Private Equity

  • January 23, 2015

    Major Caesars Lenders Sue To Block Restructuring Plan

    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.

  • January 23, 2015

    Tory Burch's Ex Steers Clothing Chain Into Ch. 11

    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.

  • January 23, 2015

    PE-Backed Michaels Draws Up $508.5M Stock Offering

    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.

  • January 23, 2015

    2 IPOs Raise $375M As Slew Of Others Prepare Debuts

    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.

  • January 23, 2015

    PE Middle Market Notches Record Year With $385B In Deals

    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.

  • January 23, 2015

    Deals Rumor Mill: Electricite, Banco Santander, Dodgers

    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.

  • January 23, 2015

    Apollo's Handling Of Caesars Ch. 11 Threatens Presidio Deal

    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.

  • January 23, 2015

    Real Estate Rumor Mill: UniCredit SpA, Lerner, Kaisa

    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.

  • January 23, 2015

    Pulling Up Stakes: Greenberg, Gibson Dunn, Fenwick

    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.

  • January 23, 2015

    Taxation With Representation: Sullivan, Wachtell, Weil

    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.

  • January 23, 2015

    Berkshire Partners, New Balance Drop $280M On Adidas Unit

    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.

  • January 23, 2015

    Expedia Pays $280M For Travelocity

    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.

  • January 23, 2015

    Cloud Co. Box Soars 40% In IPO After Pricing Above Range

    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.

  • January 22, 2015

    Don't Miss It: Hot Deals & Firms We're Following This Week

    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.

  • January 22, 2015

    Optim Energy Says Blackstone 'Manufactured' $190M Claim

    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.

  • January 22, 2015

    Market Rumors: Box, Aena, Office

    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.

  • January 22, 2015

    Deals Rumor Mill: Refresco Gerber, AVIC, Google

    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.

  • January 22, 2015

    Terminix Parent Co. Investors Eye $690M Secondary Offering

    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.

  • January 22, 2015

    Venture-Backed Inotek Targets $100M In IPO, Note Offering

    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.

  • January 22, 2015

    Euro Drop Opens Up M&A Opportunities To Daring Deal Makers

    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.

Expert Analysis

  • China's Draft Foreign Investment Guidance Is Encouraging

    Woon-Wah Siu

    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)

  • A Data Security Checklist For Companies Hiring Law Firms

    Jenn Topper

    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)

  • FSOC At It Again, Places Asset Managers In Its Crosshairs

    Jay G. Baris

    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.

  • What PE Fund Managers Can Learn From 2014 SEC Enforcement

    John J. Sikora Jr.

    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.

  • Practice Points For New Single-Bidder Sale Paradigm

    Philip Richter

    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.

  • The Top 10 D&O Stories Of 2014

    Kevin M. LaCroix

    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.

  • Of Broken Leases And 'Broken Windows'

    Michael S. Dicke

    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.

  • Making Sense Of Delaware's Cigna V. Audax Decision

    Lisa R. Stark

    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)

  • Del. Confirms Continued Validity Of Advance Notice Bylaws

    Robert C. Schwenkel

    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.

  • Law Schools Are (Finally) Teaching 'The Biz' Of Lawyering

    Howard Breuer

    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.