Private Equity

  • August 27, 2014

    Deals Rumor Mill: Glencore, Otter Products, Dow Chemical

    Glencore and Chinese metals producer Jinchuan Group Ltd. are reportedly at the front of the pack of potential buyers for BHP Billiton's Australian Nickel West division, which could be worth up to $16 billion, while Otter Products LLC is exploring a sale to interested private equity players that could potentially peg its value at more than $2.5 billion, including debt.

  • August 27, 2014

    Blackstone-Backed Vivint Solar Planning $200M IPO

    Vivint Solar Inc., the home solar power provider owned by Blackstone Group LP-backed security firm Vivint Inc., is planning a $200 million initial public offering, the company announced on Tuesday.

  • August 27, 2014

    The 5 Biggest M&A Moves Of The Summer

    A handful of major transactions have kept deal makers busy in recent weeks despite the usual August lull, reinforcing the strong deal-making prospects that have propped up the market all year. As the clock ticks down to Labor Day, Law360 reviews five of the summer's biggest M&A plays.

  • August 27, 2014

    Rhône Capital Lobs $110M Tender Offer At Elizabeth Arden

    Beauty products company Elizabeth Arden Inc. said Wednesday that it is considering a tender offer from Rhône Capital  LLC that would leave the private equity firm with a 20 percent stake in the company.

  • August 27, 2014

    Skadden Reps JLL Partners-Backed Co. In Biopharma Deal

    JLL Partners-backed DPx Holdings BV said Wednesday it will acquire Gallus BioPharmaceuticals from Ridgemont Equity Partners for an undisclosed amount in a deal that would make the combined company a leading provider of clinical- and commercial-grade bulk biologics products.

  • August 27, 2014

    Chancery Fast-Tracks Ackman Suit To Force Allergan Meeting

    A Delaware Chancery judge agreed Wednesday to fast-track a lawsuit by activist investor Bill Ackman and Valeant Pharmaceuticals International Inc. looking to compel a special shareholder meeting as part of their $53 billion hostile takeover campaign of Botox maker Allergan Inc., questioning whether the target actually wants to hold a meeting in December.

  • August 27, 2014

    Carlyle Closes $816M Fund, Maintaining Focus On CLOs

    The Carlyle Group has closed its third U.S. collateralized loan obligation with $816 million in committed capital, bringing the private equity firm's total CLO commitments to about $3.23 billion this year amid renewed investor interest in bundled debt products.

  • August 27, 2014

    Sabre Exploring Sale Of European Online Travel Site

    Private equity-backed travel giant Sabre Corp., which is the parent of LP, announced Wednesday that it is exploring the potential sale — as well as other strategic options — of its European business unit

  • August 27, 2014

    Jones Day Reps JF Lehman In Military Contractor Deal

    Middle-market private-equity shop J.F. Lehman & Co. said Wednesday that it would acquire military contractor Aeronautical & GI Holdings Ltd., parent of Aeronautical & General Instruments Ltd. and Hoffman Engineering Corp., for an undisclosed amount.

  • August 27, 2014

    Dealmakers Q&A: Blank Rome's Gary Goldenberg

    The acute awareness that there are fewer quality target companies on the market has created increased competition among strategic companies and private equity funds that have significant amounts of cash on hand and are eager to do deals, thereby driving up purchase prices, says Gary Goldenberg, chairman of Blank Rome LLP’s corporate, mergers and acquisitions, and securities practice.

  • August 26, 2014

    Momentive Creditors Can't Thwart Turnaround Plan

    A New York bankruptcy judge on Tuesday approved nearly all of private equity-owned Momentive Performance Materials Inc.’s plan to exit bankruptcy $3 billion lighter in debt, ruling against three noteholder groups and erasing close to $600 million in disputed claims.

  • August 26, 2014

    Jessica Alba's The Honest Co. Raises $70M From Investors

    The Honest Co., a natural, nontoxic family products company founded by actress Jessica Alba, said it has raised $70 million from a group of institutional investors led by funds affiliated with Wellington Management Co. LLP.

  • August 26, 2014

    Auto Parts Co. Eyes $150M IPO Amid Industry Resurgence

    Private equity-backed auto parts manufacturer Metaldyne Performance Group Inc. filed documents with the U.S. Securities and Exchange Commission on Friday for an estimated $150 million initial public offering as the automotive industry continues its rebound.

  • August 26, 2014

    Biotech Co. Zosano Puts IPO Plans On Hold

    Venture capital-backed Zosano Pharma Inc., the only company expected to brave an entry in the public markets this week, postponed its initial public offering plans Tuesday, but could revive its efforts in September when activity kicks back up, IPO investment firm Renaissance Capital said.

  • August 26, 2014

    Burkle Drops Bid For New Morgans Hotel Board Election

    Billionaire Ron Burkle on Tuesday voluntarily dismissed his lawsuit against OTK Associates LLC that accused the investment firm of tainting a Morgans Hotel Group shareholder election by issuing misleading proxy statements, apparently ending a more than year-long legal feud among several parties.

  • August 26, 2014

    LightSquared Seeks $121M In DIP Financing

    Lightsquared Inc. has asked a New York bankruptcy court to approve $120.6 million in post-petition financing during its drawn-out bankruptcy battle, according to documents filed Monday.

  • August 26, 2014

    One Firm Rules Over Complex Burger King Deals

    One big M&A firm has established itself as Burger King Worldwide Inc.'s go-to deals adviser, overseeing a take-private deal, a go-public transaction and now a merger in just the past four years and proving it is more than capable of getting tough deals done.

  • August 26, 2014

    Deals Rumor Mill: AT&T, Chinese Government, Ann Taylor

    AT&T Inc. has reportedly reached a tentative deal with antitrust regulators that will allow its $48.5 billion acquisition of satellite TV provider DirecTV Inc. to go through, while the Chinese government is considering supplying as much as $16.25 billion in funding to go toward the building of new charging facilities for electric vehicles.

  • August 26, 2014

    4 Takeaways From Burger King's Whopping Tim Hortons Play

    Burger King Worldwide Inc. has dazzled deal watchers this week with its multibillion-dollar plans to merge with Tim Hortons Inc., a transaction that showcases both companies' appeal in a changing marketplace and highlights broader M&A issues. Here, Law360 examines four key takeaways.

  • August 26, 2014

    Atlas Mara Raises $300M In Bid For Africa's Top Bank Spot

    Atlas Mara Co-Nvest Ltd., a financial startup aspiring to become Africa's top bank, said its stock will relist Wednesday on the London Stock Exchange, shortly after completing two acquisitions and raising $300 million in equity.

Expert Analysis

  • Governmental Plan Investors Can Help Credit Facilities

    John A. Janicik

    One way to potentially expand the borrowing capacity under a subscription credit facility is for a lender to advance against more of the governmental investors in a private equity fund and, in particular, governmental investors that are public retirement systems, say attorneys with Mayer Brown LLP.

  • From The Book Of Jargon: Accelerated Share Repurchase

    In this short video — the latest installment from the "Book of Jargon" — Latham & Watkins LLP partner Rafal Gawlowski defines "accelerated share repurchase."

  • Corp. Governance Politics: Much Ado About Symbolic Change

    Edward B. Rock

    The rhetoric used by shareholder activists on all sides should be taken with a large pinch of salt — most issues described as momentous generally are not — and these symbolic battles may divert attention from more meaningful reform, say professors at the New York University School of Law and the University of Pennsylvania Law School.

  • How To Control Risk And Cost Of E-Discovery

    "If you follow the philosophy of saving everything you're just multiplying exponentially the costs and risks of litigation and investigations," says Robert Owen, partner in charge of Sutherland Asbill & Brennan LLP's New York office and president of the Electronic Discovery Institute.

  • From Landlord To Locked Up: The Long Arm Of The SCRA

    Kirk D. Jensen

    While financial institutions — including private equity firms — rarely think of themselves as landlords, they may be subject to a narrow window of exposure under the eviction provisions of the Servicemembers Civil Relief Act, violations of which can lead to severe penalties, including incarceration, say attorneys with BuckleySandler LLP.

  • A Review Of The Subscription Credit Facility Market

    Michael C. Mascia

    Despite the nearly uniform positive trending in the data supporting facility credit performance, none of it goes to the heart of the fundamental credit underwriting premise of a facility. And from this vantage point, the 2014 year-to-date trending has been far less beneficial for lenders, say attorneys with Mayer Brown LLP.

  • From The Book Of Jargon: 10b5-1 Plan

    In this short video — the latest from the "Book of Jargon" — Latham & Watkins LLP partner Stephen Wink defines U.S. Securities and Exchange Commission Rule 10b5-1.

  • Genco Valuation Leaves Equity Interests Under Water

    Daniel M. Glosband

    The Chapter 11 case of Genco Shipping & Trading Ltd. presented the Southern District of New York with a complex question of value. Unfortunately for the official committee of equity holders, the only valuation that put equity in the money was a rejected discounted cash flow, say Daniel Glosband and Thomas Good of Goodwin Procter LLP.

  • An In-House Lawyer's Top 10 Tips For Outside Counsel

    Francis M. Drelling

    To this day, I have yet to see a litigation hold letter that was written by someone who understands the realities of how a business is actually run. In-house counsel cannot issue decrees to business units that read like they are issued by the king to his subjects, says Francis Drelling, in-house counsel at Specialty Restaurants Corp.

  • The Pre-IPO Company And Failure-To-Launch Claims

    Kevin M. LaCroix

    When a company is on a trajectory toward an initial public offering, there is a natural tendency to focus on the liability exposures the company will face after it goes public, but the process leading up to the IPO often involves circumstances that can create their own set of risks and exposures, as seen in a recent investor suit against, says Kevin LaCroix of RT ProExec.