Safeway Inc. is being bought by grocery store chain Albertsons, backed by New York private equity giant Cerberus Capital Management LP, in a $9 billion deal that will merge two of the largest grocery store chains in the U.S., the companies said Thursday.
A Delaware bankruptcy judge on Thursday approved Plextronics Inc.'s $32.6 million sale to a unit of a unit of Belgian chemical giant Solvay SA, the technology research company's largest shareholder and creditor.
U.S. Department of Justice antitrust chief Bill Baer has recused himself from reviewing Comcast Corp.'s $45 billion bid for Time Warner Cable Inc., but the watchdog signaled Thursday that it still means business by naming Federal Communications Commission veteran Renata Hesse and litigation deputy David Gelfand to lead the probe.
In the largest pension swap to date, U.K. insurer Aviva PLC said Thursday that it had agreed to a record-setting longevity swap worth £5 billion (US$8.4 billion) for its defined-benefit staff pension scheme, transferring the risk of about 19,000 members to three reinsurers.
Two Internet privacy advocacy groups on Thursday asked the Federal Trade Commission to block Facebook Inc.’s proposed $19 billion acquisition of the mobile messaging service WhatsApp Inc., saying current WhatsApp users’ privacy won’t be protected.
French mass media and telecommunications giant Vivendi SA confirmed Thursday it has received two competing offers for its SFR mobile phone and Internet provider unit from Bouygues SA and Altice SA, in what could potentially result in a major rival for France’s other major telecom provider, Orange SA.
European private equity firm Cinven is mulling the sale of its 38-hospital network Spire for $2.51 billion, while Egyptian investment bank EFG Hermes sold its stake in a Dubai jewelry retailer for $150 million in a bid to raise money for funds focused on the Middle East.
Comcast Corp. said on Wednesday that it has purchased for an undisclosed amount FreeWheel Media Inc. — a startup that helps companies individualize and insert advertisements into on-demand programming — in a deal designed to help FreeWheel grow.
Ardagh Group SA has reached an agreement with the Federal Trade Commission’s staff on the basic terms of a divestiture plan that could resolve the agency's challenge to Ardagh’s proposed $1.7 billion acquisition of a U.S. unit of France's Saint-Gobain SA, according to a filing released Thursday by the FTC.
A management team backed by private equity firm DouglasBay Capital PLC has bought for £280.8 million ($469.4 million) in cash and stock a majority stake in U.K. transport and distribution business Eddie Stobart Logistics from parent Stobart Group Ltd., Stobart said Thursday.
The lawyer on the other side assumed I was the junior and initially deferred to my colleague, a junior male lawyer. I have to admit I did have a little bit of fun with it, playing to his view — the tea, coffee scenario. Of course, when he realized his error, it affected his contribution to the meeting, which was a positive, says Caroline Noblet, co-head of Squire Sanders LLP's labor and employment practice group.
Young attorneys often make a key mistake — they fail to make themselves truly indispensable to a supervisor or to a client. They forsake forging deep bonds with a handful of select folks who will ultimately help to advance their careers, for the sake of doing bits and pieces on a variety of different matters, says Jill Nicholson, chairwoman of Foley & Lardner LLP's bankruptcy and business reorganizations practice.
In guiding Google Inc.'s $3.2 billion acquisition in January of high-tech household products maker Nest Labs Inc., Orrick Herrington & Sutcliffe LLP crafted a deal allowing Nest to accelerate its growth and giving Google firmer footing in the revolutionary consumer goods market.
The bidding war between Minerals Technologies and Imerys SA for Amcol International Corp. continued on Thursday as Minerals Technologies upped its offer to buy to almost $1.5 billion not including debt, an offer the company said is superior to Imerys' latest bid.
Activist investor Carl Icahn stepped up his feud with eBay Inc. on Thursday, issuing a letter blasting the online auction house's "epic blunders" and saying that most shareholders favor separating eBay's multibillion-dollar payment-processing unit PayPal Inc. into a new business.
Ordered to divest a rival's assets that it acquired through a deal antitrust regulators have branded illegal, online ratings platform maker Bazaarvoice Inc. on Tuesday blasted the government's proposal for making the soon-to-be-divested company a viable competitor, saying it was punitive and went too far.
Air travelers urged the Ninth Circuit on Tuesday to rehear their challenge to the $1.4 billion merger of Southwest Airlines Co. and AirTran Holdings Inc., saying a three-judge panel wrongly concluded they hadn’t suffered any antitrust injuries even though the reduction of competition in the airline industry was injury enough.
An affiliate of Philadelphia-based private equity firm Versa Capital Management LLC has acquired corporate housing supplier BridgeStreet Global Hospitality for an undisclosed amount, the companies said Tuesday.
Hutchison Whampoa Ltd. on Tuesday submitted a series of commitments aimed at assuaging European antitrust regulators' concerns that the company's proposed $1.1 billion acquisition of Telefonica SA's Irish business could stifle competition, according to a notification on the European Commission's website.
The private equity market is prepped for a slew of deals in 2014, as $1 trillion in dry powder, low interest rates and buoyant equities markets join forces to boost competition and maintain high prices, according to a new report by Bain & Co.
The Delaware Court of Chancery recently rejected a party’s attempt to object to the production of documents located in France on basis of the French Data Protection Act. Given the court’s reputation and influence in corporate litigation, In re Activision Blizzard Inc. Stockholder Litigation does not augur well for foreign parties hoping to resist U.S.-style discovery on basis of their country’s data privacy statute, says Pierre Grosdidier of Haynes and Boone LLP.
Cloud users must know how to use the cloud responsibly to prevent later difficulties with document production. When negotiating a cloud service agreement, users should look for certain services that will prove useful when responding to discovery requests, such as comprehensive search options, instant suspension of the auto-delete function, and preservation of metadata and embedded data, say attorneys with Sidley Austin LLP.
As the mergers and acquisitions markets in Asia continue to mature, U.S. and European multinationals involved in such markets are more frequently experiencing the clash in approaches to M&A risk allocation. As a general matter, stock sale and purchase agreements negotiated by English lawyers tend to place greater risk on purchasers than is typical in agreements negotiated by U.S. lawyers, says Jonathan Stone of Skadden Arps Slate Meagher & Flom LLP.
In an age of heightened litigation risk and motivated regulators, private equity and other investment firms cannot focus simply on their own legal compliance, but must remain diligent with respect to the portfolio companies in which they invest. Ways to mitigate secondary liability risks include requiring the election of a majority of independent directors at the portfolio company, say Ari Berman and Amy Tankersley of Vinson & Elkins LLP.
Ideally, implementing the type of Foreign Corrupt Practices Act review suggested by U.S. regulators in cross-border mergers and acquisitions will uncover any evidence of corruption before a deal is inked. But even if it does not, the exercise can provide a range of significant benefits, not the least of which is identifying “red flags” that can be addressed in deal documents and incorporated into the buyer’s integration plans, say attorneys with Dentons.
In stark contrast to the changing environment for the majority of lawyers today, the evolution for the general counsel is driven less by necessity than by opportunity. Today’s GC may touch every aspect of his or her organization to solve challenges and propel the company forward, keeping the GC far ahead of what is expected of the average lawyer, says James Merklinger, vice president and general counsel of the Association of Corporate Counsel.
Identifying market trends for private-company mergers and acquisitions proves challenging due to the inherent lack of data. While there are a number of studies that allow practitioners the opportunity to compare their experience to a compilation of transaction data, no study can accurately capture the nuances present in each M&A transaction that impact the terms finally agreed to by the parties, says Lisa Hedrick of Hirschler Fleischer PC.
In a recent Law360 guest column, Judge Wayne D. Brazil of JAMS shares the products of his research into decision analysis and gives several reasons why it is not a reliable tool for assessing the discounted settlement value of civil cases. Without question, however, his research has misinformed him, says Marc Victor, president of Litigation Risk Analysis Inc.
Commercial courtrooms in London are bustling with foreign litigants. England has many of the advantages of the U.S. system — like robust interim orders — without some of the U.S.’s distinct procedural disadvantages. And in addition to simplified discovery, litigating in England allows U.S. litigants to avoid punitive cost rules and the sometimes arbitrary verdicts of juries, say Ben Holland and Arielle Goodley of Covington & Burling LLP.
As a result of Germany’s capital markets volatility and unpredictability, alternative transaction structures such as pre-initial public offering placements and block trades are the new normal. So is institutional investors' willingness to transact with companies directly without investment banks as intermediaries. These developments will continue to change how transactions are structured, marketed and documented, say Stephan Hutter and Katja Kaulamo of Skadden Arps Slate Meagher & Flom LLP.