A Delaware Chancery judge on Friday tossed a $2 billion dispute over Westinghouse Electric Co. LLC’s purchase of Chicago Bridge & Iron Co. NV’s nuclear construction business, ruling that under the purchase agreement, the matter should be considered by an independent auditor, not the court.
President Barack Obama on Friday blocked China’s Fujian Grand Chip Investment Fund LP from moving forward with its €670 million ($712 million) takeover of chip equipment maker Aixtron SE, after the Committee on Foreign Investment in the U.S. found the deal would likely pose a national security risk.
The U.S. Department of Justice’s key expert witness in a challenge to Anthem’s Inc.’s proposed $54 billion merger with Cigna Corp. fended off criticism to his economic analysis finding the deal harms competition, testifying at trial Friday that his methods were more accurate than those used by Anthem’s experts.
In this week's Taxation With Representation, a Colorado-based communications infrastructure company acquired its regional rival for $1.42 billion, Allstate agreed to buy a private equity-backed consumer warranty company, and Centennial Resources inked an $855 million deal for Silverback Exploration's assets.
Teleflex Inc. said Friday that it has agreed to buy fellow medical device company Vascular Solutions Inc. in a deal valued at about $1 billion, with guidance from Simpson Thacher & Bartlett LLP.
The Internal Revenue Service on Friday said that it will unroll new regulations covering transactions involving at least one foreign corporation in which a subsidiary uses its parent company's stock to acquire another company, saying that some taxpayers are using these transactions to avoid incurring U.S. tax.
A specialty finance firm urged a Delaware bankruptcy judge Thursday to reject the proposed bidding guidelines for the assets of fiber optic cable purveyor Xtera Communications Inc., saying the requirements will deter potential buyers.
With so much mergers and acquisitions news this week, you may have missed several deals announced in recent days helmed by firms such as Shearman and Hogan Lovells. Here, Law360 recaps the ones you might have missed.
PAI Partners hopes to bring in up to $1.92 billion through the sale of French lab testing chain Cerba, real estate investment trust Ladder Capital is mulling a sale and Fitbit is closing in on a deal to buy smartwatch maker Pebble.
Private equity firms are increasingly factoring in environmental, social and governance issues at potential portfolio companies when making investment decisions, and experts say that the consideration of such nonfinancial parts of a business is quickly becoming a standard practice within the industry.
B/E Aerospace Inc. stockholders on Thursday asked Delaware’s Chancery Court to block or order reversal of the company’s $6.4 billion merger with Rockwell Collins Inc., saying in a putative class claim that inadequate disclosures about finances and insider benefits hobbled efforts to judge the deal.
A fund related to Swedish private equity shop EQT Partners AB said Thursday that it will sell business automation software maker Automic Holding GmbH to a software company in a deal that values Automic at €600 million ($640.7 million), eliminating its stake after four years of ownership.
U.S. antitrust watchdogs may become less aggressive on mergers and intellectual property issues under the incoming Trump administration as conservative antitrust veterans like Josh Wright and Maureen Ohlhausen look primed to play a key role in shaping enforcement.
Technology so quickly outpaces regulation, and it’s imperative governments at every level find that sweet spot where the public is reasonably protected but innovation isn’t stifled. If the U.S. doesn’t get this balance right, other governments will, says Joshua Walker, general counsel and project executive for A3 by Airbus Group.
American Apparel clashed with its unsecured creditors committee Thursday over the struggling clothier’s intellectual property auction plans, with the committee arguing it has a better way that could save some of the company’s operations and the debtor claiming the alternate path is too expensive to be successful.
Dechert LLP has advised NewStar Financial Inc. in the closing of the NewStar Berkeley Fund, a $505 million middle-market managed credit fund, as the specialized finance company develops its asset management business, the company said Wednesday.
Starbucks CEO Howard Schultz will leave his post after 19 years, he announced Thursday, yielding the reins to chief operating officer Kevin Johnson, who has reportedly been unofficially at the helm for months.
An economist hired by Anthem Inc. assured a D.C. federal judge Thursday that the health insurer’s $54 billion merger with Cigna Corp. would generate $2.4 billion in cost savings that will benefit customers, providing a key defense to a U.S. Department of Justice suit claiming the deal is anticompetitive.
Starting Monday, Aetna and Humana will face off in court with the U.S. Department of Justice over their proposed $37 billion merger, and the crucial question of how to define the markets that could be affected by the transaction will be front and center in the fight.
Hedge fund Glazer Capital on Thursday urged PrivateBancorp shareholders to vote down a proposed $3.8 billion acquisition by Canada’s CIBC, contending that the deal undervalues the financial services company’s stock based on the “seismic shift” in regional bank valuations.
Parties to transactions with global dimensions often grapple with determining, and communicating to the market, the likely timeline for completing a transaction. Attorneys with Latham & Watkins LLP look at 12 recent large global transactions to analyze the timing and sequence of competition clearances in multiple countries.
Many speculate that President-elect Donald Trump's protectionist policies could ignite trade wars in which nations such as Mexico and China subsequently enact retaliatory tariffs against the U.S. This would cause prices to climb and could discourage foreign direct investment in the U.S., say Jeff Haidet and Catherine Dallas of Dentons.
Voters in eight states legalized marijuana last month and more than one-fifth of Americans now live in states with legal recreational marijuana markets. But marijuana companies still lack adequate access to capital and financial services, say attorneys with Kramer Levin Naftalis & Frankel LLP.
As law firms and clients conduct more business on a regional or national scale, multijurisdictional practice is becoming more prevalent for practicing attorneys. Attorneys engaged in both private practice and as in-house counsel need to be aware of the ethical risks of practicing across jurisdictions — including the implications of engaging in the unauthorized practice of law, say Melinda Gentile and Monique Cardenas of Peckar & Abramson PC.
There are several mechanisms available to the new Trump administration that could alter the scope and approach of reviews by the Committee on Foreign Investment in the United States, or even reopen previously cleared foreign investment transactions. The CFIUS could also expand its reviews to areas beyond national security, such as food safety and labor and employment, say attorneys with Morgan Lewis & Bockius LLP.
M&A agreements often provide for the payment of a breakup fee to the jilted party if a deal falls apart. The IRS recently advised that the payment of a breakup fee should sometimes be characterized as a capital loss under Section 1234A of the Internal Revenue Code. This could increase after-tax costs to the paying party, but accord beneficial capital gain treatment to the receiving party, say attorneys from Fried Frank Harris Shriv... (continued)
It is increasingly necessary for law firms to implement strategies to improve efficiency, staffing and value to meet client needs. Haley Altman, CEO and co-founder of Doxly Inc., discusses how to successfully leverage analytical tools and emerging technology to increase profitability.
In recent years, an increasing number of companies have opted to hold annual shareholder meetings exclusively online, in spite of negative sentiment from some investors. With technological advances that enable the meetings to be similar to physical meetings, the potential cost and time savings of virtual meetings may appeal to more companies, say Lisa Fontenot and Linda Dang of Gibson Dunn & Crutcher LLP.
The Delaware Chancery Court’s decision in Trulia has had a clear impact on deal litigation, both in terms of litigation practice and increased scrutiny of disclosure-based settlements. This impact has continued throughout 2016, with the ripple effect leading to more contested mootness fee applications, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Creating value for shareholders through acquisitions in the payment space is an important, time-tested strategy. However, regulatory pressure in the payments industry has increased considerably in the past few years. Combining regulatory insight with proven deal execution is essential if an acquisition is to have the intended results, say Charles Morton Jr. and Andrew Bigart of Venable LLP.