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Private Equity
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April 09, 2024
Biotech Co. Insiders Sued In Del. Over $200M PIPE Deal Gain
Investors of clinical-stage pharmaceutical company Taysha Gene Therapies Inc. sued the company's directors and officers in Delaware Chancery Court to recover more than $200 million in damages on behalf of the company after its insiders allegedly wrongfully profited from a public equity sale.
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April 09, 2024
Tech M&A Reigns Supreme In Q1 After Rare Hiccup In Q4
The technology sector logged the greatest total value of global mergers and acquisitions in the first quarter of 2024, following a rare quarter that saw the industry fall out of the top spot and into third place, data from Dealogic shows.
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April 09, 2024
Fintech Investment Biz To Go Public Via $700M SPAC Merger
Financial technology investment platform Linqto Inc., advised by Lowenstein Sandler LLP, on Tuesday unveiled plans to go public through a merger with blank-check company Blockchain Coinvestors Acquisition Corp. I, advised by Seward & Kissel LLP, in a deal valued at $700 million.
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April 09, 2024
House GOP To Air Measure Rejecting SEC Climate Rule
The U.S. House of Representatives' Financial Services Committee will hold a hearing Wednesday morning addressing the U.S. Securities and Exchange Commission's climate disclosure rules, where a leading Republican member of the committee is expected to put forth a resolution that would nullify the rules.
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April 09, 2024
Life Sciences GCs On Tighter Regs, Outside Counsel Advice
General counsel at life sciences venture capital firms are navigating increased regulation in healthcare and looking to outside counsel to act as true advisers and problem-solvers as the healthcare industry becomes more complex.
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April 09, 2024
Macy's Sued In Del. To Block 'Dead Hand' Buyout Defense
A Macy's Inc. pension fund stockholder has sued for a Delaware Court of Chancery order barring the retailer from holding its May 17 annual meeting or impeding a board proxy contest launched by two investor funds after a hostile response to their company takeover offer.
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April 09, 2024
Sheppard Mullin Adds Locke Lord Corporate Transactions Pro
Sheppard Mullin Richter & Hampton LLP has added the co-chair of Locke Lord LLP's corporate and transactional department as a partner in Chicago, the firm announced Tuesday.
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April 09, 2024
King & Spalding-Led Dude Perfect Lands $100M-Plus Infusion
Sports and entertainment group Dude Perfect, advised by King & Spalding LLP, has partnered with Stinson LLP-advised private investment firm Highmount Capital to accelerate the entertainment group's growth and influence beyond traditional channels, according to a Tuesday announcement.
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April 09, 2024
New Relic Shareholder Sues To Force Open Corp. Books
Another shareholder of web analytics firm New Relic Inc. has sued in Delaware's Court of Chancery for corporate records related to the company's $6.5 billion, $87-per-share buyout by private equity firms Francisco Partners and TPG, the latest in a string of shareholder suits seeking records on the deal.
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April 09, 2024
Blue Owl Targets Real Estate Finance After $170M Prima Buy
Asset manager Blue Owl Capital Inc. on Tuesday unveiled plans to launch a real estate finance strategy following its $170 million purchase of real estate lender Prima Capital Advisors in a deal crafted by three firms, marking the firm's second acquisition in two weeks meant to broaden its service offerings.
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April 09, 2024
Paul Hastings-Led STG Makes £147M Offer For Software Co.
Gresham Technologies PLC said on Tuesday it has agreed to an offer from U.S. private equity firm STG Partners LLC to buy the software business for £146.7 million ($185.6 million).
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April 08, 2024
3 Firms To Lead Weber Investor Suit Over $3.7B PE Buyout
Prickett Jones & Elliot, Grant & Eisenhofer PA, and Kessler Topaz Meltzer & Check will together represent a proposed class of investors in grill maker Weber Inc. in consolidated litigation in Delaware's Court of Chancery over a $3.7 billion squeeze-out by private equity firm BDT Capital Partners LLC, Chancellor Kathaleen St. Jude McCormick decided on Monday in what she described as a "close call."
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April 08, 2024
Southwest Gas Unit Centuri Eyes Spinoff Through $242M IPO
Southwest Gas Holdings Inc.'s infrastructure services unit Centuri Holdings Inc. on Monday unveiled terms for an estimated $242 million initial public offering that would lead to Centuri becoming a standalone public company, represented by Morrison Foerster LLP and underwriters' counsel Skadden Arps Slate Meagher & Flom LLP.
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April 08, 2024
Czech Firm Says Its Vista Deal Offers Benefits Over Rival Bid
Czechoslovak Group A.S. on Monday reaffirmed its commitment to its planned $1.9 billion acquisition of Vista Outdoor's sporting products business, which is also being pursued by rival bidder MNC Capital, noting that it has fully committed financing and has already received antitrust clearance from the Federal Trade Commission.
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April 08, 2024
PE Firm Calls FTC's Antitrust Claims 'Many Yesterdays' Old
A Texas anesthesiology company and the private equity firm that created it told a Houston federal judge Monday that the Federal Trade Commission has gone back "many yesterdays ago" in making its antitrust case, arguing that there's no imminent threat of a monopoly in an attempt to get the case dismissed.
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April 08, 2024
McMahon Sells Millions More In TKO Stock Amid Abuse Suit
WWE's disgraced founder Vince McMahon, who was recently accused of trafficking a former employee, continues to loosen his grip on the wrestling company he founded, most recently selling $311 million worth of stock in WWE's parent, according to a Monday securities filing.
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April 08, 2024
Hormel Settling Pork Price-Fixing Claims For Over $11M
Three plaintiff classes in the ongoing pork price-fixing litigation against Hormel Foods have reached preliminary settlements worth over $11 million with the company and are now asking the Minnesota federal judge overseeing the case to grant them initial approval.
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April 08, 2024
Walmart-Backed Digital Marketer Ibotta Primes $450M IPO
Walmart-backed digital marketing platform Ibotta Inc. on Monday launched plans for an initial public offering led by Wilson Sonsini Goodrich & Rosati PC that could raise $450 million, hoping to tap a thawing IPO market for technology issuers.
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April 08, 2024
Catching Up With Delaware's Chancery Court
Last week, a much-watched Chancery Court Match.com decision got reversed, a Philip Morris motion got stubbed out, and a long-frozen Blue Bell Creameries suit started churning again. Delaware's Court of Chancery also saw new suits filed for legal fees, arguments over multibillion-dollar pay packages, and a judge flummoxed over Truth Social.
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April 08, 2024
3 Firms Build $2.3B Hospitality Biz SPAC Merger
Singapore-headquartered Hotel101 Global Pte Ltd., a hotel prop-tech operator pioneering a standardized "condotel" business model, announced Monday that it plans to go public through a merger with blank-check company JVSPAC Acquisition Corp. in a deal built by three firms that will give it an equity value of $2.3 billion post-closing.
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April 08, 2024
Kirkland-Led Vista Buying Medtech Co. 'Model N' For $1.25B
Kirkland & Ellis LLP-led Vista Equity Partners has agreed to buy Fenwick & West LLP-advised Model N, a provider of revenue optimization and compliance tools for healthcare tech companies, in a take-private transaction valued at approximately $1.25 billion, the companies said Monday.
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April 08, 2024
Simpson Reps Blackstone On $10B AIR Communities Buy
Blackstone has agreed to purchase Apartment Income REIT Corp. in a take-private transaction valued at approximately $10 billion, with Simpson Thacher & Bartlett LLP and Skadden Arps Slate Meagher & Flom LLP serving as legal counsel, respectively, the firms said Monday.
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April 05, 2024
L3Harris To Sell Antenna Business To Kanders For $200M
Florida-based single-family investment officer Kanders & Co. Inc., advised by Ropes & Gray LLP, announced on Friday that it will buy and combine the antenna and related businesses from aerospace and defense company L3Harris Technologies for $200 million.
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April 05, 2024
Gunderson, Sidley Steer Biotech's Scaled-Down $110M IPO
San Diego, California-based biotech Contineum Therapeutics began trading its shares publicly on Friday after raising $110 million in its scaled-down initial public offering.
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April 05, 2024
Nixon Peabody Adds 2 Attys From Hinckley Allen In Boston
A pair of attorneys have jumped to Nixon Peabody LLP in Boston after spending more than a decade working at Hinckley Allen & Snyder LLP.
Expert Analysis
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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9 Considerations For Divestitures, Carveouts And Spinouts
Amid new economic optimism, data protection, transitional services and seven other considerations can help legal practitioners untangle complex divestitures, carveouts and spinouts to unlock value for corporate sellers, say Kimberly Petillo-Décossard and Kristen Rohr at White & Case.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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Predicting DeFi Regulations At Home And Abroad In 2024
Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.
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Planning For Stymied HSR Filings At FTC If Shutdown Occurs
If the government were to shut down in early March, the inability to submit Hart-Scott-Rodino filings with the Federal Trade Commission would grind transactions to a halt, and parties should consider numerous implications as they are negotiating or planning to close pending transactions, say attorneys at DLA Piper.
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Challenges Remain In Financing Energy Transition Minerals
COP28, the latest U.N. climate conference, reached a consensus on a just and equitable transition from fossil fuels to renewable energy, but more action and funding will be needed to ensure that developed countries responsibly source the minerals that will be critical for this process, say attorneys at Watson Farley.
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Loan Transparency Proposals May Bring Some Clarity
U.S. banking regulators' proposed revisions to rules that would require banks to disclose more granular information about loans made to nondepository financial institutions would somewhat clarify the size of the fund finance market, though full enlightenment does not look likely in the near future, says Chris van Heerden at Cadwalader.
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Texas Ruling Clarifies That Bankruptcy Shields LLC Rights
A Texas bankruptcy court’s recent ruling in In re: Envision makes it clear that the Bankruptcy Code preempts a section of Delaware state law that terminates a member’s interest in an LLC upon a bankruptcy filing, clarifying conflicting case law, say Larry Halperin and Joon Hong at Chapman and Cutler.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
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Navigating New Regulations In Healthcare And Other M&A
While notice requirements recently enacted in several states are focused on the healthcare industry for now, this trend could extend to other industries as these requirements are designed to allow regulators to be a step ahead and learn more about a transaction long before it occurs, say Kathleen Premo and Ashley Creech at Epstein Becker.
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New CMS Rule Will Change Nursing Facility Disclosures
A new rule from the Centers for Medicare & Medicaid Services significantly expands disclosure requirements for nursing facilities backed by private equity companies or real estate investment trusts, likely foreshadowing increased oversight that could include more targeted audits, say Janice Davis and Christopher Ronne at Morgan Lewis.
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Opinion
3rd-Party Financiers Have Power To Drive Mass Tort Cases
The abnormal recovery premium presented by modern mass tort cases coupled with their deemphasized role for attorneys creates an opportunity for third-party financiers to both create and control these cases, says Samir Parikh at Lewis & Clark Law School.