An informal committee of senior bank lenders holding more than half of the $5.4 billion in bank debt owed by Caesars Entertainment Corp.'s operating unit launched an adversary proceeding Friday in Delaware bankruptcy court in their latest attempt to block its restructuring.
A clothing retailer founded by Tory Burch's ex-husband, Christopher, has filed for Chapter 11 in New Jersey with a $2.05 million asset purchase agreement already in place courtesy of the owner.
Private equity-backed crafts retailer The Michaels Companies Inc. has unveiled a secondary stock offering that could net $508.5 million for selling stockholders, mostly Bain Capital Investors LLC and Blackstone Group LP affiliates, enabling them to snatch gains from soaring shares seven months after going public.
Cloud storage provider Box Inc. splashed on to the market Friday, one of only two initial public offerings in a week swamped with companies setting terms — including 10 life sciences firms, a private equity-backed burger chain and a real estate investment trust — which has laid the groundwork for a busy few weeks in IPO activity.
The middle market had its hottest year on record in 2014 with $385.1 billion invested, beating out levels seen during the 2007 buyout boom as private equity buyers big and small looked to midsize companies for good deals, according to a report Friday by PitchBook Data Inc.
Electricite de France SA is exploring options including a potential sale or spinoff of its French distribution network Reseau de Transport d’Electricite, which could be worth up to $17.1 billion, while Banco Santander is weighing a purchase of a 26 percent stake in midtier Polish lender Alior Bank.
Apollo Global Management LLC kicked off a $10 billion bankruptcy fight for its troubled Caesars Entertainment Corp. just last week, but debt investors are already fighting back in another arena: the debt financing package backing another Apollo buyout.
Several bidders, including a Blackstone Group LP affiliate, vying to buy the former headquarters of UniCredit SpA are said to have gotten a binding offer deadline extended, while developer Michael Lerner is rumored to be planning an apartment tower near Google Inc.'s future Chicago office and troubled Kaisa Group Holdings Ltd. is reportedly in talks to sell assets to rival developers.
In this week's roundup of deal makers on the move, Greenberg Traurig LLP deepened its corporate bench in London and Mexico City, Gibson Dunn landed a capital markets and mergers and acquisitions pro in Singapore and Fenwick & West LLP snatched up a private equity and M&A partner in Shanghai.
In this week's Taxation With Representation, lawyers from Sullivan & Cromwell and Wachtell work opposite sides of the Royal Bank of Canada's $5.4 billion City National Corp. buy while private equity group Centerbridge Partners throws down cash for a German wind turbine manufacturer.
New Balance Athletic Shoe Inc. said on Friday that it joined with private equity group Berkshire Partners to buy athletic apparel group Adidas AG’s Rockport shoe business for $280 million.
Travel service Expedia Inc. on Friday said it has acquired rival brand Travelocity from PE-backed parent Sabre Corporation for $280 million in cash, furthering a relationship that's lasted since 2013, when Expedia started providing the technology platform for Travelocity's websites in U.S. and Canada.
Venture capital-backed cloud storage provider Box Inc. priced above expectations to raise $175 million in its initial public offering and soared nearly 40 percent in its first day of trading on the New York Stock Exchange Friday, roughly nine months after the California startup postponed its public debut plans amid unfavorable market conditions.
With so much M&A news this week, you may not have seen some announced deals involving several law firms like Orrick, Paul Hastings and others. Here, Law360 takes a look at the ones you might have missed.
Bankrupt power plant operator Optim Energy LLC said Thursday that Blackstone Group LP had “manufactured” a $190 million claim lodged by its Walnut Creek Mining Co. unit over the debtor's rejection of a fuel supply agreement, arguing that the private equity firm had already agreed to scrapping the pact.
Venture capital-backed cloud storage provider Box Inc. earning a $1.7 billion valuation in its U.S. IPO, while Spanish airport operator Aena is set to increase its price range, potentially pushing the company's valuation as high as $9.4 billion.
Refresco Gerber could be on the verge of being sold to a private equity firm for as much as $1.74 billion, while Aviation Industry Corp. of China is hankering to buy car parts manufacturer Henniges Automotive Holdings Inc., and could pay roughly $1 billion.
The parent company of pest-control giant The Terminix International Co. LP said Thursday that its shareholders, led by private equity firm Clayton Dubilier & Rice LLC, have proposed a secondary offering of 25 million shares, worth roughly $690 million at its Thursday stock price.
Inotek Pharmaceuticals Corp., a venture capital-backed biotechnology company developing an eye drop treatment for glaucoma, set terms for its initial public offering and fine-tuned plans for a concurrent note offering Thursday, laying the groundwork to raise as much as $100 million.
The euro's slide to its weakest level against the dollar in more than a decade has European assets looking cheap to U.S. investors, but with no guarantee that a new bond-buying program by the region's central bank will be able to spur growth, experts say only the boldest buyers are likely to embrace this deal-making opportunity.
The draft of China's new Foreign Investment Guidance Catalogue lifts restrictions on foreign investment in dozens of service and general manufacture industries and would relax Chinese ownership requirements. Although foreign investors still would have to operate in some of these industries through Sino-foreign joint ventures, control by the Chinese partners would no longer be required, say Woon-Wah Siu and Liang Tao of Pillsbury Wi... (continued)
We trust our law firms with huge amounts of data, whether in or out of discovery, investigations or litigation. All too often, we have relied on privilege, confidentiality and attorney ethics as a proxy for data protection and information security. But in fact, law firms ought to be held to a much more stringent standard — and in-house counsel would be wise to begin with a number of specific inquiries, says legal industry consultan... (continued)
In seeking comment on potential risks to the U.S. financial system created by asset managers including investment advisers, insurance companies and private funds, the Financial Stability Oversight Council again places these institutions in its crosshairs, but the FSOC’s latest effort to explore the issue through crowdsourcing should not be ignored, say Jay Baris and Oliver Ireland of Morrison & Foerster LLP.
After a year of “first-ever” actions targeting private equity, fund managers should be vigilant, even about seemingly small issues, and should assume that the signals in regulatory staff speeches foretell future enforcement actions, say John Sikora Jr. and Nabil Sabki of Latham & Watkins LLP.
While some have interpreted the Delaware Supreme Court as now having provided a blanket endorsement of the concept of a single-bidder passive-shopping-only strategy without regard to the particular contextual facts, a board deciding to engage in such a sale process will still have to establish that it had a reasonable basis for structuring the process as it did, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Many of last year’s key events represented significant changes in the directors and officers liability environment — the rise of jumbo derivative lawsuit settlements, cybersecurity emerging as a D&O liability concern and the surge of initial public offering-related securities litigation, among others. In addition, there are many pending issues that will only be resolved as 2015 unfolds, says Kevin LaCroix of RT ProExec.
The U.S. Securities and Exchange Commission’s allegations against private equity-backed Assisted Living Concepts LLC show that the case fits squarely in line with the SEC’s zero-tolerance “broken windows” approach to corporate officers who alter records and deceive the company’s independent auditors, says Michael Dicke, co-chairman of Fenwick & West LLP's securities enforcement group and a former associate regional director at the SEC.
In Cigna Health and Life Insurance Co. v. Audax Health Solutions Inc., where the Delaware Court of Chancery found common post-closing price adjustments unenforceable, the true concern seemed to be that the merger agreement and the letter of transmittal were contracts of adhesion — effectively forcing stockholders to agree to give back merger consideration at some undetermined time in the future. This concern could be ameliorated, s... (continued)
Advance notice bylaws are beneficial to corporations, and the Delaware Court of Chancery’s AB Value v. Kreisler decision clarifies the very limited circumstances under which the court will enjoin enforcement of such bylaws, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Educators across the country say law schools are now more aggressively teaching the business side of being a lawyer — spurred on by a shifting market that continues to provide fewer and fewer associate opportunities for recent grads, and feedback from students and new lawyers eager to learn how to bring in clients once they hang out a shingle, according to legal industry consultant and journalist Howard Breuer.