Private Equity RSS

  • April 24, 2014

    Herrick Pays $190M For 44 CVS-Leased Retail Pharmacies

    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.

  • April 24, 2014

    Top Proxy Adviser Backs Loeb Board Shake-Up At Sotheby's

    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.

  • April 24, 2014

    Biomet Opts For $13.4B Sale To Zimmer, Halts IPO Plans

    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.

  • April 24, 2014

    Kirkland-Led Chobani Gobbles Up $750M TPG Investment

    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.

  • April 24, 2014

    Waiting On FTC, Men's Wearhouse Extends Jos. A. Bank Offer

    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.

  • April 23, 2014

    K&L Gates Adds Ex-Yahoo GC To M&A Group In Calif., Taiwan

    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.

  • April 23, 2014

    Sumitomo Bakelite Drops $265M For HIG Capital's Vaupell

    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.

  • April 23, 2014

    Chancery's Appetite For Fee Awards Wanes As Deal Suits Rise

    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.

  • April 23, 2014

    Deals Rumor Mill: Charter, Eni, Carlo Tassara

    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.

  • April 23, 2014

    Hedge Funds Find Pitfalls Along With Profits In RE Ventures

    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.

  • April 23, 2014

    Post Oak Energy Sinks $100M Into Texas Oil Co.

    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.

  • April 23, 2014

    RBC Asks Judge To Divvy Blame For Botched Rural/Metro Sale

    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.

  • April 23, 2014

    Gibson Dunn, Simmons Rep Fajr Capital On $500M NPS Buy

    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.

  • April 23, 2014

    Kirkland Taps Simpson M&A Partner For New Houston Office

    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.

  • April 23, 2014

    Ardian Raises $10B To Invest In Buyout Funds

    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.

  • April 23, 2014

    Allergan Swallows Poison Pill After $46B Valeant-Ackman Bid

    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.

  • April 22, 2014

    RE Rumor Mill: Arabtec, Crown Resorts, Capri Capital

    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.

  • April 22, 2014

    Event Rentals Plans Sale To Apollo Following Ch. 11 Auction

    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.

  • April 22, 2014

    The Accidental Advocate: Judge John E. Jones III

    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.

  • April 22, 2014

    BJ's Restaurants To Add New Directors In Deal With Investors

    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.

Expert Analysis

  • Some Early Indications From The 2014 Proxy Season

    William M. Kelly

    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.

  • Legal Evolution: It’s Back To Business

    Michael S. Lipps

    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.

  • Why Fund Borrowers Must Consider Subscription Facilities

    Mary Touchstone

    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.

  • Reps And Warranties Insurance Rises In Health Care Deals

    Geoffrey C. Cockrell

    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.

  • Mandatory Pro Bono Is Not The Answer For Practitioners

     Amanda D. Smith

    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.

  • Lehman Court Imposes New Limitations On Professional Fees

    Richard L. Epling

    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.

  • Keeping Investment Funds Out Of Litigation Purgatory

    Casey McTigue

    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.

  • How To Incentivize Management Across The Pond

    James Ross

    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.

  • Activist Investors — Brace Yourselves For 13D Changes

    Perrie Michael Weiner

    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.

  • The Future Of Law Firm PR: The Good, Bad And Ugly

    Paul Webb

    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.