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Mergers & Acquisitions
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March 06, 2024
50 Lawmakers Urge FTC To Probe Oil And Gas Consolidations
A group of 50 lawmakers on Wednesday urged the Federal Trade Commission to investigate a recent string of mergers and acquisitions in the oil industry, saying this "longstanding consolidation trend" threatens to reduce choice and competition across the supply chain, suppress wages and make gas at the pump more expensive.
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March 06, 2024
Judge Rejects Equity Challenge To Virgin Orbit Ch. 11
A Delaware bankruptcy judge on Wednesday told Virgin Orbit LLC shareholders that she wouldn't retract confirmation of the satellite launch company's Chapter 11 liquidation plan, because Virgin Orbit appropriately sought approval even if the scheme left equity holders without hope of recoveries.
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March 06, 2024
FTC Can Depose Hospitals' Execs In Merger Challenge
A North Carolina federal magistrate judge has overruled two hospital systems' objections to the depositions of six Novant Health employees by the Federal Trade Commission in its antitrust action against a proposed $320 million merger, rejecting the healthcare providers' arguments that such depositions would be duplicative.
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March 06, 2024
Juniper Networks Sued In Del. For Details On $14B HP Sale
Leaders of artificial intelligence networking platform Juniper Networks Inc. are breaching their duties to stockholders by withholding material information about the company's recently announced $14 billion acquisition by Hewlett Packard Enterprise Co., a Juniper shareholder alleged Wednesday in a Delaware Court of Chancery complaint.
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March 06, 2024
Rite Aid Aims To Divest Most Of Its Health Dialog Business
Bankrupt drugstore chain Rite Aid Corp. said Wednesday that it will sell most of its Health Dialog business, which provides personalized health services, to Carenet Health for an undisclosed amount.
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March 20, 2024
Fried Frank Hires 3 Private Equity Pros From Goodwin Procter
Fried Frank Harris Shriver & Jacobson LLP has said it has snapped up three partners from Goodwin Procter LLP to join its London mergers and acquisitions private equity practice.
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March 06, 2024
MoFo-Led Building Materials Biz To Buy Supplier For $300M
Breedon said Wednesday that it has agreed to buy U.S. concrete supplier BMC Enterprises Inc. for $300 million, as the U.K. construction materials group eyes continued expansion into the Stateside market.
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March 05, 2024
Gibson Dunn AI Leader On Weathering The AI Policy Blizzard
Like a mountaineer leading a team through a snowstorm, Gibson Dunn & Crutcher LLP's artificial intelligence co-chair Cassandra L. Gaedt-Sheckter is guiding companies developing and using artificial intelligence through a blizzard of new laws and regulations coming online in Europe and the U.S., saying that assessing AI risks is the North Star to mitigating them.
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March 05, 2024
FTC Chair Decries PE's Healthcare Impacts As Probe Starts
Federal Trade Commission Chair Lina Khan on Tuesday lamented what she deemed the "financialization" of healthcare resulting from private equity buyouts, in remarks coinciding with the launch of a multijurisdictional request for public comment on PE and other companies' growing control over the healthcare system.
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March 05, 2024
$1.2B 'King Of Pop' Music Catalog Deal Leads Top 10 Ever
As a stable asset class that has fared well amid economic uncertainty, music catalogs have attracted much attention from both private equity firms and music industry corporations that are attuned to increasingly lucrative royalty fees and spikes in music streaming. Here, Law360 breaks down the largest music catalog-related asset sales ever, based on official announcements and media reports.
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March 05, 2024
Cadence To Acquire Beta Cae In $1.24B Cash-And-Stock Deal
Latham & Watkins LLP-advised Cadence Design Systems Inc. will pay $1.24 billion for engineering simulation software business Beta Cae Systems International AG, which serves Formula One racing teams and major automotive companies, according to an announcement Tuesday.
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March 05, 2024
Callon Sued Over Disclosures Prior To $4.5B APA Deal
A Callon Petroleum Company shareholder has alleged in a proposed class action in Delaware Chancery Court that the company breached its fiduciary duties in connection with a pending $4.5 billion acquisition by APA Corp. by not fully disclosing the details of another proposal.
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March 05, 2024
Carrier Inks $1.4B Fire Biz Deal As Part Of Strategic Exit Plan
Carrier Global Corp. said Tuesday it has struck an agreement to sell its industrial fire business to Sentinel Capital Partners for $1.425 billion, the latest step in the company's strategic plan to sell off certain business units and focus on its core ventilation business.
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March 05, 2024
Fried Frank Guides Viavi's £1B Deal For UK Rival
Communications group Viavi said on Tuesday it has agreed to buy telecom testing specialist Spirent for around £1 billion ($1.26 billion) to strengthen its artificial intelligence expertise and wireless infrastructure work.
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March 04, 2024
Novant Rival Fights Bid To Access Confidential FTC Docs
Novant Health can't unshield information given to regulators challenging its $320 million merger with two hospitals in North Carolina, a competitor hospital has told a federal court, saying it turned over those sensitive documents believing they would always be kept under wraps.
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March 04, 2024
SEC Fines Adviser $950K Over Ryder Buyout Disclosures
A New York-based investment adviser will pay a $950,000 civil penalty to the U.S. Securities and Exchange Commission for allegedly failing to timely disclose information about its ownership of commercial rental truck company Ryder System Inc. leading up to a May 2022 takeover offer.
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March 04, 2024
Musk Fired Twitter Execs To Avoid $200M Bill, Suit Says
Elon Musk fired four top Twitter executives just minutes after he closed on his deal to buy the company, now called X Corp., to avoid paying them $200 million in severance benefits, they told a California federal court Monday.
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March 04, 2024
FERC Slams Brakes On $1.1B Bridgepoint-ECP Deal
The Federal Energy Regulatory Commission has blocked U.K. asset manager Bridgepoint Group PLC's proposed £835 million ($1.1 billion) purchase of Energy Capital Partners LP, saying the companies haven't shown the merger wouldn't affect competition in U.S. electricity markets.
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March 04, 2024
Stockholder In Homebuilder MDC Challenges $5B Acquisition
A stockholder in homebuilder MDC Holdings Inc. accused the Denver-based company of agreeing to a $4.9 billion all-cash acquisition by a Japanese homebuilder only for the benefit of MDC's board.
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March 04, 2024
Groups Push For Review Of $2.3B Walmart-Vizio Deal
A group of 19 advocacy organizations including the American Economic Liberties Project and Public Citizen pushed the U.S. Department of Justice and the Federal Trade Commission to investigate the "serious threats" posed by Walmart's planned $2.3 billion acquisition of television maker Vizio.
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March 04, 2024
Sorrento Creditors Fight To Keep Ch. 11 In Texas
Creditors for drug developer Sorrento Therapeutics Inc. have asked a Texas bankruptcy judge to keep the company's Chapter 11 case in the Lone Star State, saying the U.S. trustee's bid to move it comes too late and wouldn't help those hoping for recoveries.
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March 04, 2024
2 Ex-Latham Attys Join Freshfields As PE Practice Expands
Freshfields Bruckhaus Deringer LLP welcomed two former Latham & Watkins LLP private equity mergers and acquisitions partners to its practice in New York on Monday, coinciding with the firm's strategy of expanding its private capital services globally.
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March 04, 2024
$22M Deal Proposed In Golden Nugget-DraftKings Merger Suit
Golden Nugget Online Gaming Inc. and public stockholders who challenged the venture's $1.56 billion all-stock sale to DraftKings Inc. in Delaware's Court of Chancery have agreed to settle the case for $22 million, with up to 23% reserved for class attorneys.
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March 04, 2024
Activist Investors Up Macy's Takeover Offer To Roughly $6.6B
Arkhouse Management Co. and Brigade Capital Management have boosted their offer to buy Macy's to roughly $6.6 billion from $5.8 billion, propelling the retailer's stock to a nearly 14% rally on Monday.
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March 04, 2024
Catching Up With Delaware's Chancery Court
A Swedish music producer's takeover, a proposed award payable in Tesla shares, Truth Social stock squabbles, and an unusually blunt slap-down from the bench added up to an especially colorful week in Delaware's famous court of equity. On top of that came new cases about alleged power struggles, board entrenchment, consumer schemes and merger disputes.
Expert Analysis
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Global M&A Outlook: Slow But Moving Along
Global merger and acquisition markets had a tough start to the year, with inflation, rising interest rates and the Ukraine conflict knocking sentiment, but in the macroeconomic, deal makers have continued to unearth pockets of activity to keep deal volumes ticking over, say lawyers at White & Case.
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How NY Law Affects Scrutiny Of Health Care PE Transactions
A recently passed New York law will strengthen pretransanction notification requirements for health care entities — particularly those backed by private equity — but contains several ambiguities that will hopefully be clarified before the law takes effect in August, say attorneys at Norton Rose.
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What To Know About FTC's Merger Filing Proposal
Attorneys at Simpson Thacher dissect the Federal Trade Commission's recent proposal to overhaul the premerger notification process — discussing the proposal's requirements, comparing peer jurisdictions' premerger regimes, and reviewing the implementation process for a final rule change.
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PGA, LIV Tie-Up Might Foreshadow Future Of Women's Soccer
The pending merger between PGA Tour and LIV Golf is entirely consistent with the history of American professional sports leagues that faced upstart competitors, and is a warning about the forthcoming competition between the National Women's Soccer League and the USL Super League, says Christopher Deubert at Constangy Brooks.
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How Attys Can Avoid Exposing Their Firms To Cyberattacks
Attorneys are the weakest link in their firms' cyberdefenses because hackers often exploit the gap between individuals’ work and personal cybersecurity habits, but there are some steps lawyers can take to reduce the risks they create for their employers, say Mark Hurley and Carmine Cicalese at Digital Privacy & Protection.
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4th Circ. Ruling Continues Trend Of Insurer Bump-Up Wins
The Fourth Circuit's recent decision in Towers Watson v. National Union Fire Insurance, finding no directors and officers insurance coverage for underpayment in a reverse triangular merger, supports an emerging consensus that "acquisition" encompasses a variety of transaction types for the purposes of D&O bump-up exclusions, say Joshua Polster and Charlotte McCary at Simpson Thacher.
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Foreign Investment In Real Estate Is Getting More Complicated
Increasing federal scrutiny and a proliferation of new state laws targeting foreign investment in real estate may complicate or prevent transactions even by U.S. companies or funds that have shareholders or limited partners from China and other countries of concern, say attorneys at Akin.
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Virginia 'Rocket Docket' Slowdown Is Likely A Blip
After being the fastest or second-fastest federal civil trial court for 14 straight years, the Eastern District of Virginia has slid to 18th place, but the rocket docket’s statistical tumble doesn't mean the district no longer maintains a speedy civil docket, says Robert Tata at Hunton.
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Chancery Reaffirms Very High Bar For Board Liability On Deal
The Delaware Court of Chancery's recent decision in a Block shareholder's suit over the purchase of Tidal serves as a reminder that an independent and disinterested board will not have liability unless it did not act in good faith — even when the court strongly criticizes flawed processes and the business decision, say attorneys at Fried Frank.
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Broadcast Deal Parties, Beware In-House FCC Hearings
Potential buyers and sellers in the telecom space should take note of the recent collapse of Standard General's attempted takeover of Tegna, which could not find its way out of a procedural maze created by the Federal Communications Commission's administrative law judge review, says Dennis Corbett at Telecommunications Law Professionals.
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FTC's Amgen-Horizon Protest Raises Conglomerate Concerns
The Federal Trade Commission's challenge to Amgen Inc.'s proposed $28 billion acquisition of Horizon Therapeutics is the agency's first move in four decades based on a conglomerate theory of competitive harm, and might pose new antitrust risks for transactions beyond the pharmaceutical sector, say attorneys at WilmerHale.
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How Employers Can Prepare For Minn. Noncompete Ban
With Minnesota’s sweeping ban on noncompete agreements set to begin July 1, employers must immediately implement new strategies to protect their invaluable intellectual property, customer relationships and investment in employee training, say attorneys at Littler Mendelson.
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5 Management Tips To Keep Law Firm Merger Talks Moving
Many law firm mergers that make solid business sense still fall apart due to the costs and frustrations of inefficient negotiations, but firm managers can increase the chance of success by effectively planning and executing merger discussions, say Lisa Smith and Kristin Stark at Fairfax Associates.
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Bank Compliance Fixes, Not Fines, Are Key To Regulator Trust
Financial regulators’ recent and costly halt of TD Bank and First Horizon Bank's merger should warn banks that absorbing regulatory fines while failing to seriously correct compliance issues will not be enough to obtain regulatory cooperation when it counts, says Sam Finkelstein at the Volkov Law Group.
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Unusual SEC Order Has Lessons For Disclosure Committees
Following the U.S. Securities and Exchange Commission's settlement with DXC — involving a rare allegation faulting a disclosure committee for disclosure violations concerning non-GAAP financial measures — the need for effective and responsible disclosure committees in public companies remains paramount, says Richard Hong at Morrison Cohen.