Staples has rejected a takeover offer that valued the company at more than $5.8 billion, Web.com is in discussions with private equity firms about a potential buyout, and Advent, Permira and Shanghai Pharmaceuticals have decided not to offer to buy German pharmaceutical company Stada.
The maker of LifeStyles condoms said Wednesday that it plans to sell its sexual wellness arm to a Chinese consortium for $600 million, as it pivots away from consumer products and toward a business-to-business approach.
Alabama-based Vulcan Materials Co., the largest producer of construction aggregates in the U.S., unveiled plans Thursday to snap up investment firm SPO Partners’ aggregates business in a $900 million cash deal, bolstering its operations in the Southeast.
Florida-based Rayonier Advanced Materials Inc. will pick up Canadian paper company Tembec Inc. for $807 million, including debt, in a deal that gives the cellulose-focused chemicals company access to a complementary business that will help grow its global reach, the companies announced Thursday.
Defunct Katy Industries Inc. shouldn’t lock itself into an agreement to pay its stalking horse bidder $2.1 million in breakup fees if a higher bidder comes along, the federal bankruptcy watchdog told the Delaware bankruptcy court Wednesday, calling the fee excessive.
The official committee of unsecured creditors in the Marsh Supermarkets Holding LLC bankruptcy took aim late Tuesday at what the committee called the debtor’s “extremely expedited” sale plans for more than 40 of its best locations, arguing the crunched schedule could doom Marsh to failure.
Kansas utility regulators on Tuesday doubled down on their previous rejection of Great Plains Energy Inc.'s proposed $12.2 billion acquisition of Westar Energy Inc, restating their findings that the merger is not in the public interest.
Warning that bankruptcy expenses could drain its case, saltwater battery developer Aquion Energy Inc. won an accelerated review for its Delaware Chapter 11 bid procedures Wednesday, and said that its only current bidder needs to close on a sale before June 30.
Cerberus and American Eagle are said to be teaming up for an offer for struggling teen apparel retailer Abercrombie, software maker Unity scored an investment from Silver Lake and Advent and Permira are no longer expected to make a competing bid for generic-drug maker Stada.
A Delaware bankruptcy judge gave Adams Resources Exploration Corp. the green light Wednesday for an auction plan both he and the U.S. trustee’s office say they’ve never seen before that will allow the oil and gas driller’s nondebtor parent and post-petition lender to bid five days after the deadline.
French aerospace company Safran SA slashed its offer for aircraft seats supplier Zodiac Aerospace from €8.5 billion to €7.31 billion ($8.2 billion) on Wednesday, in hopes that the reduced purchase price would appease the shareholders speaking out against the deal.
Germany-based industrial gas company Linde confirmed Wednesday that it reached an “agreement in principle” with U.S. peer Praxair for their anticipated tie-up, after the duo in December outlined early plans for a deal to create a $65 billion industry heavyweight.
Investors in medical technology developer Advanced Cardiac Therapeutics Inc. opened a class suit against venture capital giant New Enterprise Associates Inc. and affiliates late Tuesday, accusing NEA of using its control for deals that hobbled ACT’s prospects in a $3 billion industry.
Winstead PC announced on Wednesday that it has added a transactional partner to its Dallas office's corporate, securities and mergers and acquisitions practice group.
Blank check company CF Corp. unveiled a $1.835 billion private equity-backed deal Monday for Fidelity & Guaranty Life, emerging as a new buyer in the wake of the Iowa-based annuities and life insurance provider’s failed takeover by China’s Anbang Insurance Group.
Financial services technology firm FIS said Tuesday that it has agreed to sell a majority stake in its management consulting business Capco to private equity outfit Clayton Dubilier & Rice in a $477 million deal guided by Willkie Farr & Gallagher LLP and Debevoise & Plimpton LLP.
A Wisconsin company sued by Land O’Lakes over the sale of a whey product allegedly tainted with a urine byproduct argued two cases before the Seventh Circuit on Tuesday, saying it deserved to move forward with a coverage case over a failed buyout while also urging the appellate court to uphold the dismissal of the Land O’Lakes case.
A Delaware lawsuit challenging entertainment industry figure Sumner E. Redstone’s competence and performance as a Viacom Inc. director appeared on the brink of Chancery Court dismissal Tuesday, after class attorneys acknowledged that corporate changes and disclosures might have undercut all claims.
The dismissal of an investor class action alleging the directors of Books-A-Million Inc. acted in bad faith when they approved a take-private bid by the company’s controlling stockholder will stand after the Delaware Supreme Court upheld the decision Monday.
Sinochem is in talks to merge with ChemChina to create a single entity worth roughly $120 billion, Constellation Brands is pursuing an acquisition of Jack Daniel’s parent company, and Europe and Latin America-focused online delivery service Delivery Hero is preparing to go public this summer.
There is a potential compliance “blind spot” associated with what many in the health care industry would regard as ordinary practice acquisitions and joint ventures involving hospitals and other provider organizations. The risk involved makes it critical for providers, counsel and valuators to work together to ensure that fair market value opinions are supported by compliant asset considerations, says Geoffrey Kaiser of Rivkin Radler LLP.
In the second installment of this two-part series on disruptive innovation among mid-size law firms, Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former senior vice president at McKesson Corp., explores a number of ideas for keeping clients and maintaining market position.
When a shareholder transfers property to a distributing corporation shortly before or after a spinoff, will the transfer to the distributing corporation be respected as a separate transaction from the distribution for tax purposes? The IRS' recent ruling on such "north-south" transactions provides helpful guidance for some situations, but leaves other questions unanswered, says Aaron Pinegar of Baker Botts LLP.
With its recent decision in a securities suit against Align Technology, the Ninth Circuit joined the Second Circuit in applying Omnicare’s heightened falsity pleading standards to Section 10(b) and Rule 10b-5 fraud claims. Companies should therefore pay attention to the Omnicare standards as applied to all of their public statements, say attorneys with Paul Hastings LLP.
As I sat there listening, incredulous to learn that "Milkshake" was not only a real song but also a chart-topper, it reminded me of Harvard Business School Professor Clayton Christensen’s work on disruptive innovation — and how it pertains to mid-size law firms, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.
The Delaware Chancery Court's recent decision in Frederic Hsu Living Trust v. ODN highlights the potential liability that private equity sponsors and directors face when preferred stock held by the sponsor is redeemed. If future decisions intensify this risk, sponsors could consider alternative investment structures, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Although used often in deal negotiations, the term “silent second” has different meanings for different institutions and different meanings in the United States and Europe. Capital structures that include silent second-lien debt can therefore be complicated, particularly in cross-border transactions involving different insolvency or contract laws, say attorneys with Mayer Brown LLP.
Every lawyer who’s handled a civil case in federal court knows about Rule 30(b)(6), governing deposition procedures. But for many real-world deposition dilemmas, the rule offers little guidance. Last year, an Advisory Committee on Civil Rules subcommittee began considering whether the rule should be amended. Now attorneys must advise the subcommittee how to proceed, says Frank Silvestri Jr. of Verrill Dana LLP.
Anthem's decision to call off its proposed acquisition of Cigna — effectively mooting its appeal to the U.S. Supreme Court — leaves unanswered several important questions regarding the appropriate treatment of efficiencies in a merger challenge, say attorneys with Crowell & Moring LLP.
Recent settlements suggest an emerging trend in which the U.S. government is bringing enforcement actions against health care companies for violating economic sanctions and export control laws. Many health care companies are large organizations with expansive international operations, distributors and end users, making them natural targets due to the laws' broad extraterritorial applications, say attorneys with Ropes & Gray LLP.