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Private Equity
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February 15, 2024
Baker McKenzie Can't Send Malpractice Suit To London
An Illinois state appeals court has rejected a push by Chicago-based Baker McKenzie to transfer to London a legal malpractice suit accusing the international law firm of botching a client's bid to reacquire a coal mine in Russia, saying in a 2-1 decision that Cook County has an interest in deciding the case even if the alleged misconduct stems from attorneys in a Russian member firm.
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February 15, 2024
Trian Decries Disney's 'Spaghetti-Against-The-Wall' Strategy
Walt Disney Co. shareholder and activist investor The Trian Group is taking a public swipe at the company's performance, criticizing its "fairy tale" and "spaghetti-against-the-wall" strategy to improve profits.
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February 15, 2024
Freenome Raises $254M For Early Cancer Detection Tests
Cancer-focused biotechnology company Freenome said Thursday it has raised $254 million from investors to advance cancer detection tests in its pipeline.
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February 15, 2024
Aurinia Refocusing After Failed Effort To Find A Buyer
Kidney-focused biotech Aurinia Pharmaceuticals is hitting pause on drug development, cutting jobs and initiating a $150 million stock buyback program, the company disclosed in its year-end financial report Thursday.
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February 15, 2024
Lawmakers Push PE Firm For Answers On Steward Health
A group of lawmakers demanded answers from private equity firm Cerberus Capital Management on Thursday over its relationship with financially troubled Steward Health Care-owned hospitals in Massachusetts, saying that Steward's recent collapse is a "textbook example" of the "grave risks" that come with private equity takeover of the healthcare system.
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February 15, 2024
FTC's Khan Calls Healthcare 'Key' To Fight For Competition
Federal Trade Commission Chair Lina Khan told a conference of physicians the agency is fighting corporate control at several levels of the healthcare industry, touting the sector as a key battleground in the administration's push for more competition across the economy.
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February 15, 2024
Trump Social Media Blank-Check Merger Gets SEC Approval
The blank-check company looking to take former President Donald Trump's social media platform public has obtained approval from the U.S. Securities and Exchange Commission to move forward with the long-delayed merger, according to a recent regulatory filing.
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February 15, 2024
Starwood Capital Injects $850M Into Echelon Data Centres
Real estate-focused private investment firm Starwood Capital Group on Thursday revealed that it acquired a 50% stake in Dublin, Ireland-based Echelon Data Centres through an $850 million investment, valuing Echelon at roughly €2.5 billion ($2.69 billion) in a deal built by three firms.
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February 15, 2024
Deals Rumor Mill: Sony-Michael Jackson, Inspire IPO, Walmart
Sony plans to acquire half of Michael Jackson's catalog; private equity firm Roark Capital is planning to list Inspire Brands, which owns Dunkin' and other food chains; and Walmart is pursuing an acquisition of TV maker Vizio. Here, Law360 breaks down these and other notable deal rumors from the past week.
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February 14, 2024
Campbell Soup Says It Gave FTC Info For $2.7B Sauce Deal
Campbell Soup Co. has given the Federal Trade Commission all the information the agency has asked for concerning its planned acquisition of Sovos Brands, the owner of the popular sauce brand Rao, before the agency decides whether to give the $2.7 billion union its blessing.
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February 14, 2024
Insurer Needn't Defend Landlord From Antitrust MDL
A Washington state judge has ruled in favor of an insurer in a coverage dispute revolving around nearly 40 antitrust class action claims against landlords that have been combined into a multidistrict litigation case, finding that the insurer owes no defense coverage to an accused property manager.
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February 14, 2024
Adagio Medical Goes Public In $128M SPAC Merger
Adagio Medical, a catheter ablation tech maker, and Arya Sciences, a special purpose acquisition company, said on Wednesday that they would merge, taking the combined company public at a $128 million value, guided by respective legal adviser Reed Smith and Kirkland.
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February 14, 2024
OECD Chief Claims No Knowledge Of Aussie PwC Breaches
The OECD's top official had no knowledge of PwC Australia's breaches of confidentiality when he took equity in its former CEO's consulting firm that he relinquished when the existence of the equity became public knowledge, his spokesperson told Law360.
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February 14, 2024
SEC Says Bankruptcy Doesn't Stop Crowdfunding Fraud Case
Securities regulators are urging a Michigan federal judge to allow them to press on with their claims against the alleged mastermind behind a $2 million crowdfunding scheme — who has since quietly changed his name and allegedly bilked his attorney — arguing that his recent bankruptcy filing shouldn't pause proceedings.
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February 14, 2024
Biotech Nabs $200M Via Private Placement, Starts CEO Search
Public gene therapy company enGene Holdings Inc. announced Wednesday that it will sell 20 million of its common shares, raising an anticipated private placement of around $200 million, to fund the development of its lead compound EG-70.
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February 14, 2024
Juul Gets More Antitrust Claims To Arbitration
A California federal judge has sent two more claims against Juul to arbitration and dismissed a request for an injunction to block Altria's already-unwound investment in the company.
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February 14, 2024
Atty For Ex-Trump Official Accused Of Leaking Deposition
The plaintiff in a federal fraud suit against a former Trump administrative State Department official and a Philadelphia attorney wants the defendants' attorney sanctioned and tossed from the case after the attorney allegedly shared depositions marked confidential with a third-party witness.
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February 14, 2024
Kirkland-Led PE Shop Raises $887M Across 2 Industrial Funds
Kirkland & Ellis LLP-advised Core Industrial Partners, a private equity shop focused on industrial technology and industrial services, said Wednesday that it closed two separate funds above target, amassing a total of $887 million in capital commitments.
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February 14, 2024
North Face, Vans Owner VF Makes Deal With Engaged Capital
Activist investor Engaged Capital got its wish for two new board members at apparel company VF Corp. after striking a deal with the company to add Caroline Brown, as well as another director in the near future with guidance from the firm.
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February 14, 2024
KKR Buys Stake In Health Tech Biz Cotiviti At $10.5B Valuation
Private equity firm KKR & Co. Inc. has agreed to acquire a stake in healthcare analytics company Cotiviti from Veritas Capital, Cotiviti announced Wednesday, in a deal valuing the target at about $10.5 billion.
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February 13, 2024
FinCEN Eyes Enlisting Fund Managers In Illicit Finance Fight
The Financial Crimes Enforcement Network moved Tuesday to expand federal anti-money laundering requirements to hedge fund managers, private equity firms and other so-called investment advisers, issuing a proposal that seeks to harden a multitrillion-dollar segment of the financial sector against exploitation by criminals.
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February 13, 2024
Food Co. Whole Earth Brands Taken Private In $209M Deal
Food company Whole Earth Brands said Tuesday it will be acquired by private equity-backed Sweet Oak Holdings, which will take the company private in a deal worth about $209 million that was crafted by DLA Piper and Greenberg Traurig LLP.
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February 13, 2024
Qihoo 360, Investors Ink $29.75M Deal Over $9.3B Merger Suit
Investors suing Chinese software company Qihoo 360 Technology Co. Ltd. asked a New York federal judge to approve a $29.75 million settlement ending claims the firm worked to push down its share price in order to pay shareholders an unfairly low price when it went private by means of a $9.3 billion merger.
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February 13, 2024
Kroger Says Its Past Shows Albertsons Deal Will Drop Prices
Kroger has shared some statistics that it says show its merger with the country's second-biggest grocery chain, Albertsons, won't be a bad thing, pointing to evidence that prices usually drop at a grocery chain after being acquired by Kroger.
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February 13, 2024
Calif. Clean Energy Storage Secures $350M From Blackstone
Arevon Energy Inc. said Tuesday that it closed on financing for a California renewable energy storage facility, including $350 million from a Blackstone unit in the form of preferred equity, with guidance from three law firms.
Expert Analysis
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Private Equity Firms Shouldn't Overlook Cybersecurity Risks
Given the operational, financial and reputational costs at stake, and the growing threat of cybercrime, cybersecurity should be central to deal making, internal governance and post-acquisition management for private equity firms, say Ray Bogenrief and William Ridgway at Skadden.
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Assessing Overlapping Boards After DOJ Crackdown
The U.S. Department of Justice’s recent targeting of interlocking directorates raises questions about the scope of applicable antitrust law, including when companies will be considered competitors, whether the statute reaches potential competitors, and how companies can avoid price-fixing or market allocation charges, say attorneys at Cooley.
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NY AG's Digital Asset Proposal Shouldn't Be Taken Lightly
Given New York state's prominence both in the digital asset industry and as a proving ground for state regulatory innovation, all digital asset industry participants should take seriously New York Attorney General Letitia James' legislative proposal to tighten crypto regulation, say attorneys at WilmerHale.
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Lessons On Corporate Fiduciary Duties From Del. M&A Case
The recent decision in New Enterprise Associates v. Rich, which held that a contractual covenant by certain stockholders not to challenge specific sales of the company was enforceable, highlights that the Delaware Court of Chancery generally is likely to be receptive to waivers of fiduciary duties that are agreed by sophisticated stockholders, say attorneys at Fried Frank.
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Failed Tegna Deal Reveals Increasing Merger Review Hurdles
A deeper look at how the Tegna-Standard General deal derailed during merger review suggests some practical steps that firms should consider to close transactions when dealing with multiple federal agencies operating under a whole-of-government antitrust enforcement approach, say Jody Boudreault and Katherine Dutcher at Baker Botts.
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A Lawyer's Guide To Approaching Digital Assets In Discovery
The booming growth of cryptocurrency and non-fungible tokens has made digital assets relevant in many legal disputes but also poses several challenges for discovery, so lawyers must garner an understanding of the technology behind these assets, the way they function, and how they're held, says Brett Sager at Ehrenstein Sager.
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Opinion
High Court's Ethics Statement Places Justices Above The Law
The U.S. Supreme Court justices' disappointing statement on the court's ethics principles and practices reveals that not only are they satisfied with a status quo in which they are bound by fewer ethics rules than other federal judges, but also that they've twisted the few rules that do apply to them, says David Janovsky at the Project on Government Oversight.
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A Look At Corwin Cleansing After Chancery Edgio Ruling
The Delaware Chancery Court's denial of Corwin cleansing in an action seeking post-closing injunctive relief in the Edgio stockholders case has potentially significant implications for corporations and their boards in the negotiation of investment agreements with significant stockholders, say attorneys at Cleary.
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Opinion
Time For Law Schools To Rethink Unsung Role Of Adjuncts
As law schools prepare for the fall 2023 semester, administrators should reevaluate the role of the underappreciated, indispensable adjunct, and consider 16 concrete actions to improve the adjuncts' teaching experience, overall happiness and feeling of belonging, say T. Markus Funk at Perkins Coie, Andrew Boutros at Dechert and Eugene Volokh at UCLA.
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4 Areas Of Heightened Antitrust Risk In Private Equity
Antitrust enforcement and litigation are moving from portfolio companies to the private equity firms that invest in them, and a few areas of elevated risk stand out, say Ann O’Brien and Lindsey Collins at Sheppard Mullin.
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Tips For In-House Legal Leaders In A Challenging Economy
Amid today's economic and geopolitical uncertainty, in-house legal teams are running lean and facing increased scrutiny and unique issues, but can step up and find innovative ways to manage outcomes and capitalize on good business opportunities, says Tim Parilla at LinkSquares.
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M&A Considerations For European Cos. Acquiring US Entities
As investment banks forecast a resurgence of mergers and acquisitions later this year, European companies seeking to acquire U.S. businesses should be aware of key procedural differences and federal regulatory requirements that will affect the process, timing and terms of the transaction, say attorneys at Mintz.
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Compliance Considerations For Financial Institutions Using AI
Financial institutions that adopt innovative and disruptive artificial intelligence technology to improve their offerings in the coming months will need to take appropriate steps to ensure they remain on the right side of any lines drawn by U.S. and international regulators, say Timothy Spangler and Linda Ann Bartosch at Dechert.
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What Associates Need To Know Before Switching Law Firms
Excerpt from Practical Guidance
The days of staying at the same firm for the duration of one's career are mostly a thing of the past as lateral moves by lawyers are commonplace, but there are several obstacles that associates should consider before making a move, say attorneys at HWG.
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FHFA Plans Forecast The Year Ahead In Affordable Housing
This year attorneys in the affordable housing sector can expect to see developers utilizing the financing tools included in Freddie Mac and Fannie Mae's updated equitable housing finance plans, including various sponsor-elected programs and Freddie's forward commitment initiative, say Evan Blau and Beth Budnick at Cassin & Cassin.