Mergers & Acquisitions

  • September 21, 2017

    Singapore's GIC Joins $909M Deal For Tokyo Disney Sheraton

    A joint venture of Singapore’s sovereign wealth fund GIC Private Ltd. and Japanese real estate investment trust Invincible Investment Corp. is buying a Sheraton hotel near the Disney Resort in Tokyo for $909.1 million, according to separate announcements from the buyers Thursday.

  • September 21, 2017

    Lone Star Says $100M Earnout Suit Belongs In Arbitration

    Attorneys for funds affiliated with Lone Star Funds told a Delaware state court judge Thursday that a suit from Hanson Brick America Inc. should be dismissed because the parties agreed in their $1.4 billion merger transaction to pursue arbitration over issues related to a $100 million earnout provision.

  • September 21, 2017

    Japan’s Kuraray Snaps Up Calgon Carbon In $1.3B Deal

    Kuraray Co. Ltd. has inked a more than $1.3 billion deal to buy Calgon Carbon Corp., including its debt, the companies announced on Thursday, in an effort by the Japanese company to bolster its presence in the activated carbon and filtration spheres.

  • September 21, 2017

    Investors Seek Fees While Altor-NantCell Deal Suit Goes On

    Altor Bioscience Corp. shareholders challenging the merger with billionaire physician Patrick Soon-Shiong's NantCell Inc., purportedly valued at nearly $300 million, pushed the Delaware Chancery Court on Wednesday for a mootness fee award as the case remains running, arguing they've so far garnered valuable supplemental disclosures from the company.

  • September 21, 2017

    Ex-CEO Dodges Paying Full Fees Billed By Paul Weiss, Cooley

    The Second Circuit on Thursday ordered the $6.2 million restitution that Duane Reade Inc.’s former CEO must pay in connection with his 2010 fraud conviction to be pared down, saying he doesn’t have to pay for legal fees billed by Duane Reade counsel Paul Weiss Rifkind Wharton & Garrison LLP and Cooley LLP for monitoring the criminal trial.

  • September 21, 2017

    HIG Capital Pays $1B To Take Back Specialty Chemicals Co.

    An affiliate of private equity firm H.I.G. Capital said Thursday it will buy Vantage Specialty Chemicals Holdings Inc. for approximately $1 billion from an affiliate of private equity shop The Jordan Co., nearly six years after H.I.G. initially sold the business to Jordan.

  • September 21, 2017

    Sheppard Mullin Adds New Corporate Partner To SF Office

    Sheppard Mullin Richter & Hampton LLP added a partner from Manatt Phelps & Phillips LLP with expertise in financial services to its corporate practice group in San Francisco this week.

  • September 21, 2017

    Western Digital Lobs New Arbitration Request Against Toshiba

    The battle between Western Digital and Toshiba over their joint venture interests continued Wednesday as Western Digital filed another request for arbitration, this time over the Japanese conglomerate’s $1.8 billion investment in the business, the same day Toshiba inked its $18 billion memory unit sale to Boston-based Bain Capital.

  • September 21, 2017

    Deals Rumor Mill: Carlyle, Asahi Group, KKR

    Carlyle is in the latter stages of raising a $5 billion Asia-focused fund, Japanese brewer Asahi Group is looking to spend billions on acquisitions, and KKR is offering to pay £600 million for a U.K. health and fitness club operator.

  • September 21, 2017

    AIA Pays $3B For Australia, NZ Life Insurance Units

    Commonwealth Bank of Australia said Thursday it will sell its Australia and New Zealand life insurance units to AIA Group for AU$3.8 billion ($3 billion), vaulting AIA into a spot as a major life insurance player in both countries.

  • September 21, 2017

    Germany-Based Schenck Valued At More Than €700M In Sale

    IK Investment Partners has agreed to sell Schenck Process, which provides measuring and process technology and serves industries including food, chemicals, mining and construction, in a deal valuing the business at more than €700 million ($836.7 million), a source familiar with the matter confirmed to Law360 on Thursday.

  • September 20, 2017

    Eaton Beats Investor Suit Over Tax Statement That Hurt Stock

    A New York federal judge dismissed a proposed shareholder class action against Eaton Corp. PLC on Wednesday, saying company officials didn’t defraud shareholders about their desire or ability to sell a major business unit in the wake of a controversial merger that moved its HQ to low-tax Ireland.

  • September 20, 2017

    Why A Rare Tie Vote Doesn't Foretell Roadblocks At FTC

    Tuesday's decision to let Walgreens forge ahead with its $4.4 billion acquisition of nearly 2,000 Rite Aid stores highlights the inherent risk of leaving the Federal Trade Commission with just two top decision makers, but the split's rarity underscores how well the agency has continued to function even with a historically high number of vacancies.

  • September 20, 2017

    Bally Slots Owner Drops $628M On Gambling Software Co.

    Gambling product provider Scientific Games Corp., which owns slot machine maker Bally Technologies Inc., has struck a deal to scoop up digital gambling software company NYX Gaming Group Ltd. for roughly $628.3 million to create a digital gambling and lottery powerhouse, the pair announced on Wednesday.

  • September 20, 2017

    Fox's $14B Sky Merger Referred To UK Watchdog For Probe

    The United Kingdom’s secretary of state for culture, media and sport referred on Wednesday 21st Century Fox Inc.'s $14.4 billion takeover of Sky PLC to the government’s regulatory watchdog, asking the agency to examine how the deal could impact broadcasting standards across the country.

  • September 20, 2017

    Madison Buys Out JV Partner's Stake In $1B Retail Portfolio

    Madison International Realty is buying out its joint venture partner Forest City Realty Trust's 51 percent stake in a New York and New Jersey retail portfolio in a deal valuing the portfolio at roughly $1 billion, according to an announcement from the firms on Wednesday.

  • September 20, 2017

    Moller-Maersk Ships Off Tanker Unit For $1.17B

    Danish shipping giant A.P. Moller-Maersk A/S on Wednesday said it struck a deal to sell its oil tanker business to APMH Invest, a subsidiary of its controlling shareholder, for $1.17 billion, the second deal in a strategy to separate oil and oil-related business from the Copenhagen-based company.

  • September 20, 2017

    Inside Toshiba’s Long-Awaited $17.9B Memory Biz Sale

    After months of setbacks and a series of rumored suitors, Toshiba finally unveiled firm plans to unload its memory business in a roughly 2 trillion yen ($17.9 billion) sale to a consortium led by Boston-based Bain Capital despite the Japanese company's ongoing legal battle with a joint venture partner. Here, an interactive graphic outlines the twists and turns leading to the deal.

  • September 20, 2017

    Deals Rumor Mill: Google, AIA Group, SIX Group

    Google is closing in on a deal to buy assets from struggling smartphone maker HTC, AIA Group is nearing an agreement to buy the roughly $4 billion insurance business of Commonwealth Bank of Australia, and Switzerland's stock exchange operator is mulling a sale of its multibillion-dollar payments business.

  • September 20, 2017

    Insurer Still On Hook For Post-Merger Coverage In BCB Row

    A New Jersey federal judge Monday found the dissolution of the original policyholder in a merger did not relieve Progressive Casualty Insurance Co. of the duty to defend the post-merger bank from a stockholder suit.

Expert Analysis

  • Impact Of The New Revenue Recognition Standard On M&A

    Stephen Quinlivan

    The Financial Accounting Standards Board’s new revenue recognition standard will affect more than top-line revenue, and deal teams will need to assess the total impact of the transition. It is likely that the new standard will also result in new representations in acquisition agreements, say attorneys with Stinson Leonard Street LLP

  • The Role Legal Finance Can Play In Firm Year-End Collections

    Travis Lenkner

    Payment collection delays have caused law firms to seek new options, one of which is litigation finance. In this context, litigation finance can offer alternative avenues to firms as they approach the end of a fiscal year or partnership distribution dates, says Travis Lenkner of Burford Capital LLC.

  • Applying Delaware Contract Law To LPA Safe Harbors

    Darren Kaplan

    The Delaware Chancery Court's opinion in Morris v. Spectra Energy provides a road map for the litigation of safe-harbor provisions in limited partnership agreements and invites close review by both private fund litigators and drafters of Delaware LPAs, says Darren Kaplan of Stueve Siegel Hanson LLP.

  • 'Per-Doc' Pricing Can Improve Document Review

    file folder

    Imagine going to a restaurant and ordering your steak medium-rare. The steak arrives burned. You expect the kitchen to bring you another one properly done, right? And you don’t expect to pay for two steaks, do you? Paying a vendor for document review should be no different, says Lisa Prowse, an attorney and vice president at e-discovery firm BIA Inc.

  • CFIUS Continues To Present Obstacle To Chinese Acquisitions

    Brendan Hanifin

    Although presidential intervention to block a planned acquisition is relatively rare, President Donald Trump’s executive order last week blocking Canyon from acquiring Lattice was not especially surprising in light of recent precedent, the cautious approach of the Committee on Foreign Investment in the United States, and public statements by the Trump administration regarding China, say attorneys with Ropes & Gray LLP.

  • Physician Practice Acquisitions And Antitrust Scrutiny

    Bruce Sokler

    The Washington state attorney general’s recent lawsuit to thwart and unwind the most recent expansion efforts of Franciscan Health System serves as a reminder that health care providers’ growth-through-acquisition strategies can be subject to antitrust scrutiny, regardless of the size of individual transactions, say attorneys with Mintz Levin Cohn Ferris Glovsky and Popeo PC.

  • Big Data May Become Big Antitrust Concern

    Lesli Esposito

    On the whole, U.S. antitrust agencies have demonstrated less concern over big data than their European counterparts. This is not to say, however, that big data will never present U.S. antitrust issues, say Lesli Esposito and Brian Boyle of DLA Piper.

  • Opinion

    On CFIUS Reform, We Must Proceed With Caution

    DJ Rosenthal

    While some proposed changes to the Committee on Foreign Investment in the United States may be justified, others could undermine confidence in CFIUS as an unbiased institution acting in a fair and even-handed manner, says DJ Rosenthal, co-chairman of the CFIUS advisory practice at Kroll Associates.

  • A Guide To The Executive Branch Official Nomination Process

    Adam Raviv

    Although the Trump administration has completed the vetting and confirmation of a cabinet and White House staff, thousands of senior positions remain unfilled throughout the executive branch. More than ever, people selected for those posts find themselves under close scrutiny, say Adam Raviv and Reginald Brown of WilmerHale.

  • The Twists And Turns Of M&A Process In Myanmar

    Ross Taylor

    M&A has its own special challenges in Myanmar, where there are so many "gray areas" of regulation. This is not deterring foreign investors, however, says Ross Taylor of Baker McKenzie.