Private Equity

  • October 29, 2014

    Triaxx Funds Object To JPMorgan's $4.5B RMBS Deal

    A group of funds known as the Triaxx entities will object to JPMorgan Chase & Co.'s proposed $4.5 billion settlement with 21 major institutional investors in residential mortgage-backed securities, Triaxx's lawyer said Wednesday, several weeks after the funds dropped their objections to Bank of America Corp.'s $8.5 billion RMBS deal.

  • October 29, 2014

    Chancery Nixes $3.1M Bid For Fees In TPC Shareholder Suit

    A Delaware Chancery Court judge on Wednesday rejected a $3.1 million fee request from law firms representing TPC Group Inc. investors who challenged an announced buyout of the petrochemical product maker, finding the shareholder class action did not lead to an eventual $79 million price bump.

  • October 29, 2014

    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 such as Ropes & Gray, Debevoise, Schulte Roth and others. Here, Law360 takes a look at the ones you might have missed.

  • October 29, 2014

    Real Estate Heavyweights Team Up On $750M Debt Platform

    Mack Real Estate Group and a former Blackstone Group unit executive announced Wednesday that they have teamed up to create a new real estate debt lending platform, which a source familiar with the matter told Law360 will aim for a $750 million fundraising target.

  • October 29, 2014

    Deals Rumor Mill: BG Group, E.On, Berkshire Hathaway

    BG Group PLC is nearing the finalization of a $4 billion deal to sell 335 miles of gas pipelines, while German utility E.On wants suitors to submit binding bids of up to $2.8 billion for its Spanish unit by Nov. 3.

  • October 29, 2014

    Wind Funding Declines While Industry Queues Up Deals

    Large-scale funding and merger activity for wind power projects dropped significantly in the third quarter from the previous one, but the slump may be temporary, as wind investors announced a huge volume of new deals recently, according to a Mercom Capital Group survey of companies and investors.

  • October 29, 2014

    Infracapital's $1.6B For Infrastructure Fund Beats Target

    Infracapital, the infrastructure investment arm of U.K. asset manager M&G Investments and its parent, Prudential PLC, said Tuesday that it has raised more than £1 billion ($1.6 billion) for its latest fund to invest in core infrastructure assets across Europe.

  • October 29, 2014

    Middle Market Deals Dominate PE In 2014

    With a frothy stock market blocking take-private transactions and high valuations making many deals look pricey, private equity investors are flocking to the middle market, according to a new report from PitchBook Wednesday.

  • October 29, 2014

    PE-Backed Steakhouse Operator Ramps Up For $75M IPO

    American cuisine and steakhouse operator J. Alexander’s Holdings Inc. laid out plans late Tuesday to raise $75 million in an initial public offering, setting the stage for the growing restaurant company to part ways with its private equity backers.

  • October 29, 2014

    Market Rumors: Cheil, Floor & Decor, Jasmine Broadband

    Theme park-operator Cheil Industries plans to start testing investor appetite for its potentially $1.5 billion initial public offering in South Korea, while private equity-backed home building material maker Floor and Decor Outlets is expected to file for its U.S. IPO soon.

  • October 29, 2014

    American Energy Drops $726M On Texas Acreage

    Private equity-backed American Energy Partners LP has increased its presence in Permian Basin of west Texas, saying Tuesday that it’s spent $726 million in a series of deals over the past three months to acquire thousands of acres of leased land and oil production in the oil-rich region.

  • October 29, 2014

    Megadeals Pushed US Energy M&A To High Mark In Q3

    Strong interest in a rash of new opportunities across the oil production space driven by the U.S. shale boom and a spate of megadeals helped drive M&A in the oil and gas industry to its strongest quarterly performance in a decade, according to a new report from advisory and accounting firm PwC.

  • October 29, 2014

    Cooley Leads Breast Implant Maker Sientra In $75M IPO

    Sientra Inc. drew in $75 million in its Cooley LLP-guided initial public offering before kicking off trading Wednesday on the Nasdaq, where investors buying into the breast implant maker’s ability to carve out a piece of the $7.2 billion cosmetic surgery industry helped fuel a first-day pop.

  • October 29, 2014

    KKR, Anadarko Team Up To Drill In Southeast Texas

    KKR & Co. LP will team up with Anadarko Petroleum Corp. to jointly develop land in southeastern Texas’ Eaglebine Shale, with Anadarko’s stake valued at more than $1.1 billion and KKR putting up $442 million for development in exchange for acreage and a stake in several wells, Anadarko said Tuesday.

  • October 29, 2014

    McGuireWoods Adds Ex-Norton Rose Restructuring Atty

    McGuireWoods LLP said Tuesday that it has strengthened its restructuring and insolvency practice group in its Dallas office with the addition of a former Norton Rose Fulbright attorney who has experience in commercial litigation, real estate, private equity, telecommunications and energy.

  • October 28, 2014

    Allergan Says Ackman’s Valeant Vote Would ‘Gut’ Protections

    Allergan Inc. on Tuesday urged a California federal judge to block activist investor Bill Ackman from participating in a shareholder vote on a board overhaul that could enable a $53 billion takeover by Valeant Pharmaceuticals International Inc., arguing investor protections would be “gutted” if Ackman gets his way.

  • October 28, 2014

    RE Rumor Mill: Blackstone, Hard Rock, Datatrak

    Blackstone is said to be seeking roughly $13 billion for its next global real estate fund, while Hard Rock is said to be eyeing other Middle East hotels and Datatrak has reportedly signed for space in Chicago.

  • October 28, 2014

    Engility Closes $1.1B Deal To Acquire PE-Backed TASC

    Government contractor Engility Holdings Inc. will acquire private-equity backed professional services provider TASC in an all-stock deal valued at $1.1 billion including debt that combines forces in defense, national security and intelligence circles, it said Tuesday.

  • October 28, 2014

    Deals Rumor Mill: Apple, Numericable, Lockheed

    Apple Inc. and Alibaba Group Holding Ltd. may be interested in pairing up their payment units, while the Ontario Teachers' Pension Plan and Public Sector Pension Investment Board are still seeking to buy satellite manufacturer Loral Space & Communications Inc., despite their original $7 billion offer being rejected in June.

  • October 28, 2014

    Siemens JV Had Right To Scuttle Alarm Co. IPO, Court Says

    A New York state appellate court on Tuesday upheld the dismissal of a private equity fund's suit against a joint venture of Siemens Financial Services Inc. and First Capital Inc., finding that the venture didn't violate a credit agreement by cancelling a public offering.

Expert Analysis

  • When Things Do Not Go As Planned In A Bankruptcy Sale

    Jeffrey A. Krieger

    The somewhat problematic issue in a bankruptcy sale is determining what rights or obligations, if any, do the parties have under the agreement between the date of execution and the date the court enters an order approving the sale. This is precisely the issue the parties encountered in the Chapter 11 case of Hot Dog on a Stick, says Jeffrey Krieger of Greenberg Glusker Fields Claman & Machtinger LLP.

  • FCPA Risks Abound For PE Firms And Their Insurers

    Elan Kandel

    The government’s Foreign Corrupt Practices Act claim against Alcoa Inc. should raise red flags for private equity firms since many of the indicia of agency noted are often components of the traditional private equity investment model. Although no firm has been subjected to parent-subsidiary liability for a portfolio company’s conduct, it is likely only a matter of time, says Elan Kandel of Cozen O'Connor.

  • Use Social Media For Legal Service Only As A Last Resort

    Steven Richard

    Courts remain largely skeptical about allowing litigants to serve and notify evasive parties of legal proceedings through their social media accounts. A recent split ruling by the Oklahoma Supreme Court shows the competing considerations, say Steven Richard and Britt Killian of Nixon Peabody LLP.

  • UK Court Sheds Light On De Facto And Shadow Directors

    David Gerber

    The U.K. Court of Appeal's judgment in Smithton Ltd. v. Naggar is instructive of the English courts’ current approach to defining the role of director, as well as addressing a question that often arises in practice — whether a director of a holding company is a de facto or shadow director of its subsidiary, say David Gerber and Sonalini de Zoysa Gunasekera of Kaye Scholer LLP.

  • A Different Kind Of Hospitality Opportunity In China

    Ian K. Lewis

    Entire populations are considering health care and “senior living” options, affecting government policy and opening up new opportunities for industry investors in branded residences of a different kind. Hotel operators that have medical tourism experience may find considerable scope for expansion in China, says Ian Lewis of Mayer Brown LLP.

  • New Lessons From Rural/Metro II For M&A Parties, Advisers

    Peter J. Rooney

    The Delaware Court of Chancery’s decision this month in the case of Rural/Metro Corp. Stockholders Litigation awarding nearly $76 million in damages against a seller’s financial adviser highlights the difficult strategic questions nonsettling defendants face by proceeding alone to trial, including whether to put on trial the conduct of the settling defendants, say attorneys with Orrick Herrington & Sutcliffe LLP.

  • Know The Collateral Consequences Of Financial Reg Action

    Eben P. Colby

    Understanding the collateral consequences of enforcement proceedings at the hands of the U.S. Securities and Exchange Commission or any other financial industry regulator can provide a valuable tool for proactively negotiating with the regulator and avoiding pitfalls arising from a failure to disclose, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • New Jurisdictional Issues When Moving To Quash A Subpoena

    Steven Luxton

    The Nevada federal court's recent ruling in Agincourt Gaming LLC v. Zynga Inc. is an important reminder that a nonparty wanting to challenge a civil subpoena should consider carefully the appropriate jurisdiction in which to file a motion to quash under recently enacted Rule 45, say Steven Luxton and Brad Nes of Morgan Lewis & Bockius LLP.

  • Canada's Proposed Takeover Bid Rules Are Target-Friendly

    Ralph Shay

    Newly proposed amendments to Canada's takeover bid legislation would address long-standing concerns that the current regulatory regime tilts the playing field too far in favor of hostile bidders, says Ralph Shay of Dentons Canada LLP.

  • 10 Things You Must Know Before Engaging In Crowdfunding

    Eliza Sporn Fromberg

    "Accredited crowdfunding" platforms offer the tantalizing possibility of raising funds with the click of a button, but it is vital to consider the regulatory scheme under which the platform operates and its managerial and financial resources, among other factors, say Eliza Sporn Fromberg, counsel at Day Pitney LLP, and Norbert Mehl, CEO of Global i Ventures.