Private Equity

  • August 20, 2014

    Aeroflex, Shareholders Strike Deal Over $1.5B Cobham Merger

    The putative class of shareholders suing private equity-controlled Aeroflex Holding Corp. over a proposed $1.46 billion acquisition of the communication equipment supplier by British defense manufacturer Cobham PLC told the Delaware Chancery Court late Tuesday that it had hammered out an agreement to resolve two lawsuits challenging the deal.

  • August 20, 2014

    Deals Rumor Mill: Mylan, Lear, Iliad

    Mylan is among several companies that have made it to the second round of bidding for a mature drug portfolio GlaxoSmithKline is offering, which could be worth as much as $3 billion, while Lear is on the verge of buying premium automotive leather supplier Eagle Ottawa for more than $800 million.

  • August 20, 2014

    Icahn Takes Stake In Hertz Amid Auto Recall Woes

    Carl Icahn has revealed an 8.48 percent stake in Florida-based Hertz Global Holdings Inc. and might seek representation on the rental car company's board of directors after it admitted to struggles with automobile recalls and accounting issues, according to a Wednesday securities filing.

  • August 20, 2014

    Shazam Tops 100M Users As Mobile App Co. Eyes IPO

    Audio recognition app Shazam can now boast more than 100 million mobile monthly active users, representing a 34 percent increase over last year and putting the London-based company among the likes of Facebook, Twitter and YouTube as it quietly eyes a potential initial public offering, according to a Wednesday statement.

  • August 20, 2014

    Carlyle Fights To Nix Experts In PE Antitrust Case

    The Carlyle Group LP on Wednesday told a Massachusetts federal court that its objections to the plaintiffs' expert testimony in an antitrust suit accusing it of colluding with other private equity firms go far beyond technical concerns.

  • August 20, 2014

    Ropes & Gray Reps Bain In $625M Deal With TOMS

    TOMS, the charitable footwear company known for its canvas casual shoes and buy-one-give-one campaign that gives shoes to children in need, said Wednesday that it has sold a 50 percent stake to Boston-based private equity firm Bain Capital in a deal that reportedly values the company at $625 million.

  • August 20, 2014

    5 Bold Moves Shaping Valeant's Epic Fight For Allergan

    Allergan Inc.'s reported pursuit of its own deal to thwart a hostile bid from Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman is the latest twist to expose the undercurrent driving the acrimonious saga: Neither side plans to back down, and both are bracing for a long fight. Here, Law360 examines five of the boldest maneuvers so far in the takeover fight.

  • August 20, 2014

    Valeant Says Allergan Lied To Obstruct $53M Takeover

    Valeant Pharmaceuticals International Inc. and hedge fund Pershing Square Capital Management LP on Tuesday filed counterclaims in Allergan Inc.'s insider trading suit, alleging Allergan, the target of a $53 billion hostile takeover bid, had lied to its own shareholders and solicited Valeant's shareholders to obstruct the takeover.

  • August 20, 2014

    Investors To Keep Growing Alternative Asset Portfolios

    The amount of institutional investors beefing up their alternative asset teams in the past year outnumbered those making cuts by more than seven to one, reflecting widespread appetite for investments outside traditional categories of stocks, bonds and cash, according to a survey released Wednesday.

  • August 20, 2014

    In Sellers' Market, PE Firms Willing To Give Up Control

    A tough market has led some of the biggest private equity players to accept smaller stakes in target companies in the scramble to put money to work, experts say, leading to some unique challenges as they look for extra protection to offset the lack of control that comes with minority investments. 

  • August 20, 2014

    Jones Day Adds White & Case PE Pro In Singapore

    Jones Day has nabbed a private equity pro from White & Case LLP, who specializes in advising investment banks and hedge funds on cross-border mergers and acquisitions, to join its Singapore office, the firm said Monday.

  • August 20, 2014

    OMERS Continues Go-It-Alone Approach With DTI Deal

    Canadian pension fund Ontario Municipal Employees Retirement System has made an investment in DTI, the largest private U.S. provider of legal process outsourcing, without a private equity firm by its side, OMERS said Wednesday.

  • August 19, 2014

    RE Rumor Mill: Investcorp, Starwood-M7 Venture

    Investcorp has reportedly bought a series of office buildings in Jacksonville, Florida, for $133 million, while Starwood and M7 Real Estate have reportedly purchased five industrial properties in Germany for $60 million.

  • August 19, 2014

    PE Firm Can't Shake WARN Claims From Cuts At Bankrupt Unit

    A Delaware federal judge refused Tuesday to dismiss a lawsuit against private equity firm Navigation Capital Partners Inc. over layoffs at a bankrupt unit in 2013, ruling the former employees had adequately alleged the firm had de facto control over its affiliate and could thus be liable.

  • August 19, 2014

    Deals Rumor Mill: Couche-Tard, Apax Partners, TPG Capital

    Canadian convenience store operator Alimentation Couche-Tard Inc. and Chinese Internet giant Tencent Holdings Ltd. have made the short list of potential bidders to purchase a $16 billion minority stake in China's Sinopec Sales, while Apax Partners LLP is looking to sell health care information technology unit TriZetto Corp. for up to $3 billion.

  • August 19, 2014

    Fried Frank Guides $357M Purchase Of Evoq Properties

    Evoq Properties Inc. is being sold for $357.4 million to a group of investors including affiliates of New York-based Atlas Capital Investors III LLC and Square Mile Capital Management LLC as well as affiliates of San Antonio, Texas-based USAA Real Estate Co., Evoq announced Monday.

  • August 19, 2014

    High-Profile Fights For Control Showcase Seller's Market

    Dollar General Corp. pounced on Family Dollar Stores Inc. on Monday with a $9 billion bid that trumps an earlier offer from rival Dollar Tree Inc., setting up a high-stakes showdown between the discount retailers that underscores the thick competition — and eager suitors — stoked by this year's mergers and acquisitions boom.

  • August 19, 2014

    Allergan Eyes Salix Tie-Up To Thwart $53B Valeant Takeover

    Allergan Inc. has reportedly approached Salix Pharmaceuticals Ltd. and at least one other drugmaker to discuss tie-up prospects, its latest maneuver to worm its way out of a hostile $53 billion bid from Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman.

  • August 19, 2014

    Uganda Seeks Private Support For $220M Oil Pipeline

    Uganda is reportedly seeking a private investment partner to develop a 155-mile oil pipeline along the country's west coast that is estimated to cost $220 million, the latest effort by the resource-rich African nation to bulk up its oil and gas sector.

  • August 19, 2014

    Hitachi Metals Pays $1.3B To Buy Foundry Co. From KPS

    Hitachi Metals Ltd. is set to purchase iron casting business Waupaca Foundry Inc. from a KPS Capital Partners LP affiliate for $1.3 billion, the companies said on Tuesday, in a move meant to bolster the Japanese conglomerate's global growth.

Expert Analysis

  • 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 Westergaard.com, says Kevin LaCroix of RT ProExec.

  • Law Firms May Be Violating Copyrights

    Roy Kaufman

    On average, a legal professional forwards content to 14 different people per week. Yet many attorneys and staff lack an understanding of copyright and their firm’s specific policies regarding shared third-party materials, says Roy Kaufman of Copyright Clearance Center.

  • From The Book Of Jargon: Big Boy Letter

    In this short video — the latest installment from the "Book of Jargon" — Latham & Watkins LLP partner Christopher Clark defines the "big boy letter."

  • A Close Look At NY's New Privilege Log Rule

    Joseph B. Schmit

    In addition to significantly reducing costs incurred in the preparation of privilege logs, the new categorical approach to privilege logs in New York will allow parties to identify and frame legal issues requiring the court’s attention more clearly — thus positively impacting the efficiency of the dispute resolution process as well, say Joseph Schmit and Aaron Schue of Phillips Lytle LLP.

  • A Look At 1st M&A Deals Under China’s New Review Process

    Noah Brumfield

    The Chinese agency for antitrust merger clearance has published its first two clearances under a recently issued rule for simplified merger review — a Rolls-Royce-Daimler joint venture and Toyota Tsusho’s acquisition of Scholz AG — and both cases signal a willingness to quickly terminate reviews that pose little antitrust issue, say attorneys with White & Case LLP.

  • Compliance Reigns Supreme As In-House Demographics Shift

    James A. Merklinger

    With more and more traditionalists and baby boomers retiring, the pendulum in corporate law departments will continue to swing toward younger generations. The demographic shift underscores the shift in the skills that different generations prioritize — notably, nonlegal skills, says James Merklinger of the Association of Corporate Counsel.