Mergers & Acquisitions

  • February 27, 2015

    Banco Popular Snaps Up Doral In FDIC Failed-Bank Deal

    The Federal Deposit Insurance Corp. stepped in on Friday and took over Doral Financial Corp., handing over the operations of Puerto Rico’s only community bank to Banco Popular in a deal that will cost the U.S. regulator about $749 million.

  • February 27, 2015

    Public Cos. Fill Week’s IPO Void With Follow-On Offerings

    Not a single company launched an initial public offering during the final week of February, but already-public companies filled the void with nearly $5.2 billion worth of follow-on offerings priced, as a handful of drugmakers targeted capital for operations and acquisitions and a retailer charted an exit for its private equity backers.

  • February 27, 2015

    Skadden Blasts 'Vexatious' Radnor Founder's Fraud Claims

    Skadden Arps Slate Meagher & Flom LLP and hedge fund Tennenbaum Capital Partners LLC on Thursday pushed back against fraud accusations by the founder of defunct packaging company Radnor Holdings Corp., with the law firm calling him a “serial and vexatious litigant” whose actions are sanctionable.

  • February 27, 2015

    Vivendi Inks Deal To Sell Numericable-SFR Stake For $4.4B

    French media company Vivendi SA accepted Friday a €3.9 billion ($4.4 billion) offer to sell its 20 percent stake of telecommunications unit Numericable-SFR to Altice SA and Numericable-SFR, both owned by billionaire Patrick Drahl, promising to use some proceeds to launch a stock buyback.

  • February 27, 2015

    Dole Expert Must Have 'Body And Brain,' Del. Chancery Says

    Dole Food Co. Inc. can’t use Stifel Nicolaus & Co. Inc. as an expert witness in its defense of a shareholder suit accusing owner David H. Murdock of shortchanging the company in a $1.6 billion take-private deal, the Delaware Chancery Court ruled Friday, saying an expert witness must be a biological person.

  • February 27, 2015

    February M&A Confirms Big Pharma Deals Still In Vogue

    Big Pharma bookended February deal-making with two of the biggest transactions of 2015 to date, extending an impressive run in the marketplace that traces back a full year and shows few signs of stopping.

  • February 27, 2015

    Pulling Up Stakes: Dickstein, Bryan Cave, Seyfarth Shaw

    In this week's roundup of deal makers on the move, Dickstein Shapiro LLP landed a pair of M&A and private equity pros for its New York and Connecticut outposts, Bryan Cave LLP picked up a financial services ace in Denver and Seyfarth Shaw LLP nabbed a financing and transactions partner in Houston.

  • February 27, 2015

    Deals Rumor Mill: Samsom, NY Daily News, Banco BPI

    Oil and natural gas company Samson Resources Co. has hired the restructuring teams of Kirkland & Ellis LLP and Blackstone Group to help advise during what has become a messy restructuring, while the New York Daily News may be on the chopping block after being approached recently by a potential buyer.

  • February 27, 2015

    SEC Settles With Japanese Banker In $2B Olympus Scandal

    The U.S. Securities and Exchange Commission said Friday it has reached a settlement with a Japanese broker alleged to have been involved in the $2 billion fraud scandal that hit camera and medical device maker Olympus Corp. in 2011 over exorbitant advisory fees paid on costly acquisitions, agreeing to drop the case in exchange for his withdrawal from the securities industry.

  • February 27, 2015

    Altice Offers Concessions For $8.3B Portuguese Assets Deal

    Altice SA has offered concessions to obtain approval from European antitrust authorities for its €7.4 billion ($8.3 billion) deal to acquire Brazilian telecommunications company Oi SA's Portuguese assets, according to a notice posted Thursday by the European Commission.

  • February 27, 2015

    Valero Drops Texas, La. Terminals Down To MLP For $671M

    Valero Energy Partners LP said Friday it's agreed to pay $671 million for crude oil and petroleum terminals in Texas and Louisiana from subsidiaries of its general partner Valero Energy Corp.

  • February 27, 2015

    Thai Union Eyes $400M Offering To Fund Bumble Bee Buy

    Thai Union Frozen Products PCL is planning to raise $400 million by offering new shares to existing shareholders, saying it will use the money to help finance acquisitions including its pending agreement to purchase private equity-backed Bumble Bee Foods LLC for $1.5 billion.

  • February 27, 2015

    Deal-Hungry T-Mobile Chief Says Dish Union 'Makes Sense'

    The top executive at T-Mobile US Inc. hinted at his company's next tie-up aspirations on Friday, saying a combination with satellite TV provider Dish Network Corp. “makes some sense.”

  • February 27, 2015

    Taxation With Representation: Sullivan, Latham, Cravath

    In this week’s Taxation With Representation, Valeant is successful in its bid to create a pharmaceutical behemoth, two metal producers combine to form a trans-Atlantic mining giant, and a Spanish utility grows in the U.S. with help from a couple of Cravath tax attorneys.

  • February 27, 2015

    Nikon Latest Japan Biz To Go Abroad With $400M Optos Buy

    Nikon Corp. said Friday it would pay $400 million for British retinal-imaging company Optos PLC in the second deal in recent weeks by a Japanese camera maker looking to use a big-ticket transaction to expand its reach abroad.

  • February 27, 2015

    Mondelez Unloads Ajinomoto Coffee Biz In $226M Deal

    Mondelez International Inc. said Friday that it has agreed to sell its half of Ajinomoto General Foods Inc. to joint venture partner Ajinomoto Co. Inc. for roughly 27 billion yen ($225 million), in a move meant to enable Mondelez to better focus on its portfolio of snacking products.

  • February 26, 2015

    Don't Miss It: Hot Deals & Firms We're Following This Week

    With so much M&A news this week, you may not have seen some announced deals involving several law firms like Jones Day, Bryan Cave, Wachtell Lipton and others. Here, Law360 takes a look at the ones you might have missed.

  • February 26, 2015

    Sullivan Guides NorthStar's Plan To Spin Off European Biz

    New York real estate investor NorthStar Realty Finance Corp. said Thursday that it would spin off its European real estate business into a separate publicly traded real estate investment trust that potentially might dual-list in the U.S. and Europe, in a deal guided by Sullivan & Cromwell LLP.

  • February 26, 2015

    FTC’s Wright Calls For Vote On New FTC Act Section 5 Rules

    Commissioner Joshua D. Wright on Thursday called for a Federal Trade Commission vote on his newly proposed limiting guidelines for the agency’s “ambiguous” authority to police unfair competition, saying that the agency has to act to retain its power under Section 5 of the FTC Act.

  • February 26, 2015

    Deals Rumor Mill: Enel, Atkins, Terra Firma

    Italy has reportedly agreed to sell a 5.74 percent stake in state-owned energy utility Enel for $2.5 billion, while Atkins Nutritional, creator of the low-carb diet program, is on the chopping block and could fetch upwards of $1 billion.

Expert Analysis

  • 2 Delaware Cases May Slow Appraisal Arbitrage Momentum

    Mark D. Gerstein

    Two appraisal cases out of Delaware involving CKx Inc. and Ancestry.com mark an important judicial response to the recent spike in “appraisal arbitrage,” which may effectively subdue the rise of this practice. The scope of these decisions, however, should not be overstated, say attorneys with Latham & Watkins LLP.

  • Behavioral Health And Other Rumblings From JPMorgan 2015

    Richard S. Grant

    After conversations with numerous health care private equity funds and lenders at the JPMorgan Healthcare Conference, we can report that the behavioral health sector continues to generate a great deal of buzz. In addition to some of the widely reported multifacility large investments, there is much more interest from funds in serial acquisitions of discrete facilities or operations, say attorneys with McGuireWoods LLP.

  • How Activists Use Lack Of Information To Achieve Results

    Patrick Tucker

    Emboldened by an enormous influx of funds and several high-profile “wins” over the last several years, activists have increasingly honed their communications strategies, making unequivocally incomplete statements designed to shift public perception broadly while also gaining tactical victories against targeted companies, says Patrick Tucker, senior vice president at financial communications firm The Abernathy MacGregor Group.

  • Allergan Fuels Tension Over Schedule 13D Disclosure

    Jonathan R. Tuttle

    An unresolved question that was brought into sharper relief in the Allergan Inc. takeover battle is whether the 10-day initial filing requirement for Schedule 13D filings should be shortened. Although not necessarily implicated in this case, critiques of the current beneficial ownership regime have focused on the use of derivatives to sidestep the Schedule 13D reporting requirements, say attorneys with Debevoise & Plimpton LLP.

  • In-House Counsel's Dirty 'Little' Secret: Data Leakage

    Jennifer Topper

    Not every data breach is a massive headline-grabbing theft of consumer credit card information. As significant as these events may seem, the more dangerous and prevalent threats are the least visible — occurring through "data leakage." Put simply, this is raw meat awaiting a strike by the plaintiff’s bar, says legal industry adviser Jennifer Topper.

  • 6 Lessons From 9th Circ. St. Luke's Decision

    Meytal McCoy

    Although it focuses specifically on a health care acquisition, the Ninth Circuit's recent decision in St. Alphonsus Medical Center v. St. Luke’s Health System is instructive on a broad range of antitrust issues, says Meytal McCoy of Mayer Brown LLP.

  • FERC's New Merger Review Proposal And Its Impact

    Mark C. Williams

    A proposed policy would significantly expand the scope of the ratepayer protection commitments that must be offered by electric utilities seeking Federal Energy Regulatory Commission approval for mergers and, as a result, may materially alter the financial calculus for companies considering those transactions. The proposed policy may also make recovery from bankruptcy even more challenging and uncertain, say attorneys with Morgan L... (continued)

  • Not Too Big To Grow: Another Arrow In Banks' M&A Quiver

    Suzanne Ewing

    When structured and executed correctly, targeted loan asset acquisitions can be an effective tool that banks of all sizes can use to grow revenue while mitigating successor liability concerns, avoiding acquisition of noncore assets, and minimizing the full-scale integration and regulatory issues that accompany traditional bank mergers, say Reg Weatherly and Suzanne Ewing of Buchanan Ingersoll & Rooney PC.

  • Germany's New Merger Guidelines May Not Be Very Practical

    Daniel Wiedmann

    A guidance paper published last year by the German Federal Cartel Office aims to provide more legal certainty on when foreign-to-foreign transactions that may not significantly affect Germany need to be notified. While the guidance is a welcome development, it provides a safe harbor only for clear-cut cases, says Daniel Wiedmann of P&P Pollath & Partners.

  • Despite St. Luke's, The Efficiencies Defense Is Not Dead

    Leigh Oliver

    In light of the Ninth Circuit's recent decision in St. Alphonsus Medical Center-Nampa Inc. v. St. Luke’s Health System Ltd., the question remains as to whether there is a place for efficiencies arguments in merger cases, including health care mergers. We would argue, emphatically, yes, say Leigh Oliver and Robert Leibenluft of Hogan Lovells LLP.