recent RMT deals and the law firms that led them.
A consortium of investors led by Brookfield Infrastructure will shell out $5.2 billion for a majority stake in a system of natural gas transmission assets in the southeast of Brazil from Petrobras, according to a Friday statement.
A Verition Fund Management unit that invested in Ruckus Wireless Inc. petitioned the Delaware Chancery Court on Thursday for appraisal of its shares in the wake of the wireless company’s $1.2 billion acquisition by Brocade Communications Systems Inc., adding additional scrutiny to a deal already challenged in federal court.
Book retailer Books-A-Million asked a Delaware Chancery Court judge Thursday to toss an investor challenge to a $21 million takeover bid by the company’s controlling shareholder, saying the deal was approved by an independent committee that negotiated for a higher price.
The Federal Energy Regulatory Commission on Thursday asked for comments on revising how it assesses market power when considering electric utility industry mergers and acquisitions.
Chemical and drug heavyweight Bayer has committed to selling off parts that net it up to $1.6 billion in sales per year to complete its merger with crop giant Monsanto if regulators demand it as a condition of the deal, Monsanto said in a Wednesday filing.
Comcast Corp. said Thursday it has reached a deal to buy the 24 percent stake in Philadelphia-based sports and entertainment company Comcast Spectacor owned by the late Ed Snider, co-founder and longtime owner of the Flyers hockey team.
EQT wants to exit its up to $3.3 billion stake in German health care firm BSN Medical, Advent could pay around $2.7 billion to buy biometrics and security company Morpho and Shanghai Electric is nearing a roughly $1.6 billion acquisition of a controlling stake in Pakistani utility K-Electric.
The Federal Communications Commission should let Nexstar Broadcasting Group Inc. complete its $4.6 billion acquisition of Media General Inc. before the broadcast incentive auction ends, the companies told the regulator Wednesday, as waiving rules against major ownership changes mid-auction would best benefit the public interest.
Given the plaintiffs bar’s heightened focus on conflict allegations against target directors premised on merger agreements, boards of target corporations, when reviewing the protections they are granting themselves, should pay attention to not only the guidance of Riverstone National, but also the arguable legacy of CVS-Caremark, says Ethan Klingsberg of Cleary Gottlieb Steen & Hamilton LLP.
The health care regulatory environment can be complex and difficult to navigate for new entrants into the field and seasoned veterans alike. Depending on the type of transaction, various federal, state, local and agency rules may apply. Matthew Eisler and Russell Hedman of Hogan Lovells US LLP discuss essential steps to identify and address regulatory risk in health care acquisitions.
It can be difficult for a private equity investor to detect potential wrongdoing by the entities or individuals involved in a target’s business. Therefore, when drafting contractual safeguards in a purchase agreement, investors should take measures to shield themselves against both identified and unidentified risks, say attorneys with Dechert LLP.
As automation increases, so do business challenges that impact overall law firm operations. Records departments are facing roadblocks associated with antiquated processes, ever-changing regulatory requirements, and emerging technologies. As a result, firms are reassessing the needs of their records department staffing models, says Raymond Fashola of HBR Consulting.
States have recently stepped up enforcement of unclaimed property laws to generate additional revenue and the oil and gas industry has become an attractive target. Because unclaimed property compliance obligations can be particularly complex it is critical that companies understand the current landscape and the best ways to navigate the audit process, say attorneys at Sidley Austin LLP.
M&A activity in August 2016 declined across most metrics both in the U.S. and globally. In this video, Ariel Deckelbaum of Paul Weiss Rifkind Wharton & Garrison LLP discusses the latest changes in U.S., global and sponsor-related activity.
China's recently adopted shift from an approval system to a record-filing system for establishing foreign-invested enterprises symbolizes a desire to create a simplified and efficient environment for foreign investment and will substantially lessen regulatory burdens on investors, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.
Judgment enforcement is typically governed by the law of the state where collection is sought, which frequently means collection efforts are controlled by an arcane body of law replete with debtor-friendly roadblocks. Fortunately, there are a number of actions a judgment creditor can take to secure satisfaction of a claim, say Craig Weiner and Michael Kolcun of Robins Kaplan LLP.
There is plenty of room for miscalculation and misfortune in mergers and acquisitions in the aerospace, defense and government services space. M&A between strategic buyers in the industry pose particular challenges for post-closing integration, says Jerry Howe of Fried Frank Harris Shriver & Jacobson LLP.
Those involved in corporate M&A often overlook political law compliance issues until after the transaction is complete. This can leave the acquiring company with unexpected post-merger problems to solve, says Robert Lenhard, partner at Covington & Burling LLP and former chairman of the Federal Election Commission.