The U.S. Department of Justice is likely to come out swinging Monday on its first full day of witness testimony in the AT&T-Time Warner merger trial, putting on the stand an executive from Sling TV, a chief competitive threat to AT&T’s DirecTV, as well as the head of Time Warner’s Turner.
Thirty-seven House Democrats urged the U.S. Department of Justice on Thursday to quash Sinclair Broadcast Corp.’s acquisition of Tribune Media Co., calling Sinclair's proposed divestitures a "sham" and saying the mega-merger would hurt competition and local media content.
Breitburn Energy Partners LP on Friday overcame a final hurdle in its lengthy quest to reorganize in bankruptcy, receiving court approval of a modified Chapter 11 plan after bumping up the levels of recovery for retail bondholders and other unsecured creditors.
International antitrust enforcers have taken an increasingly close look at vertical mergers, according to a report from the International Competition Network released Friday.
A shareholder of Brazilian steakhouse chain Fogo de Chao Inc. filed a putative class action suit Thursday in Delaware state court seeking to halt a $560 million acquisition of the company by affiliates of Rhone Partners, saying the restaurant’s directors withheld information about its potential conflicts of interest in the deal.
In this week’s Taxation With Representation, TPG bought $2.66 billion in oil and gas assets from EverVest, Fidelity snapped up Stewart Information Services for $1.2 billion, and Campbell priced a $5.3 billion senior notes offering to finance its Snyder’s-Lance acquisition.
With so much mergers and acquisitions news this week, you may have missed several deals announced in recent days helmed by firms such as Davis Polk & Wardwell LLP and Ropes & Gray LLP. Here, Law360 recaps the ones you might have missed.
Broadcom’s shareholders voted Friday in favor of the chipmaker’s efforts to move its legal domicile back to the U.S., as the semiconductor company moves forward with its exit from Singapore after President Donald Trump blocked its hostile pursuit of California-based Qualcomm amid national security concerns.
U.S. Silica Holdings, maker of commercial silica used in the oil and gas industry, has agreed to pay $750 million for a Golden Gate Capital portfolio company that makes industrial materials used for absorption and filtration, the company said Friday.
As the private equity industry’s pile of dry powder continues to swell and cost-effective deals become harder to find, fund managers will need attorneys who understand the issues that plague PE players and who can help them find and land attractive assets in an environment fraught with uncertainty.
Engineering firm GKN PLC has urged shareholders to resist an "entirely opportunistic" offer from Melrose Industries PLC and promised to halve its own pension liabilities as it keeps up its fight against a hostile takeover.
The U.S. Department of Justice urged a D.C. federal judge in opening arguments Thursday to focus on the facts of AT&T's incentives to leverage Time Warner's content post-merger, while the companies argued it's the government's job to ensure no "crystal ball" is needed to see the tie-up's impacts.
The unsecured creditors committee of defunct metal fabricator Constellation Enterprises LLC will not get another shot at undoing a bankruptcy resolution that cut them out of a recovery, a Delaware federal court ruled Thursday, finding that when the case was converted to a liquidation afterwards, the committee “automatically dissolved and ceased to exist.”
The Carolina Panthers’ price has reportedly reached a record $2.5 billion, Canada’s Xplornet Communications Inc. tapped UBS and Bank of Montreal to help it explore a sale, and Emirates NBD’s deal to snap up Denizbank could come in the next few weeks.
The Fifth Circuit refused to pause the U.S. government’s appeal of a Texas federal court’s decision to invalidate a rule that sank a planned $160 billion merger between Pfizer Inc. and Irish counterpart Allergan PLC, according to an order issued Wednesday.
A former co-leader of Baker Donelson Bearman Caldwell & Berkowitz PC’s health care antitrust practice who represents health care providers and insurers, including defending Michigan hospital Henry Ford Allegiance Health in a U.S. Department of Justice antitrust suit, has joined Akerman LLP.
A bankruptcy spawned by the still unfolding Harvey Weinstein scandal has driven seven BigLaw firms into unaccustomed roles as last-paid instead of first in The Weinstein Co.'s cash-poor Chapter 11, with Boies Schiller & Flexner LLC accounting for half of the group's $20.6 million in claims.
Four U.K. lawmakers want the Competition and Markets Authority to block 21st Century Fox’s $14.4 billion bid to boost its ownership stake in Sky PLC from 39 percent to 100 percent, telling the regulator in a letter Thursday that there are concerns regarding Sky News’ independence if Fox takes over.
President Donald Trump targeted $50 billion worth of Chinese goods with hefty new tariffs and ordered stiff investment restrictions Thursday in retaliation for Beijing’s purported abuse of U.S. intellectual property, marking the administration’s most contentious trade move against China to date.
Campbell Soup Co. has priced a $5.3 billion senior notes offering, with the net proceeds to be used for the financing of the company’s previously announced acquisition of snack maker Snyder’s-Lance Inc.
For those structured as corporations, the decrease in the maximum corporate tax rate and the repeal of the corporate alternative minimum tax offer good news. But since many law firms are organized as pass-through entities, several limitations on deductions mean they won’t see as much benefit from the new tax law as some other industries, says Evan Morgan of CPA and advisory firm Kaufman Rossin PA.
Despite the current cryptocurrency fervor, it remains to be seen exactly how, and how quickly, blockchain technology will be adopted by the broader corporate community, and whether Delaware will continue to lead the charge, say attorneys with Jenner & Block LLP.
In recent years, warranty and indemnity insurance has become a prevalent method of helping mergers and acquisitions counterparties close transactions by transferring warranty and liability away from the buyer and seller and onto the insurance market, say William Charnley and Ilan Kotkis of King & Spalding LLP.
Since passage of the Trump tax plan last year, companies have been touting bonuses they’ve handed down to rank-and-file employees. This highlights the trend of employers favoring bonuses over pay raises in the belief that variable, short-term rewards are less risky to the business than permanent increases in labor costs. But law firms have used this strategy for years — and there are dangers, says Michael Moradzadeh of Rimon PC.
It remains uncertain whether the Delaware Chancery Court — when relying on the deal price to determine fair value, as prescribed in Dell — will now make a downward adjustment to exclude value arising from the merger itself, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Despite the Delaware Supreme Court’s opinion in Dell that the deal price is generally the best “proxy” for appraised fair value, the Delaware courts have issued three appraisal decisions in 2018 that determined fair value to be below the deal price. This risk is likely to continue absent further clarification from the Supreme Court or legislative change, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Over the past few years, forward-thinking law firms have expanded their talent pools to include a chief innovation officer, whose responsibilities include spearheading the implementation of technology. It is a smart move, says Mark Williamson, co-founder and chief technology officer at Hanzo Archives Ltd.
Tax reform's expansion of the controlled foreign corporation rules — which have affected many foreign corporations not previously categorized as CFCs — have prompted U.S. persons who directly or indirectly own interests in these corporations to question whether they are subject to further annual income inclusions. David Dreier and Grayson Weeks of White & Case LLP deconstruct the new tax regime.
It's unusual for the Committee on Foreign Investment in the U.S. to delay the election of a public company’s board of directors because they may approve a future transaction. But it's not surprising that CFIUS acted to protect critical U.S. network infrastructure from a foreign buyer, say attorneys with Sheppard Mullin Richter & Hampton.
Depending on the circumstances, physician noncompetes can be enforceable, but with its recent decision in Crocker v. Greater Colorado Anesthesia, the Colorado Court of Appeals added a new wrinkle when dealing with these types of agreements, says Mark Wiletsky of Holland & Hart LLP.