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Mergers & Acquisitions
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September 06, 2024
7-Eleven Parent Rejects Nearly $40B Buyout Offer
The Tokyo-based parent company of convenience store chain 7-Eleven has turned down a nearly $40 billion nonbinding buyout offer from Couche-Tard, nudging the Canadian convenience store owner in a Friday letter to offer something better, and stating that the bid undervalues the business and fails to acknowledge regulatory concerns.
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September 06, 2024
Taxation With Representation: Debevoise, Bennett, Orrick
In this week's Taxation With Representation, Verizon reaches a deal to absorb Frontier in a deal worth $20 billion, First Majestic agrees to buy Gatos Silver for $970 million, and Epam Systems inks a $630 million purchase of Neoris.
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September 06, 2024
CMA To Probe GXO's £762M Bid For Logistics Biz
The antitrust authority of the U.K. on Friday launched the first phase of inquiry into the U.S.-based GXO Logistics Inc.'s £762 million ($950 million) takeover of British supply-chain group Wincanton PLC.
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September 06, 2024
SEC Accuses Esmark Of Lying About US Steel Bid
A failed bid to acquire U.S. Steel has landed Pittsburgh-based Esmark Inc. in hot water with the U.S. Securities and Exchange Commission, which announced Friday that it had fined the company and its founder for falsely claiming they had the money to buy the manufacturing giant.
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September 05, 2024
NC County Says Hospital 'Monopoly' Led To ER Understaffing
A North Carolina county has accused an Asheville hospital of driving up taxpayer-funded ambulance expenses by understaffing its emergency department and forcing paramedics to step into the roles of emergency physicians.
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September 05, 2024
FTC Staff Opposes Indiana Hospital Merger
Federal Trade Commission staff on Thursday urged Indiana's health department to reject Union Health's planned purchase of Terre Haute Regional Hospital LP from HCA Healthcare Inc.
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September 05, 2024
Biden To Block US Steel-Nippon, And More Deal Rumors
President Joe Biden is reportedly preparing to block the $14.9 billion merger of U.S. Steel and Nippon Steel, Blackstone and Vista Equity Partners may team up to buy Smartsheet, and Springer Nature is planning an initial public offering. Here, Law360 breaks down these and other notable deal rumors reported over the past week.
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September 05, 2024
Colo. Cannabis Co. Manager Stole $150K, Suit Claims
The two marijuana entrepreneurs behind the Euflora chain are once again back in court, with one of them accusing the other of stealing at least $150,000 from their enterprise, possibly to cover unpaid loans and taxes, according to a lawsuit filed in Colorado state court, which claimed the alleged theft comes after a string of erratic behavior.
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September 05, 2024
4 Firms Build First Majestic's $970M Buy Of Silver Mining Biz
Silver and gold mining company First Majestic Silver Corp. on Thursday announced that it has agreed to buy Mexican silver exploration, development and production company Gatos Silver Inc. in a $970 million deal crafted by four law firms.
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September 05, 2024
Flyers Denied $34M Fee For JetBlue, Spirit Deal Challenge
Airline passengers who launched an antitrust lawsuit over JetBlue's since-scrapped plan to merge with Spirit won't recoup any of the $34 million in legal fees they urged a Massachusetts federal court to award because the travelers can't be considered to have won on their claims, a federal judge in Boston said Thursday.
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September 05, 2024
Latham-Led Topgolf Plans Spinoff Into 2 Separate Cos.
Topgolf Callaway Brands Corp., advised by Latham & Watkins LLP, has announced plans to spin off its golf entertainment business Topgolf into its own publicly traded company, creating two separate golf-focused businesses.
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September 05, 2024
Debevoise, Cravath Steer Verizon's $20B Frontier Takeover
Debevoise & Plimpton LLP is guiding Verizon Communications Inc. on a deal disclosed Thursday that will see the telecommunications giant absorb Cravath Swaine & Moore LLP-advised Frontier Communications at a $20 billion enterprise value.
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September 12, 2024
Bird & Bird Recruits M&A Partner In Frankfurt Amid Growth
Bird & Bird LLP has hired a business expert as a partner in Frankfurt as the firm bolsters its growing corporate practice internationally, with a keen eye on its new office in Japan.
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September 05, 2024
Freshfields-Led Tech Co. To Buy Sensor Biz For €133M
Spectris said Thursday that it has bought a subsidiary of AVL List, an Austrian automotive testing company, for €133.5 million ($148.1 million), as the U.K. precision tools supplier aims to bolster its market position in the auto, aerospace and industrial sectors.
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September 05, 2024
UK Probes Acerinox's $800M Bid For Haynes International
Britain's antitrust authority said Thursday that it has launched a formal investigation into the planned $798 million takeover by stainless steel manufacturer Acerinox of Haynes International, which makes alloys, to assess whether the deal would weaken domestic competition.
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September 04, 2024
Albertsons CEO Takes Stand On Kroger Merger, Missing Texts
Federal Trade Commision attorneys on Wednesday pressed Albertsons Cos. Inc. CEO Vivek Sankaran in Oregon federal court about why he had such dire predictions about the company's future without a merger with Kroger despite previous statements about how his company had been crushing the competition.
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September 04, 2024
Pet Toy Co. President Has No Voting Power, Founder Says
The founder of pet-toy maker Kong Co. has asked a Colorado state judge to declare the company's president has no equity or voting interest, as part of a sprawling internal dispute over management of the company.
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September 04, 2024
Towns Say Settlement Doesn't Limit Rail Merger Appeal
A coalition of Illinois towns challenging the approval of Canadian Pacific's $31 billion merger with Kansas City Southern told the D.C. Circuit the federal government is trying to use a settlement struck by Chicago's commuter rail system to limit the issues in the case.
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September 04, 2024
Orrick-Led Epam Systems Buys Neoris In $630M Cash Deal
Orrick Herrington & Sutcliffe LLP-steered software engineering business Epam Systems Inc. will acquire Miami-based advanced technology company Neoris for $630 million in cash, the companies announced Wednesday.
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September 04, 2024
NJ Health System Wins Access To Fraud File In Antitrust Fight
A New Jersey federal judge Wednesday allowed health system RWJBarnabas Health Inc. to move ahead with a subpoena on the New Jersey State Commission of Investigation in a case in which RWJBarnabas is accused of antitrust violations by rival health system CarePoint Health Management Associates LLC.
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September 04, 2024
Fintech Investor Tries To Undo 'Formulistic' Nix Of NCino Suit
A pension fund invested in financial technology company nCino Inc. urged Delaware's Supreme Court on Wednesday to revive its suit against company directors and investment firm Insight Venture Partners over a $1.2 billion acquisition, arguing the Chancery Court "missed the mosaic for the tiles" by dismissing the case.
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September 04, 2024
Nordstrom Family Makes Takeover Offer, Valuing Biz At $3.8B
Nordstrom Inc. confirmed Wednesday that it received a proposal from a group that includes its CEO Erik Nordstrom and brother Pete to acquire the company for $23 per share in cash, which values the company around $3.8 billion.
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September 11, 2024
Hausfeld Snaps Up Litigation Pro From Covington In London
Hausfeld LLP has hired a partner from Covington & Burling LLP in London to boost its profile in commercial disputes, after its office in the U.K. capital recently underwent changes in leadership.
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September 04, 2024
US Steel, Nippon Defend Deal After VP Harris Voices Concern
U.S. Steel and Nippon Steel on Wednesday reiterated the value they see in their planned $14.9 billion merger, despite opposition voiced by Vice President Kamala Harris, President Joe Biden and former President Donald Trump.
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September 04, 2024
Microsoft Hiring Of Inflection AI Team Too Small To Worry UK
The U.K.'s antitrust regulator said Wednesday it has ended its probe into Microsoft's hiring of Inflection AI staff, finding the U.S. machine learning specialist's operation was too small to trigger competition concerns.
Expert Analysis
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Inside Antitrust Agencies' Rollup And Serial Acquisition Moves
The recent request for public comments on serial acquisitions and rollup strategies from the Federal Trade Commission and U.S. Justice Department mark the antitrust agencies' continued focus on actions that fall below premerger reporting thresholds, say attorneys at Paul Weiss.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Reps And Warranties Insurance Considerations As M&A Slows
The first six months of the year have seen increasingly favorable rates and policy terms for the representations and warranties insurance market, and policy purchasers are right to pay close attention to pricing, coverage, exclusions, structures and claims as the M&A market cools, say attorneys at Cooley.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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How M&A Attorneys Can Best Serve Self-Funded Searchers
Post-pandemic, and with the so-called great wealth transfer on the horizon, individuals looking for small and midsize businesses to acquire are increasingly going the self-funded route, so deal attorneys must understand the major pain points and unique needs of this demographic, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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What TikTok's Race Against The Clock Teaches Chinese Firms
The Biden administration's recent divestiture deadline on TikTok parent ByteDance provides useful information for other China-based companies looking to do business in the U.S., including the need to keep products for each market separate and implement firewalls at the design stage, says Richard Lomuscio at Stinson.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Live Nation May Shake It Off In A Long Game With The DOJ
Don't expect a swift resolution in the U.S. Department of Justice's case against Live Nation, but a long litigation, with the company likely to represent itself as the creator of a competitive ecosystem, and the government faced with explaining how the ticketing giant formed under its watch, say Thomas Kliebhan and Taylor Hixon at GRSM50.
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Boeing Saga Underscores Need For Ethical Corporate Culture
In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Parsing Controversial Del. General Corporation Law Proposals
In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.