Florida real estate investment firm The Herrick Co. Inc. has put up $190 million to acquire from New York private equity firm Fortress Investment Group LLC a portfolio of 44 retail pharmacies that are currently leased long-term to CVS Caremark Corp., Herrick said Thursday.
The No. 1 proxy advisory firm on Thursday came down in favor of Dan Loeb's campaign to take a pair of seats on the Sotheby's board, giving the activist investor a powerful ally in his heated battle for flex over the famed New York auction house.
Private equity-backed Biomet Inc. said Thursday it would trade hands in a $13.4 billion sale to medical device maker Zimmer Holdings Inc., effectively scrapping the orthopedic product firm's initial public offering plans amid a flurry of deal-making in the life sciences space.
TPG Capital poured $750 million into Chobani Inc., putting the No. 1 Greek yogurt maker in the U.S. on more solid footing as it moves to expand its product line and sniffs out an initial public offering, the company said late Wednesday.
Still waiting for regulators to approve its proposed $1.8 billion purchase of rival Jos. A. Bank Clothiers Inc., Men's Wearhouse Inc. said Thursday that it would yet again postpone the deadline for the target company's shareholders to throw their stock behind the deal.
Former Yahoo Inc. general counsel Jim Wu has returned to K&L Gates LLP as a partner in its corporate mergers and acquisitions practice in Taipei and Palo Alto, Calif., focusing on private equity and technology-related enterprises in the Asia-Pacific region, the firm announced Monday.
Sumitomo Bakelite Co. Ltd. is set to buy Vaupell Holdings Inc. from private equity firm HIG Capital LLC for $265 million, the companies announced Wednesday, in a deal designed to bolster Sumitomo's product offerings in the aerospace, defense, medical and commercial industries.
The Delaware Chancery Court is scaling down fee awards tied to settlements that unearth new disclosures but don't significantly change the landscape of a given deal, a sign that the premier U.S. business court is reining in plaintiffs' attorneys looking for an easy payout.
Charter Communications is closer to inking a deal to snag 1.5 million subscribers from Comcast as the cable giant looks to appease competition regulators before they review its $45.2 billion acquisition of Time Warner Cable, while Hungary’s MOL Group has snapped up more than 100 Czech gas stations from Italy’s Eni.
Hedge funds have joined the rush to real estate deals and development in recent months to close the financing gap left by tightening bank standards, but attorneys say many aren't prepared for the disclosures and liabilities that come with the lucrative returns.
Texas-based oil and gas company Crown Oil Partners V LP has received a $100 million equity commitment from Post Oak Energy Capital LP in a move intended to help further Crown Oil's development and growth, Post Oak said Wednesday.
RBC Capital Markets LLC on Monday told a Delaware judge that since it was only partially responsible for guiding ambulance and fire-protection provider Rural/Metro Corp. into a hasty sale to New York investment house Warburg Pincus LLC for a lowballed $438 million, it should not be held liable for all of the damages in the case.
A consortium of investors led by Fajr Capital Ltd. has purchased National Petroleum Services for more than $500 million, the two sides said Wednesday, in a deal Fajr said marks the "largest private equity transaction in the MENA region" this year.
Kirkland & Ellis LLP said Tuesday it's picked up a former Simpson Thacher & Bartlett LLP mergers and acquisitions partner, known for guiding energy-focused deals for clients like Blackstone Energy Partners and Petrohawk Energy Corp., to strengthen its corporate practice at its new Houston office.
French private equity firm Ardian has raised $10 billion from investors worldwide, most of which will be used for existing buyouts and expansions, the largest amount it's ever raised for that class of funds as Ardian continues its active fundraising streak, it said Wednesday.
Botox maker Allergan Inc. adopted a poison pill late Tuesday to insulate itself from hostile takeover plays, a move that came the same day it confirmed an unsolicited offer worth nearly $46 billion from Valeant Pharmaceuticals International Inc. and famed activist Bill Ackman.
Arabtec may make a large European purchase, Crown Resorts may bid on a Las Vegas casino and Capri Capital Partners is reportedly purchasing the remainder of a Bethesda, Md. mixed-used property.
Bankrupt party planner Event Rentals Inc. announced Tuesday it would sell itself as a going concern to funds managed by investment giant Apollo Global Management LLC, which beat out the $124 million stalking horse bidder at a Chapter 11 auction.
Pennsylvania Middle District Judge John E. Jones III talks to Law360 about the surreal aftermath of his divisive ruling against intelligent design as he prepares for yet another potentially explosive trial over Pennsylvania's same-sex marriage ban.
BJ’s Restaurants, Inc. has reached an agreement with two funds to nominate three new independent directors at its annual shareholder meeting, the national restaurant chain announced Tuesday.
As the 2014 proxy season unfolds, hedge fund activists are increasingly borrowing the playbooks of traditional governance activists, and there is rampant speculation that large institutional investors are supporting these funds behind the scenes, sometimes feeding them ideas. Meanwhile, director tenure may be the next frontier in the efforts of governance advocates to influence board composition, say William Kelly and Ning Chiu of Davis Polk & Wardwell LLP.
More often, smaller rivals are taking market share from the largest law firms. In this context, these smaller rivals are not small — they are super-regional firms with between 201 and 750 attorneys. These firms are large enough to serve the needs of a global corporation at a better value. And as they grow, they need to be sure they don’t make the same mistakes as the firms from which they’ve taken market share, says Michael Lipps of LexisNexis.
Subscription facilities have become attractive financing opportunities for a wide range of funds throughout the private equity, real estate, energy, infrastructure and mezzanine debt space. With even the most basic subscription facility, a fund can borrow to “bridge” the time between the making of an investment or the payment of expenses and the calling of capital at a later date to repay the borrowing, say Mary Touchstone and Julia Kohen of Simpson Thacher & Bartlett LLP.
In the health care sector, many companies operate in gray areas of the law, where formal governmental guidance is not always available and industry practices tend to gravitate toward more aggressive interpretations. Insurance that provides coverage for losses arising from unintentional and unknown breaches of representations and warranties made in an acquisition or merger agreement can be a bridge across any concerns, say attorneys with McGuireWoods LLP.
The State Bar of California has decided to follow New York's lead and require prospective attorneys to record 50 hours of pro bono service in order to be eligible for admission. While we applaud the intentions behind these initiatives, there are a number of reasons why state bars should limit any mandatory pro bono requirement to this context, rather than extend it to licensed attorneys as some have suggested, say attorneys with the Association of Pro Bono Counsel.
A recent ruling in Davis v. Elliot Management Corp. (In re Lehman Brothers Holdings Inc.) steadfastly asserts that payment of creditors committee members’ professional fees must be subject to the “substantial contribution” standard, even when such payments are agreed upon by the relevant constituencies. This means that payment of indenture trustees’ legal fees could be controversial in future Chapter 11 cases in the Southern District of New York, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.
Most seasoned investment fund managers know it’s only a matter of time before they get dragged into litigation over something. While much of that risk relates to sales of their portfolio companies, post-closing merger and acquisition litigation is easy to avoid, says Casey McTigue of SRS|Acquiom LLC.
As the buyout market in the United Kingdom heats up, having a good understanding of the nuances of the tax regime and keeping on top of developments in market practice are key to ensuring U.S. private equity investors appear attractive in competitive processes. Remember, any sophisticated adviser will warn management against accepting U.S.-style stock options, and the U.K. market has developed a number of more tax-efficient incentives, which must be considered, say James Ross and Eleanor West of McDermott Will & Emery UK LLP.
The U.S. Securities and Exchange Commission is turning more aggressive attention toward shareholder activists, and the issue of revising the Schedule 13D timetable is alive once again, largely due both to a recent media report and its confluence with another event — the news that such a measure has the support of perhaps the preeminent juridical voice in American corporate law, Delaware Supreme Court Chief Justice Leo E. Strine Jr., say Perrie Michael Weiner and Patrick Hunnius of DLA Piper.
There has been a dramatic change in how public relations professionals interact with the news media to promote or protect a law firm’s brand and reputation. But content is queen and has a bright future in law firm PR — it all begins with a plan that should include goals, performance indicators and a system of assessment, say Paul Webb, director of marketing at Young Conaway Stargatt & Taylor LLP, and Kathy O'Brien, senior vice president at Jaffe PR.