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Private Equity
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January 22, 2024
'Well-Pled Web' Of Carlyle Links Keeps Del. $344M Suit Alive
Shareholders have sufficiently pled that an independent director of The Carlyle Group Inc. has so many ties to co-founder David M. Rubenstein that it could have compromised his ability to make impartial decisions about a $344 million tax asset buyout, a Delaware Chancery Court vice chancellor said Monday.
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January 22, 2024
Forward Air, Omni Logistics Amend $3.2B Deal, End Litigation
Asset-light transportation services provider Forward Air Corp. and global logistics company Omni Logistics LLC have updated the terms of their previously announced $3.2 billion merger agreement to end litigation between the two parties and close the deal by the end of the week, the companies announced in separate Monday statements.
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January 22, 2024
Vietnamese Technology Biz Scraps US IPO Plans
Vietnamese media company VNG Ltd. on Monday withdrew its plans for a U.S. initial public offering, disclosing in a filing with the U.S. Securities and Exchange Commission that it plans to refile in the future.
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January 22, 2024
FTC Fights Bids To Toss Texas Anesthesia Roll-Up Case
The Federal Trade Commission urged a Texas federal court not to toss the agency's antitrust case against Welsh Carson Anderson & Stowe and U.S. Anesthesia Partners, saying the private equity firm orchestrated a "roll up" strategy to create a dominant anesthesiology practice.
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January 22, 2024
Cancer-Focused Arrivent Biopharma Eyes $150M IPO
Lung cancer-focused Arrivent Biopharma Inc. set a price range for its planned initial public offering Monday, saying it plans to offer 8.3 million shares at a price range of $17 to $19, meaning it could raise an estimated $150 million through its IPO.
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January 22, 2024
Davis Polk-Led Amer Takes Swing At Potential $1.7B IPO
Amer Sports Inc., which owns the iconic brands Wilson tennis rackets and Louisville Slugger baseball bats, on Monday launched plans for an estimated $1.7 billion initial public offering, represented by Davis Polk & Wardwell LLP and underwriters counsel Latham & Watkins LLP.
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January 22, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's Court of Chancery, a dating app found a way to ease some relationship tension, burned up stockholders sued an energy giant, and a vice chancellor got some supreme validation for his dismissal of a shareholder suit against Snap Inc. and Fox Corp.
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January 22, 2024
FTC Probing Occidental's $12B CrownRock Deal
The Federal Trade Commission is deepening its investigation into Occidental Petroleum Corporation's $12 billion deal to purchase oil and natural gas company CrownRock, Occidental revealed on Monday.
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January 22, 2024
Skadden-Led HgCapital Trust To Exit Argus Media For £52M
Private equity firm Hg said on Monday that it has agreed to sell its complete stake in commodities price reporting agency Argus Media, with HgCapital Trust's stake to be sold for approximately £52 million ($66 million).
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January 22, 2024
Baker McKenzie Adds Latham Private Equity Pro In SF
Baker McKenzie is getting a new head of private equity in California, according to an announcement Monday that it is bringing in a Latham & Watkins LLP private equity pro as a partner in its San Francisco office.
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January 22, 2024
Choice Ramps Up Wyndham Takeover Bid With Nominee Slate
Choice Hotels International Inc. on Monday unveiled a slate of eight individuals it will be nominating for election at Wyndham Hotels & Resorts' upcoming annual shareholder meeting, ramping up the company's hostile takeover attempt that has already faced scrutiny from the Federal Trade Commission.
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January 22, 2024
Proskauer Securities Litigation Chair Elected Firm Leader
Proskauer Rose LLP announced that it has chosen a partner who built the firm's renowned asset management litigation practice as its next chair.
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January 22, 2024
Macy's Rejects $5.8B Offer As PE Firm Mulls Hostile Takeover
Macy's has pushed back against a proposal from Arkhouse Management Co. LP and Brigade Capital Management LP to buy the storied retailer for roughly $5.8 billion in cash, as Arkhouse threatened to "pursue all necessary steps" to make a deal happen.
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January 22, 2024
High Court Won't Review Tribal Bond Scam Case
The U.S. Supreme Court on Monday denied a petition by a former private equity professional to appeal his conviction and one-year prison sentence for allegedly helping a career con artist to execute a $60 million tribal bond scam.
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January 22, 2024
Freshfields, Mayer Brown Guide $2.8B Bet On Gambling Biz
The operator of France's national lottery said Monday that it plans to buy an online betting business, Kindred Group, for the equivalent of $2.8 billion in cash as it aims to become an international gambling provider.
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January 19, 2024
Law360 Names Firms Of The Year
Eight law firms have earned spots as Law360's Firms of the Year, with 55 Practice Group of the Year awards among them, steering some of the largest deals of 2023 and securing high-profile litigation wins, including at the U.S. Supreme Court.
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January 19, 2024
Law360 Names Practice Groups Of The Year
Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2023, which honor the attorney teams behind litigation wins and major deals that resonated throughout the legal industry this past year.
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January 19, 2024
Ex-Fugees Rapper Denies Fraud Claims Over $6.5M Loan
Ex-Fugees rapper Prakazrel Samuel "Pras" Michel has denied all wrongdoing to the Georgia federal court that is overseeing a lawsuit accusing him of fraudulently selling his music catalog while it was being held as collateral on a $6.5 million loan.
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January 19, 2024
Ropes & Gray-Led PE Shop Amasses $3.5B For 6th Fund
Ropes & Gray LLP-advised middle market private equity shop Wynnchurch Capital LP on Friday said it closed its sixth private equity fund above target after securing $3.5 billion of committed capital.
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January 19, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen a bankrupt English local council bring a construction claim against property maintenance company Axis, a Cypriot cheese trade protection body appeal a UK IPO decision granting trademark registration for "Grilloumi" and employees of supermarket giant Morrison’s shop around for compensation in a claim over equal pay. Here, Law360 looks at these and other new claims in the U.K.
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January 19, 2024
SVB Cayman Unit Files Ch. 15 To Obtain Info About Deposits
The Cayman Islands unit of Silicon Valley Bank filed for Chapter 15 protection in New York, saying it needs authority to obtain documents from federal regulators about the status of its $866 million of customer deposits following the parent bank's 2023 collapse.
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January 19, 2024
4 Firms Steer $1.8B Kaman Corp. Go-Private Deal
Aircraft component maker Kaman Corp. said Friday it has agreed to be acquired by Arcline Investment Management in a take-private deal that carries a roughly $1.8 billion enterprise value, in a deal steered by four law firms.
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January 19, 2024
Debevoise Leads Kazakh Fintech Firm's $1B US Market Debut
Kazakhstan fintech company Kaspi.kz was set to start trading Friday after completing an upsized $1 billion U.S. initial public offering, represented by Debevoise & Plimpton LLP and underwriters counsel White & Case LLP, marking the first billion-dollar IPO of 2024.
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January 18, 2024
CG Oncology Aims To Raise Up To $212M As It Sets IPO Terms
Bladder-cancer therapy company CG Oncology set terms for its planned initial public offering Thursday, saying it intends to offer 11.8 million shares for between $16 and $18 per share, meaning it could raise up to around $212 million if priced at the high point.
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January 18, 2024
3rd Circ. Preserves $1.8M Jury Award For Resort Shareholder
The Third Circuit on Thursday upheld a $1.8 million jury award for the estate of a doctor who accused a Costa Rican resort of shorting him on timeshare investment income, reasoning that "record evidence" backed the trial verdict.
Expert Analysis
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5 Issues For Execs To Consider In SEC Cyber Rule Proposals
The U.S. Securities and Exchange Commission's recently proposed cybersecurity rules are an attempt to harmonize requirements across all the entities the agency regulates, but the one-size-fits-all approach could leave funds, broker-dealers and other market participants in a perilous place, says Rick Borden at Frankfurt Kurnit.
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Ghosting In BigLaw: Why Better Feedback Habits Are Needed
Not giving assignments or constructive criticism to junior associates can significantly affect their performance and hours, potentially leading them to leave the firm, but partners can prevent this by asking the right questions and creating a culture of feedback, says Rachel Patterson at Orrick.
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Opinion
Water Infrastructure Crisis Requires Private Investment
The federal government is in the process of distributing billions of dollars recently allocated for upgrades to U.S. water infrastructure — but capital, beyond what government can provide, is needed to fully address decades of neglect, meaning that private investment must be a part of the solution, says Damian Georgino at Womble Bond.
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SVB Collapse Underscores Policy And Regulatory Pitfalls
The recent failures of three American banks reveal hidden vulnerabilities, raise concerns about moral hazard, and highlight the need for tighter regulation and closer monitoring of unrealized investment-portfolio losses in the U.S. banking system, says attorney Patrick Meson.
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Rebuttal
Law Needs A Balance Between Humanism And Formalism
A recent Law360 guest article rightly questions the pretextual pseudo-originalism that permits ideology to masquerade as judicial philosophy, but the cure would kill the patient because directness, simplicity and humanness are achievable without renouncing form or sacrificing stare decisis, says Vanessa Kubota at the Arizona Court of Appeals.
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Short Message Data Challenges In E-Discovery
As short message platforms increasingly dominate work environments, lawyers face multiple programs, different communication styles and emoji in e-discovery, so they must consider new strategies to adapt their processes, says Cristin Traylor at Relativity.
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Opinion
Thomas Report Is Final Straw — High Court Needs Ethics Code
As a recent report on Justice Clarence Thomas' ongoing conflicts of interest makes evident, Supreme Court justices should be subject to an enforceable and binding code of ethics — like all other federal judges — to maintain the credibility of the institution, says Erica Salmon Byrne at Ethisphere.
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Bank Chaos Isn't The Only Factor Hurting The Lending Market
Lending concerns were previously focused on increased interest rates and the lack of government stimulus to support inflation, but recent bank failures were an unforeseen piece of the puzzle that may lead many commercial lenders to be more conservative about deploying funds, says Bobbi Acord Noland at Parker Hudson.
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Joint Representation Ethics Lessons From Ga. Electors Case
The Fulton County district attorney's recent motion to disqualify an attorney from representing her elector clients, claiming a nonconsentable conflict of interest, raises key questions about representing multiple clients related to the same conduct and highlights potential pitfalls, say Hilary Gerzhoy and Grace Wynn at HWG.
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Lawyer Discernment Is Critical In The World Of AI
In light of growing practical concerns about risks and challenges posed by artificial intelligence, lawyers' experience with the skill of discernment will position them to help address new ethical and moral dilemmas and ensure that AI is developed and deployed in a way that benefits society as a whole, says Jennifer Gibbs at Zelle.
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What To Know About Filing SVB, Signature Creditor Claims
The Federal Deposit Insurance Corporation has advised companies that provided services to Silicon Valley Bank or Signature Bank before they closed to file a creditor claim, but the category is broad and even those who only think they may be a creditor of the failed banks should file a proof of claim ahead of the July deadlines, say David Bizar and William Hanlon at Seyfarth.
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Don't Forget Alumni Engagement When Merging Law Firms
Neglecting law firm alumni programs after a merger can sever the deep connections attorneys have with their former firms, but by combining good data management and creating new opportunities to reconnect, firms can make every member in their expanded network of colleagues feel valued, say Clare Roath and Erin Warner at Troutman Pepper.
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A Convergence Of Factors Hurts SVB Securities Class Action
Shareholders have filed a class action against Silicon Valley Bank and its senior executives alleging securities fraud, but the unique circumstances leading up to the collapse, like higher interest rates and an asset-liability mismatch, complicate the task of assigning sole responsibility for SVB's downfall, say Atanu Saha and Narinder Walia at StoneTurn.
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Without Stronger Due Diligence, Attys Risk AML Regulation
Amid increasing pressure to mitigate money laundering and terrorism financing risks in gatekeeper professions, the legal industry will need to clarify and strengthen existing client due diligence measures — or risk the federal regulation attorneys have long sought to avoid, says Jeremy Glicksman at the Nassau County District Attorney’s Office.
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Failed Bank Execs Could Be Targets After Biden Proposals
Of President Joe Biden's three regulatory proposals following last month's bank collapses, legislation expanding the Federal Deposit Insurance Corporation's clawback authority would likely present the greatest risk to executives of failed banks going forward, say attorneys at Norton Rose.