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Transactions UK
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April 26, 2024
CMA Probes Deal For UK Ventilator Biz Over Cost Fears
The Competition and Markets Authority said Friday it has concerns that Swedish ventilation company Lindab's attempt to buy a British rival, HAS-Vent, could result in higher prices for consumers.
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April 26, 2024
Kirkland Steers $5B US Bid For Latham-Led Cybersecurity Biz
British cybersecurity company Darktrace said Friday that it has agreed to accept a bid of approximately $5.3 billion to take it private from U.S. private equity firm Thoma Bravo, in a deal steered by Kirkland & Ellis LLP and Latham & Watkins LLP.
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April 26, 2024
Anglo American Snubs BHP's £31B Takeover Bid
Multinational miner Anglo American said Friday that it has rejected a £31.1 billion ($39 billion) takeover bid from its Australian heavyweight rival, BHP Group, saying the offer "significantly undervalues" the company and its prospects.
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April 25, 2024
Rubrik Leads Trio Of IPOs That Buoy Recovering Market
Three companies debuted trading Thursday following initial public offerings that raised nearly $1.4 billion combined under guidance from six total law firms, including two offerings that priced above range by data security firm Rubrik and aerospace company Loar, providing fresh energy for a strengthening IPO market.
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April 25, 2024
UK Antitrust Arm Frontloads In-Depth Merger Probes
U.K. antitrust authorities finalized extensive changes Thursday to their in-depth merger probes, with an emphasis on frontloading the process for sooner — and more informal — talks with companies under investigation.
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April 25, 2024
Pharma R&D Biz Set To Exit London Market
Pharmaceutical development specialist C4X Discovery Holdings PLC is set to delist from the London Stock Exchange on Friday, as it looks to go private to raise more funds amid concerns about the regulatory "burden" linked to its junior market.
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April 25, 2024
Kirkland Guides $2.7B PE Deal For Wealth Management Tech
U.S. private equity firm GTCR said Thursday it has agreed to buy AssetMark, a prominent wealth management technology platform, for approximately $2.7 billion, as the U.S. private equity firm moves to strengthen its presence in the sector.
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April 25, 2024
Reed Smith Guides Titan's £77M London Property Buy
Derwent London PLC said on Thursday it has sold its London property Turnmill EC1 for £77.35 million ($97 million) to British investment manager Titan Investors, which was represented by Reed Smith LLP.
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May 02, 2024
RPC Hires 4-Lawyer Risks Team From Mayer Brown
Reynolds Porter Chamberlain LLP has boosted its professional liability disputes and regulatory offering with the hire of four specialists from Mayer Brown LLP to its office in London.
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April 25, 2024
Wachtell Steers Perrigo In €275M Unit Sale To Pharma Biz
Healthcare company Perrigo said Thursday that it has agreed to sell its pharmaceutical division for rare diseases to pharmaceutical company Esteve Healthcare SL for €275 million ($295 million) in a deal guided by Wachtell Lipton Rosen & Katz and Clifford Chance LLP.
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April 25, 2024
AIM-Listed Mineral Co. Eyes £19M Merger With Gold Miner
Ariana Resources PLC said Thursday it has agreed to an all-share merger worth £19.4 million ($24.3 million) with Rockover Holdings Ltd., a Zimbabwe-focused gold miner, as the London-listed mineral explorer aims to expand its presence in Africa.
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April 25, 2024
Hipgnosis Ditches Blackstone Bid For Concord's $1.5B Offer
Hipgnosis Songs has accepted a revised offer from its U.S. competitor Concord Chorus to buy the music rights investor for $1.5 billion, ditching Blackstone's $1.2 billion offer just days after accepting the private equity giant's deal.
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May 02, 2024
Travers Smith To Lose 2 Private Equity Partners To Goodwin
Goodwin Procter LLP said on Thursday that it has recruited two private equity specialists from Travers Smith LLP as the U.K. law firm battles to regain its footing after its partner losses hit double digits in 2023.
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April 25, 2024
BHP Bids £31B For Linklaters-Led Rival Miner Anglo American
BHP Group said Thursday that it has offered to buy out Anglo American in a transaction valuing the British multinational at £31.1 billion ($38.9 billion), as the Australian mining giant looks to bolster its commodities portfolio.
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April 24, 2024
Ex-Autonomy GC Tells Jurors He Wanted To Be 'Helpful' To HP
Autonomy's former U.S. general counsel conceded Wednesday in the criminal trial of former CEO Michael Lynch that he told an HP lawyer he wanted to be as "helpful" as possible to the company as it was investigating Autonomy-related issues that popped up after the Silicon Valley giant purchased the British company, and that he was told he could face liability for his work at Autonomy.
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April 24, 2024
SPAC Says Potential £22M Engineering Biz Takeover Scrapped
Rockpool Acquisitions PLC, a special purpose acquisition company, on Wednesday announced the termination of its planned takeover worth approximately £22 million of Amcomri Group Ltd., saying it will look elsewhere for other deals.
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April 24, 2024
CMA Chair Defends Agency's Interventionist Merger Approach
The chair of the Competition and Markets Authority has defended the U.K.'s antitrust watchdog's aggressive and interventionist attitude, saying it helps drive the country's "economic growth and productivity."
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April 24, 2024
UK Eyes Amazon, Microsoft AI Deals For Merger Probes
The U.K.'s antitrust watchdog said Wednesday it would look into Amazon's $4 billion investment in U.S.-based artificial intelligence startup Anthropic, and Microsoft Corp.'s deals with two other big AI players, to see if they fall under the country's merger control rules.
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April 24, 2024
Regulator Says Half Of Retirement Plans Ready For Buyout
Half of the 5,000-plus defined benefit pension schemes in Britain are expected to have exceeded their estimated buyout funding levels, the Pensions Regulator said Wednesday, giving trustees and employers a chance to reassess their long-term objectives.
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April 24, 2024
Osborne Clarke Guides Canada Life's £46M Lexmark Deal
Insurer Canada Life has agreed to a £46 million ($57 million) buy-in with the pension scheme of printing business Lexmark Holdings Inc. in a transaction guided by Osborne Clarke LLP.
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April 24, 2024
Container Giant MSC Offers $700M For Shipping Rival
A subsidiary of MSC, one of the world's largest container shipping companies, said on Wednesday that it has agreed to buy Gram Car Carriers for 7.6 billion Norwegian kroner ($692 million), in a deal steered by Advokatfirmaet Thommessen AS.
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April 24, 2024
GXO Gets UK All-Clear For £762M Bid For Logistics Biz
GXO Logistics Inc. said Wednesday that the U.K. government has granted national security clearance to its proposed £762 million ($950 million) takeover of British supply-chain group Wincanton PLC.
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April 24, 2024
Ithaca Energy Inks £754M Deal For Eni's UK Oil, Gas Sites
Ithaca Energy has agreed to buy a "substantial" portion of the U.K. oil and gas-producing assets of Eni of Italy for approximately £754 million ($937 million) as the independent operator eyes expansion in the North Sea.
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April 23, 2024
Ex-Autonomy Tech Exec Doubted 'Bizarre' $6M Deal, Jury Told
Autonomy's ex-chief technology officer testified Tuesday in the California federal fraud trial of former CEO Michael Lynch that he had concerns about Autonomy's "bizarre" 2010 deal to sell $6 million in repackaged hardware, which prosecutors allege was never delivered and was only used to artificially inflate Autonomy's revenues.
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April 23, 2024
Grain Co.'s $18B Deal Raises Competition Flags For Canada
Canada's competition enforcer said Tuesday it has concerns over grain and seed supplier Bunge Ltd.'s plan to buy global grain trader Viterra Ltd. in an $18 billion deal, saying the acquisition could result in lower prices paid to farmers and higher prices for refined canola oil.
Expert Analysis
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Cos. Can Expect Intense Antitrust Enforcement This Year
In 2023, authorities in the U.K. and Europe are expected to push the boundaries of antitrust enforcement, merger control and foreign investment screening with the goal of achieving positive outcomes for consumers, say Nicole Kar and Tara Rudra at Linklaters.
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Foreign Direct Investment Considerations For Buyers, Sellers
The rapidly developing legal and regulatory foreign direct investment landscape means the challenge for deal makers is in navigating the continuously changing rules and understanding the manner in which regulators interpret them, says Kurt Ma at BCLP.
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Widely Forecast UK Recession Is Likely To Reshape M&As
Despite the economic downturn in the U.K., transactions will continue to get done in 2023, albeit with more complex terms and a greater focus on undertaking vigorous due diligence on customer relationships and contracts, say attorneys at Skadden.
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Czech Z-Trade Ruling Shows Benefit Of Compliance Program
With its recent Z-Trade fine reduction decision, the Czech Office for the Protection of Competition has for the first time put into practice its compliance program consideration policy, providing a further incentive for companies to implement such programs and underlining the office's intention to pay attention to them, say Vojtech Chloupek and Martin Taimr at Bird & Bird.
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Lessons That May Be Learned From The Demise Of Made.com
With Made.com going into administration, companies that may face similar challenges should take on board that the earlier adequate preemptive planning is considered, the more financial and legal options there will be to avoid last minute firefighting and to focus instead on strengthening the business, says Eleni Michaela at Faegre Drinker.
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Link Ruling Shows FCA's Wide Change-In-Control Powers
The Financial Conduct Authority's recent decision regarding the proposed acquisition of Link Fund Solutions is a reminder that the regulator has significant powers to attach conditions to its approvals and the advent of the Financial Services and Markets Bill could lead to the widening of those powers, say Charlotte Hill and Daniel Hirschfield at Taylor Wessing.
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Takeaways For Transaction Parties After UK Acquisition Block
The U.K. government recently used its retrospective powers under the National Security and Investment Act for the first time to block Nexperia’s acquisition of Newport Wafer Fab, highlighting the considerations that parties have to evaluate when contemplating transactions in high-risk areas, say attorneys at Arnold & Porter.
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Understanding The EU's New Foreign Subsidies Regulation
The European Parliament’s newly adopted Foreign Subsidies Regulation extends already wide-ranging European Union state aid powers and adds new layers of deal conditionality, so companies will need to carefully consider how the regulation may affect their EU-bound activities, say Peter Camesasca and Sophie Bertin at Covington.
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A Look At The Increase In Employee Ownership Trusts
The rise in employee ownership trusts has brought certain challenges, but with tax advantages and a proven positive impact on individuals, businesses and regional economies, employee buyouts are set to become more popular and could outstrip mainstream deal activity, says Lisa Hayward at Birketts.
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EU Basel III Bank Reforms May Weaken Securities Market
Recent proposals from the Council of the European Union's review of Basel III bank capital regulatory reforms did not adopt substantive changes urged by the market for the securitization framework, and may have a dampening effect on the competitiveness of European securitizations, say attorneys at Hogan Lovells.
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5 Factors Driving Longer Prenotifications In EU Mergers
Attorneys at Linklaters discuss reasons, including transaction complexity and a higher standard of proof, why the duration of the prenotification process in European Commission merger control cases has generally increased over the last 10 years, say attorneys at Linklaters.
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Series
My Favorite Law Prof: How I Learned To Argue Open-Mindedly
Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.
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New Clarity On Directors' Creditor Duty In Insolvency Context
The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.
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German Draft Bill Reflects Trend Toward New Antitrust Tools
A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.
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How COVID, Supply Chain Woes Are Fueling Air Cargo M&A
The pandemic has triggered a shift in the air cargo market, with supply chain issues and demand for expedited service attracting new investment — and M&A interest will likely continue, even as inflation and other factors damp enthusiasm, say Solange Leandro and Alison Weal at Watson Farley.