Online furniture retailer Wayfair Inc. said on Friday it tweaked its initial public offering plans and now looks to raise up to $354 million, up slightly from its target announced last month.
The U.S. market for initial public offerings is well on the way to its strongest year in more than a decade, and after the success of the Alibaba Group Holding Ltd. listing Friday — the largest IPO in U.S. history — the market is unlikely to hit the brakes any time soon, experts say.
A New York judge on Wednesday dismissed claims brought by an assignee of notes for defunct Hellas Telecommunications Sarl from suits seeking to recover €102 million ($131 million) pocketed by two private equity firms while allegedly driving the telecom into insolvency, finding the assignee lacks standing.
Allergan Inc. on Thursday asked a California federal court to reject Valeant Pharmaceuticals International Inc.'s attempts to bar it from redacting documents in its insider trading suit against Valeant, saying its rival only wants the documents to help a $53 billion hostile takeover bid.
Siemens AG is set to offer upwards of $6.1 billion for U.S.-based compressor and turbine maker Dresser-Rand Group Inc., while a consortium of telecom businesses have placed a bid to build a $10 billion state-owned mobile network in Mexico.
Canadian energy player Algonquin Power & Utilities Corp. said Friday that its regulated utility business will pay Carlyle Group-backed Western Water Holdings approximately $327 million for water distribution utility Park Water Co., which produces and sells water in Southern California and Western Montana.
Baker & McKenzie has snagged two attorneys from Kelley Drye & Warren LLP and Winston & Strawn LLP who will expand its transactional practices particularly both mergers and acquisitions and bankruptcy, the firm said Thursday.
In this week's roundup of dealmakers on the move, Stradley Ronon Stevens & Young LLP landed an investment management pro in Washington, D.C., Cadwalader Wickersham & Taft LLP picked up a capital markets partner in London and Hogan Lovells added a project finance pro in Tokyo.
Senior creditors that have battled Momentive Performance Materials Inc. at every step in its bankruptcy demanded Thursday that $50 million in post-petition interest on their bonds be paid in cash rather than through debt in the reorganized entity when its Chapter 11 plan goes live.
Rockpoint Group LLC has closed on $950 million in equity commitments for Core Plus Fund I, the Boston-based real estate private equity firm's first low-risk, low-return core-plus investment vehicle, Rockpoint said on Friday.
The potential risks for successor liability even after exhaustive due diligence, coupled with the costs in terms of corporate resources and time to conduct such due diligence, have in recent years had a chilling effect on mergers and acquisitions involving companies with significant overseas operations, says Brian Moore of Nelson Mullins Riley & Scarborough LLP.
Any deal that requires work on a sunny, summer weekend is challenging. Given the speed to market of many capital markets transactions these days, being available all the time truly adds new meaning to the notion that you have to love what you do, says Ian Schuman of Latham & Watkins LLP.
Creditors of the reorganized hotel media provider formerly called LodgeNet Interactive Corp. sued Wednesday to block a “radical and brazen” restructuring plan crafted by fellow creditor Mast Capital Management LLC, saying it subordinates their debt in violation of LodgeNet’s Chapter 11 plan.
With so much M&A news this week, you may not have seen some announced deals involving several law firms like Weil, Simpson Thacher, Sullivan & Cromwell and others. Here, Law360 takes a look at the ones you might have missed.
Billionaire food-industry investor C. Dean Metropoulos will sell Pabst Brewing Co., creator of the hipster favorite Pabst Blue Ribbon, to Oasis Beverages and TSG Consumer Partners LLC in a deal that values the brewery at $700 million — nearly three times what Metropoulos paid for it, lead buyer Oasis said Thursday.
In the second major portfolio transaction to make waves in the hotel market Thursday, Hyatt Hotels Corp. announced it has struck a deal to sell off 38 properties for $590 million to a company organized by Texas-headquartered private equity firm Lone Star Funds.
Blackstone-backed solar energy firm Vivint Solar Inc. told regulators on Thursday that it is seeking to raise up to $371 million in its initial public offering, much higher than prior projections, planning to issue 20.6 million shares priced at $16 to $18.
Despite being less than a week removed from its $13.5 billion purchase of TRW Automotive Holdings, ZF Friedrichshafen is already looking into making more moves, while Hess and Venezuelan state-run oil and gas company Petroleos de Venezuela have found a buyer for their Hovensa refinery.
Jay Z and Beyonce are said to be eyeing the purchase of an $85 million Los Angeles-area mansion, while the developer of Astoria Cove has reportedly picked up the final pieces of land it needs for the project and H&Q Asia Pacific is said to be in talks to purchase 17 acres near San Francisco International Airport.
Energy-focused private equity firm Riverstone Holdings LLC said Thursday it is committing $225 million to support Sierra Oil & Gas S de RL de CV, a Mexican startup planning to seize opportunities enabled by the country's recent energy reforms.
Judge Robert Drain’s ruling in Momentive Performance Materials provides yet another stake in the ground that telegraphs to creditors that their underlying contracts need to be more explicit regarding when they are entitled to a make-whole claim, says Jessica Liou of Weil Gotshal & Manges LLP.
The equity cure right has gained significant acceptance in all ranges of the middle market for sponsor-backed deals, and lenders are adapting equity cure provisions for the middle-market risk profile by including tighter controls on the use of proceeds and limits on the borrower’s ability to exercise the cure right, say attorneys with Brownstein Hyatt Farber Schreck LLP.
Decisions interpreting subordination agreements often serve as a reminder of the importance of using precise language. In the Chapter 11 case of Momentive Performance Materials, potential ambiguity created by four words — “junior in any respect” — opened the door to litigation, says Charles Persons of Weil Gotshal & Manges LLP.
The scope and impact of recent IRS chief counsel advice — concluding that members of an investment manager were subject to self-employment taxes — is difficult to assess, especially since the CCA does not address how its analysis would apply if the entity in question was a limited partnership and its members were “limited partners” under the applicable state law, say attorneys with Bingham McCutchen LLP.
Ultimately, the appropriate methodology for a cramdown interest rate is a value allocation tug-of-war between debtors, secured creditors and more junior creditors, and Judge Robert Drain’s decision in the Chapter 11 case of Momentive Performance Materials affords additional weight to debtors in that battle, says David Griffiths of Weil Gotshal & Manges LLP.
Judge Robert Drain’s bench ruling in Momentive Performance Materials is unambiguous when it comes to its support for the “formula” approach in determining a cramdown interest rate for a secured creditor and in elucidating the guiding first principles that dictate how to calculate the applicable cramdown interest rate for a secured creditor’s allowed claim in a Chapter 11 case, says David Griffiths of Weil Gotshal & Manges LLP.
More and more midstream companies are in need of capital to take advantage of significant infrastructure investment opportunities, which should lead to more public and private merger and acquisition activity in the midstream space along with additional initial public offerings, says Sean Wheeler of Latham & Watkins LLP.
A recent Law360 article about the perennial BigLaw concern over how to recruit and retain female and ethnically diverse attorneys addressed a new approach being taken by some law firms — going beyond traditional mentoring programs by creating a sponsorship relationship. Pro bono can also play a part, say David Lash and Merle Vaughn of the Association of Pro Bono Counsel.
It is highly unlikely that a subscription facility lender, absent unusual control or profit-sharing mechanics, could be deemed to hold an ownership interest in a private equity fund under the Volcker Rule solely as a result of the typical facility lending relationship, say attorneys with Mayer Brown LLP.
For a law firm, excess time dedicated to legal research generates waste, either in the form of artificially reduced billable hours or, particularly in flat or contingency fee projects, as overhead eroding the profitability of legal work. By measuring five factors, firms will begin to understand their own opportunities for improving profits, says David Houlihan of Blue Hill Research Inc.