Mergers & Acquisitions

  • February 10, 2016

    Antitrust Enforcers Halted $67B In M&A In 2015, Report Says

    Antitrust enforcement efforts in 16 key global jurisdictions caused 20 deals worth a total of about $67.4 billion to either be abandoned or blocked last year, according to a new report by Allen & Overy LLP, which also said companies are increasingly amenable to transactions designed to preemptively sidestep antitrust concerns.

  • February 10, 2016

    Proposed Hiring Would Give DOJ Extra Enforcement Firepower

    The U.S. Department of Justice's latest budget request would give the Antitrust Division enough money to add nearly 100 new attorneys, a move former DOJ attorneys say would not only help the watchdog rebound from the losses it suffered during sequestration and a hiring freeze but also put it well above historical levels amid a wave of transactions and complex cartel work.

  • February 10, 2016

    Deals Rumor Mill: Siemens, Eni, Autogrill

    Siemens AG and Gamesa Corp. are on the verge of merging their wind power businesses, Eni SpA is looking into selling $2.3 billion worth of gas and power retail assets, and Italy's billionaire Benetton family is seeking ways to grow its Autogrill restaurant chain.

  • February 10, 2016

    Suzuki Settles Arbitration Over Soured Volkswagen Alliance

    Japanese automaker Suzuki Motor Corp. said Wednesday that it would pay Volkswagen AG an undisclosed amount to settle all remaining claims in a four-year arbitration stemming from an ill-fated alliance that involved the companies taking stakes in each other and agreeing to develop products together.

  • February 10, 2016

    Energy Expert Returns To K&L Gates As Partner In DC

    K&L Gates LLP has hired back a partner with more than 30 years’ experience in utility and energy law, including regulatory, compliance, intellectual property and employment matters and acquisitions and spin-offs, to bolster its Washington, D.C., office.

  • February 10, 2016

    Cuomo Asks Feds To Block KeyCorp-First Niagara Deal

    New York Gov. Andrew Cuomo on Wednesday asked federal regulators to block the proposed merger of KeyCorp and First Niagara Financial Group, saying the combination of the two banks would harm consumers and upstate New York’s economy.

  • February 10, 2016

    Carrington Coleman Adds Ex-Fortune 500 Co. GC In Dallas

    Carrington Coleman Sloman & Blumenthal LLP on Tuesday announced that it has strengthened its corporate transaction and counseling services with the addition of a former general counsel to BearingPoint and Affiliated Computer Services Inc. as a partner in Dallas, with expertise in the areas of banking, securities, private equity and technology, among others.

  • February 10, 2016

    Hikma Chops $2.7B Boehringer Generics Offer By 20%

    U.K. drugmaker Hikma said Wednesday it has slashed nearly 20 percent from its $2.7 billion offer to buy Boehringer’s U.S. generics business, after discovering the unit's 2015 revenue would be lower than expected.

  • February 10, 2016

    Mason Wells' Midwest Private Equity Fund Raises $615M

    Milwaukee-based private equity firm Mason Wells said this week the company had exceeded its $550 million goal for its fourth fund, obtaining $615 million in commitments from institutional investors for acquiring medium-sized Midwestern companies.

  • February 10, 2016

    EU Calls For Divestments In $6.3B Staples-Office Depot Deal

    Europe’s competition watchdog gave Staples a conditional nod Wednesday for its $6.3 billion acquisition of Office Depot, calling for the company to divest a chunk of Office Depot’s business to help ensure healthy competition.

  • February 10, 2016

    Japan's Asahi Offers Nearly $3B For 3 SABMiller Brands

    Japan brewer Asahi confirmed Wednesday it made a €2.55 billion ($2.9 billion) offer to Anheuser-Busch for Peroni, Grolsch and Meantime, three of SABMiller’s European beers, as the world’s largest brewer looks to appease competition regulators by shedding assets worldwide.

  • February 9, 2016

    Chancery Apt Not To Ax Suit Over ServiceMesh's $98M Earnout

    A Delaware Chancery judge indicated Tuesday that he will likely keep intact some of the lawsuit claiming the founder of cloud computing company ServiceMesh Inc. paid bribes to gain contracts that would help the company meet targets for nearly $100 million in earnout payments after Computer Sciences Corp. bought it out in 2013.

  • February 9, 2016

    Chancery Denies Partial Deal In Providence Shareholder Suit

    A Delaware vice chancellor rejected a partial settlement and $1.275 million fee award Tuesday in a shareholder suit challenging Providence Service Corp.’s $400 million purchase of Matrix Medical Group, saying too many questions still hang over insider roles in the deal.

  • February 9, 2016

    OC Register Owner Floats Exec. Bonus, Severance Plans

    The owner of the Orange County Register on Monday sought a California bankruptcy judge’s permission to implement bonuses worth up to $1.5 million for a group of executives and a severance package worth $1.8 million for the newspaper’s employees, saying that both are needed to boost morale and stem turnover.

  • February 9, 2016

    3 Firms Guide $2.4B Electric Utility Deal

    Algonquin Power said Tuesday it will pay CA$3.4 billion (US$2.4 billion) for a Missouri-based electricity provider, expanding the Canadian company's utility business in the Midwest in a deal steered by Husch Blackwell LLP, Choate Hall & Stewart LLP and Cahill Gordon & Reindel LLP.

  • February 9, 2016

    Del. Claims Over Audio Co. Stock Must Go To NY, Judge Says

    A Delaware Chancery Court judge on Monday dismissed a suit from a holder of class B shares in an audio technology maker claiming a 2014 merger triggered his right to redeem his shares, finding the suit has to be brought in New York.

  • February 9, 2016

    Barnes & Thornburg Nabs M&A Pro For Atlanta Office

    Barnes & Thornburg LLP has added more than three decades of broad business, transactions and private equity experience to its growing Atlanta office with the addition of a partner from Ballard Spahr LLP.

  • February 9, 2016

    Ex-Fox Rothschild Atty Felled By Firm Policy Violations

    Evidence that a former Fox Rothschild LLP partner violated internal policies by buying and selling stock of a publicly held client likely helped sway Pennsylvania federal jurors on Friday as they found him guilty for trading ahead of an insurance industry merger the firm helped handle.

  • February 9, 2016

    Jenner & Block Picks Up M&A Partner From Kirkland & Ellis

    Jenner & Block LLP has added a new partner to co-chair its mergers and acquisitions practice group, who joins the firm after 26 years of work in mergers and securities offerings at Kirkland & Ellis LLP, the firm announced on Monday.

  • February 9, 2016

    Latham Snags UK Antitrust Official In London

    Latham & Watkins LLP said Tuesday that it has nabbed a key member of the U.K. Competition and Markets Authority for its antitrust and competition practice in London, rounding out the group with a competition professional who wrote the book on merger control.

Expert Analysis

  • How Does Skadden Stay No. 1?

    Elizabeth Duffy

    Analyzing the reasons why clients choose certain firms reveals a great deal about what is important and valued in the marketplace. Based on interviews with a random sample of over 600 heads of legal in the largest U.S. organizations, Elizabeth Duffy, vice president of Acritas US Inc., identifies the core brand drivers of Skadden Arps Slate Meagher & Flom LLP.

  • OPINION: The Road To Partnership Must Keep Evolving

    Daniel L. Butcher

    In a recent Law360 article it was suggested that promotion to partner was a competition between associates and that taking maternity, paternity or family medical leave could impact an associate's chances at promotion. But this sort of ethos — which may have contributed to law firms’ success in the past — is not the best way to secure the industry's future, says Daniel Butcher, managing partner of Strasburger & Price LLP.

  • A Better Real Estate Deal Through Enviro Due Diligence

    Susan P. Phillips

    In any transaction, especially involving real estate, unless environmental due diligence is sufficient to reveal existing issues and provide a basis to determine associated costs, at least one party may end up not getting what it bargained for, says Susan Phillips at Mintz Levin Cohn Ferris Glovsky and Popeo PC.

  • Challenging An Arbitrator Ab Initio: A Primer

    Solum, Matt.jpg

    Where a perceived conflict is identified early in the process, a party may consider asking the forum overseeing an arbitration to determine whether it is appropriate for an arbitrator to serve on the panel. Despite the potential opacity of these kinds of decisions, discussions with practitioners and experience suggest that such challenges can arise from a number of situations, says Kirkland & Ellis LLP partner Matthew Solum.

  • Takeaways From A Recent Application Of Unocal Standard

    Steven Epstein

    The Delaware courts generally apply the heightened scrutiny standard under Unocal to review challenged board actions taken in response to a perceived corporate control threat. The recent case of Ebix provides another example that the courts disfavor actions that restrict the basic right of stockholders to vote, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Health Care Deal Trends Emerge From JP Morgan 2016

    Amber McGraw Walsh

    After more than 50 structured conversations with health care private equity and investment banking professionals at the recent J.P. Morgan health care conference, we can conclude that there is a deep — almost ubiquitous — interest in finding and structuring the next provider services consolidation, say attorneys with McGuireWoods LLP.

  • Navigating EU’s Ownership Unbundling Rules

    Filip Moerman

    The strict rules passed by European authorities in 2009 to curtail conflicts of interest resulting from the simultaneous holding of transmission and production interests are often perceived as stymieing energy investment. Investors will need to make a convincing case, through detailed and effective mechanics, that the risk for conflict of interest and undue influence is properly contained, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • When Valuations Go South For Unicorns, Other Startups

    Priya Cherian Huskins

    Those of us who have been in Silicon Valley long enough see the signs for an upcoming rash of down-round financings for some private companies, unicorns or otherwise, and many investors may decide to sell a company before all of its “inflated” value has drained. Situations like this call to mind the 2013 Trados decision — which gives insight into a board’s fiduciary duties, says Priya Cherian Huskins of Woodruff-Sawyer & Co.

  • Delaware Judges Have Been Heard

    Gregory A. Markel

    Following a string of strongly worded Delaware Chancery Court decisions, the number of lawsuits challenging public mergers dropped dramatically in 2015. With Chancellor Andre Bouchard recently delivering another major blow to disclosure-only settlements, it now cannot be denied that the judiciary’s solution to frivolous merger lawsuits will cause plaintiffs to think twice before filing weak lawsuits, say attorneys with Cadwalader W... (continued)

  • Common Interest Protection In Commercial Transactions

    Stephen Ram

    The Second Circuit's decision in Schaeffler v. U.S., which involved Schaeffler Group withholding privileged debt restructuring documents from the IRS, falls in line with an emerging consensus of jurisdictions flexibly applying the common interest doctrine to commercial and corporate transactions, says Stephen Ram of Stradling Yocca Carlson & Rauth PC.