Mergers & Acquisitions

  • October 9, 2015

    SandRidge Energy Agrees To $38M Deal In Shareholder Suits

    An Oklahoma federal judge gave a preliminary nod Friday to SandRidge Energy Inc.'s $38 million deal to partially settle shareholder derivative claims over the 2013 ouster of CEO Tom Ward that came amid a chorus of criticism from investors over perceived wrongdoings.

  • October 9, 2015

    Lane Bryant Owner Ascena Signs $2.2M PE Stake Deal

    Private equity outfit Golden Gate Capital on Thursday disclosed that it had acquired a 9 percent stake in Ascena Retail Group Inc., which owns women’s clothing brands Lane Bryant and Ann Taylor, for $2.24 million, saying that it believes the stock is significantly undervalued.

  • October 9, 2015

    Chancery Blasts Disclosure-Only Deal In HP Merger Suit

    A Delaware Chancery judge on Friday quashed a proposed settlement that sought to resolve an investor lawsuit over Hewlett-Packard’s $2.78 billion merger with Aruba Networks, a settlement the judge called part of a systemic problem of disclosure-only resolutions.

  • October 9, 2015

    Roche Pays $580M For Biotech Developing Arthritis Treatment

    Swiss biotech giant Roche Holding will buy a venture capital-backed company based in California that is developing a treatment for rheumatoid arthritis and other autoimmune and inflammatory diseases in a deal worth up to $580 million.

  • October 9, 2015

    UK Watchdog Puts Conditions On Reckitt, K-Y Deal

    The U.K.'s antitrust watchdog said on Friday that Reckitt Benckiser Group PLC's plans to buy the global rights to the K-Y personal lubricant brand from Johnson & Johnson may be allowed to go through, but only under certain conditions.

  • October 9, 2015

    Inovio Beats Former Pharma Exec's Stock Options Suit

    A federal judge has tossed a lawsuit alleging a former pharmaceutical company executive was wrongly blocked from exercising stock options after a merger, but left the door open for the plaintiff to offer proof he sought to exercise options within the allowable time limit.

  • October 9, 2015

    DOJ Antitrust Chief Seeks End To Bottlenecks In Video Market

    In a Friday speech on competition in the video market, the head of the U.S. Department of Justice's antitrust division stressed the importance of keeping the ever-evolving marketplace competitive by ensuring that existing bottlenecks are expunged and new ones are prevented.

  • October 9, 2015

    Apax Pays $129M For Electra PE's Stake In Indian IT Co.

    Electra Private Equity PLC said Friday that it has sold its 23 percent stake in Indian information technology services provider Zensar Technologies Ltd. to Apax Partners for about £84 million ($128.6 million), reaping a whopping 19 times the initial investment made by the British private equity firm.

  • October 9, 2015

    Deals Rumor Mill: Intel, Dell, Formula One

    Intel Corp.'s $17.6 billion acquisition of Altera Corp. will gain European Commission approval, Dell Inc. will offer to buy EMC Corp. for about $33 per share and the Miami Dolphins owner and Qatar’s sovereign wealth fund are teaming up to bid on a controlling stake in Formula One.

  • October 9, 2015

    M&T, HCB Hid Violations Ahead Of $3.7B Merger, Suit Says

    A proposed shareholder class action in Delaware federal court says M&T Bank Corp. and Hudson City Bancorp Inc. hid M&T’s regulatory violations that significantly delayed the $3.7 billion merger of the two banks, costing investors some $200 million in diminished dividends.

  • October 9, 2015

    Millenial Shareholder Can't Shut Down $238M AOL Buy

    A Delaware Chancery judge on Thursday ruled that Millennial Media Inc. had provided a proposed class of shareholders with enough information when seeking approval of AOL Inc.’s $238 million buyout offer, denying a shareholder's request to stop the upcoming merger and ruling he can’t appeal the decision.

  • October 9, 2015

    Judge Says GE Attys Can Get Rivals' Info In Merger Fight

    The judge overseeing a U.S. Department of Justice challenge to the $3.3 billion General Electric Co.-Electrolux AB tie-up rejected on Friday intervening rival appliance makers' objections to giving in-house GE attorneys access to their confidential information, pointing to both under oath declarations and a protective order.

  • October 9, 2015

    Taxation With Representation: Cravath, Skadden, Jones Day

    In this week’s Taxation With Representation, a pharmaceutical behemoth expands with some help from Cravath Swaine & Moore LLP tax attroneys while an Apple chip supplier acquires a rival, and a consumer products company buys the owner of Elmer’s glue.

  • October 9, 2015

    New York Signs Off On $3.7B M&T, Hudson City Merger

    The long-delayed $3.7 billion merger between M&T Bank Corp. and Hudson City Bancorp cleared its latest hurdle Friday when the New York Department of Financial Services signed off on the deal.

  • October 9, 2015

    DSV To Acquire Fellow Transport Co. In $1.35B Deal

    Danish delivery giant The DSV Group has agreed to acquire U.S.-based logistics company UTi Worldwide Inc. for about $1.35 billion, the companies said Friday, in a move meant to bolster and expand DSV's transport ability throughout the world.

  • October 9, 2015

    5 Ways PE Firms Can Trump Corporate Bidders

    As corporate buyers employ the large sums of cash on their balance sheets in their hunt for revenue growth, private equity firms are struggling to compete in increasingly competitive auctions. Here, Law360 looks at five ways private equity firms can sweeten their offer.

  • October 8, 2015

    Signal Gets OK To Solicit Creditors On Ch. 11 Plan

    A Delaware bankruptcy judge gave Signal International LLC the nod on its Chapter 11 plan disclosure statement, allowing the oil services company to solicit creditors on a strategy that aims to pay ex-employees accusing the debtor of labor trafficking at least $20 million.

  • October 8, 2015

    LSE To Shed Russell Investments In $1.15B Sale To PE Firms

    The London Stock Exchange Group said Thursday it will sell Russell Investments, the global asset manager and stock index unit of U.S.-based Frank Russell Co., to a pair of U.S. private equity firms led by TA Associates for $1.15 billion in an all-cash deal.

  • October 8, 2015

    Milagro Oil & Gas Ch. 11 Plan Gets Green Light From Judge

    A Delaware bankruptcy judge on Thursday approved Milagro Oil & Gas Inc.'s Chapter 11 plan, which is centered on a $217 million deal shipping its assets to White Oak Resources VI LLC.

  • October 8, 2015

    Shareholder Sues Adept Tech Over $200M Sale To Omron

    Adept Technology Inc. was hit with a proposed shareholder class action in Delaware Chancery Court on Wednesday claiming the company’s $200 million sale to automation equipment maker Omron undervalues the company and shortchanges shareholders.

Expert Analysis

  • 10 Ways To Become A 360-Degree Lawyer

    Rosario Lozada Schrier

    Whether you’re a millennial joining the profession or a seasoned veteran, the challenges posed by the current legal market compel everyone to adapt and innovate. Law professors Rosario Schrier and Annette Torres team up to offer 10 tips to develop a more diverse skill set.

  • Delaware Affirms The Power Of A Stockholder Majority

    Martin Seidel

    In Corwin v. KKR Financial Holdings, the Delaware Supreme Court recently confirmed the reluctance of the state's courts to second-guess the disinterested stockholder majority’s determination of what is in their best interest, say attorneys with Cadwalader Wickersham & Taft LLP.

  • Don’t Burst My Bubble! IRS Provides Clarity For F Reorgs

    Bryan Smith

    Given F reorganizations' many potential uses, the guidance in recently issued IRS regulations, in particular the confirmation that such reorganizations may in fact occur “in a bubble” without impacting the treatment of related transactions, is welcome, say attorneys with Perkins Coie LLP.

  • 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

    Francis Drelling

    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.