Mergers & Acquisitions

  • March 6, 2015

    Permira Unit Sells $122M Stake In UK's Just Retirement

    A subsidiary of European private equity giant Permira said Friday it would hack down its controlling interest in British annuity provider Just Retirement Group PLC through a stock sale worth $122 million.

  • March 6, 2015

    TPG, HK Cruise Operator To Pare Stakes In Norwegian

    Private equity-backed Norwegian Cruise Line Holdings Ltd. announced a secondary public offering of 12.5 million shares Thursday in which funds affiliated with TPG Global and cruise operator Genting Hong Kong will trim their stakes as Norwegian shares hover at peak levels.

  • March 6, 2015

    CPPIB Drops $1.96B In First-Ever Student Housing Investment

    The Canada Pension Plan Investment Board has agreed to pay roughly £1.1 billion ($1.96 billion) for the Brandeaux Student Accommodation Fund's U.K. student accommodation portfolio, the companies said Friday, marking CPPIB's first foray into the world of student housing.

  • March 6, 2015

    Wendel Nets €1B As It Downsizes Its Bureau Veritas Stake

    French investment firm Wendel SA said on Friday that it raked in nearly €1 billion ($1.1 billion) by selling a 10.9 percent stake — 48 billions shares — in Bureau Veritas SA, though it has long-term plans to remain one of the testing and inspection outfit's biggest shareholders.

  • March 6, 2015

    Japan's Sompo Eyes $915M Stake In French Reinsurer Scor

    The rush to scoop up high-potential reinsurance assets continued on Friday with a deal to fold a $915 million stake in Scor SE into Sompo Japan Nipponkoa Holdings Inc., a property and casualty insurer with an appetite for global expansion.

  • March 6, 2015

    Growth-Hungry Japanese Convenience Stores Mull $23B Union

    Two of Japan's biggest convenience store chains, long squeezed for growth, confirmed Friday that they are in talks over a merger that could spawn a $23 billion-a-year outfit to better compete with industry leader Seven-Eleven Japan.

  • March 6, 2015

    Fosun Puts Up $139M For Stake In UK Travel Co.

    Private-owned Chinese conglomerate Fosun International Ltd. announced Friday that it ha scooped up a 5 percent share of London-based travel company Thomas Cook Group PLC for £92 million ($139 million) and has plans to add more shares to tack onto its expanding hospitality portfolio.

  • March 5, 2015

    BPI Directors Urge Shareholders To Nix $1.2B Takeover Bid

    Portuguese lender Banco BPI SA’s board of directors is recommending shareholders reject a takeover bid by CaixaBank SA, already BPI’s largest shareholder, saying Thursday the Spanish bank’s €1.09 billion ($1.2 billion) offer undervalues the company.

  • March 5, 2015

    Saladworks Plan For Ch. 11 Sale Draws Creditor Flak

    A major creditor and an equity holder of Saladworks LLC took aim late Wednesday at the casual restaurant chain’s sale plans and protested the debtor’s bid to have the bankruptcy shield its CEO from breach-of-contract claims in Delaware Chancery Court or attempts to collect on loans he purportedly guaranteed.

  • March 5, 2015

    Akorn Hid Delays Integrating VersaPharm, Shareholder Says

    Akorn Inc. failed to disclose it was lagging in integrating VersaPharm Inc. and another newly acquired subsidiary into its accounting system, artificially inflating the market price of its securities, an Akorn shareholder alleged in a securities lawsuit filed in Illinois federal court Wednesday.

  • March 5, 2015

    Paul Hastings Hires Co-Head Of Fried Frank's M&A Practice

    Paul Hastings LLP snagged a Fried Frank Harris Shriver & Jacobson LLP mergers and acquisitions partner with experience working on health care megamergers and private equity investments to chair its M&A practice in New York, the firm said on Thursday.

  • March 5, 2015

    Deals Rumor Mill: FamilyMart, Simon Property, CBRE Group

    Japan's FamilyMart Co. and UNY Group Holdings Co. are mulling a merger that would create a convenience store operator boasting a combined $21.8 billion in sales over the past year, while Simon Property Group Inc. hopes to takeover fellow shopping-mall owner Macerich Co. for upwards of $13 billion.

  • March 5, 2015

    Judge OKs LBO $590M Settlement Distribution Plan

    A Massachusetts federal judge who has already approved $590 million in settlements and a $200 million attorneys' fee gave the green light Monday to an allocation plan in an antitrust class action claiming Goldman Sachs Group Inc., Carlyle Group LP and other private equity firms teamed up to keep leveraged buyout prices low.

  • March 5, 2015

    Morgan Lewis Wants Philly Papers' Billing Suit In Delaware

    Morgan Lewis & Bockius LLP said in a filing docketed Wednesday in Pennsylvania state court that accusations by the parent company of Philadelphia’s two major daily newspapers that the firm improperly sided with one faction in a 2013 ownership dispute should be heard in Delaware’s courts.

  • March 5, 2015

    Ex-XStrata Head's New Firm Raises $5.6B For Mining Venture

    X2 Resources, the London-based investment firm launched by Xstrata PLC's former CEO, revealed on Thursday that it has raised $5.6 billion from an array of investors and will use the money to create a new midsized mining company.

  • March 5, 2015

    GIC Boosts Merlin Stake After Blackstone, CVC Share Sale

    Singapore's sovereign wealth fund GIC Private Ltd. on Thursday almost doubled its minority stake in Merlin Entertainments PLC, the British operator of Madam Tussauds wax museums and dozens of other attractions, scooping up shares worth about $130 million based on recent trading.

  • March 5, 2015

    Citi Continues Slimdown In $1.2B Turkish Bank Stake Sale

    Citigroup Inc. said Thursday it shed its minority stake in Turkish lender Akbank TAS in a $1.2 billion share sale, the latest in a string of asset disposals for the New York-headquartered bank as it scales down its international operations.

  • March 5, 2015

    Recruit's $219M Pickup Adds To Outbound Japan M&A Surge

    Japanese staffing firm Recruit Holdings Co. Ltd. has agreed to acquire German online restaurant reservation service provider Quandoo GmbH for €198.6 million ($219 million), marking the latest in what has been a surge of overseas deal-making among Japanese companies.

  • March 5, 2015

    Growth-Minded AMAG Pharma Closes $201.2M Stock Offering

    Amag Pharmaceuticals Inc. has completed an upsized $201.2 million stock offering, raising money for product lineup expansion and possibly acquisitions, in a transaction guided by Goodwin Procter LLP and Davis Polk Wardwell LLP.

  • March 5, 2015

    Mallinckrodt Puts Up $2.3B For PE-Backed Lung Drug Outfit

    Mallinckrodt PLC on Thursday added to a growing list of Big Pharma deals with a $2.3 billion agreement to buy private equity-backed Ikaria Inc., a move that will broaden its specialty and critical-care offerings and beef up its presence in hospitals.

Expert Analysis

  • Broker-Dealer M&A: Toward An Efficient Rule 1017 Process

    Michael D. Dorum

    Efficient execution of mergers and acquisitions involving registered broker-dealers may be compromised by lengthy processes to obtain consent — or advice as to the requirement for such consent — of the Financial Industry Regulatory Authority. Recent developments indicate that FINRA is taking steps to expedite its responses to requests for materiality consultations in connection with Rule 1017, say attorneys with Skadden Arps Slate ... (continued)

  • Law Firm Tensions Mount In Africa — What Does It Mean?

    Steve Blundell

    Tensions are perhaps inevitable in a fast-growing market such as Africa where international law firms are gearing up for a greater level of market entry, and where the independent firms remain highly reliant on referrals from these same firms. But the questions facing both types of firms go to the heart of short-term expedient versus long-term strategy, says Steve Blundell of Redstone Consultants.

  • Burger King's Fresh Take On Exchangeable Share Structure

    David Wilson

    Much of the buzz around Burger King's acquisition of Tim Hortons centered on the complexity and novelty of the deal, with the Burger King deal team reinventing the conventional exchangeable share structure in order to afford shareholders a tax deferral of U.S. capital gains, say David Wilson and Patricia Olasker of Davies Ward Phillips & Vineberg LLP.

  • The Rise Of 'Yankee Loans' In Europe

    Andrew Brown

    There has been a steadily increasing trend of European borrowers raising financing under so-called “Yankee loans” — where the credit facility is syndicated to U.S. investors, is governed by New York law and has typical U.S.-style incurrence covenants. It is likely that the volume of these loans will continue to increase, particularly for high-value mergers and acquisitions, say Andrew Brown and Mark Ramsey of Skadden Arps Slate Mea... (continued)

  • How Mayo, Myriad And Alice May Impact Patent Valuations

    Sean Sheridan

    Some patents may clearly be identified by a patent holder’s intellectual property counsel as being invalid in light of the U.S. Supreme Court decisions in Mayo, Myriad or Alice, but many of these patents are likely to fall in a gray area, says Sean Sheridan of Charles River Associates.

  • The Moving Target Of Ministerial Consent In Nigeria

    Ben James

    While the upstream sector in Nigeria has seen high levels of mergers and acquisitions activity in recent years, the Nigerian High Court's Moni Pulo decision casts doubt on the settled understanding of what types of upstream interest transfers require ministerial consent, say Ben James and Adam Blythe of Bracewell & Giuliani LLP.

  • Tips For Dealing With Open Source Issues In M&A

    Jeffrey Johnson

    For both the buyer and seller, understanding the implications of the target’s use of open source software should play a significant role in preparing for, and evaluating, a contemplated merger or acquisition, say Jeffrey Johnson and Michelle Pham of Pryor Cashman LLP.

  • Report Highlights Continued Need For CFIUS Planning

    Farhad Jalinous

    The recently published annual report from the Committee on Foreign Investment in the United States shows a decline in reviewed transactions for 2013, an increase in cases taken to the 45-day investigation phase and some notable developments regarding the countries most active in CFIUS reviews, say attorneys with Kaye Scholer LLP.

  • 2 Delaware Cases May Slow Appraisal Arbitrage Momentum

    Mark D. Gerstein

    Two appraisal cases out of Delaware involving CKx Inc. and 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.