Mergers & Acquisitions

  • June 05, 2023

    Ropes & Gray Adds Weil Tax Expert In New York

    Ropes & Gray LLP is expanding its corporate team, adding a Weil Gotshal & Manges LLP tax expert as a partner in its New York office.

  • June 05, 2023

    UBS Eyes Closing $3.3B Credit Suisse Deal Early As June 12

    UBS Group AG said Monday that it expects to complete its 3 billion Swiss francs ($3.3 billion) takeover of Credit Suisse as early as June 12, as criticism and lawsuits against the deal mount.

  • June 02, 2023

    Pot Co. Leaders Sue For Legal Fees In Del. Merger Challenge

    Three directors of Left Coast Ventures sued the cannabis company in Delaware's Court of Chancery Friday, seeking payment of attorney fees for defending themselves in a stockholder suit triggered when the company merged with another cannabis venture.

  • June 02, 2023

    8th Circ. Won't Revive Heart Valve Contract Dispute

    The Eighth Circuit has backed a lower court's decision to toss a contract breach suit against medical device manufacturer LivaNova over the development of a heart valve therapy, arguing that the device maker was not obligated to keep the project going after LivaNova took ownership of the project in a 2017 acquisition.

  • June 02, 2023

    4th Circ. Won't Revive Investor Suit Over $544M Bank Merger

    The Fourth Circuit has declined to revive a shareholder suit against First Connecticut Bancorp over its $544 million merger with People's United Financial Inc., saying there were no reversible errors in the district court's decision to toss the suit. 

  • June 02, 2023

    FCC Says Yes To Windstream Bid For Majority Foreign Interest

    Windstream Holdings convinced the Federal Communications Commission on Friday to approve a partial foreign ownership stake in the telecom company that will allow it to emerge from Chapter 11 bankruptcy, even though it exceeds the 25% cap normally set by the agency.

  • June 02, 2023

    Frank Founder Says JPMorgan Docs Are Key To Her Defense

    The embattled co-founder of college finance fintech Frank has asked a Delaware federal court to partially lift a pause on discovery in a suit she is facing from her company's buyer, JPMorgan Chase, arguing the bank has evidence that would exonerate her in the case.

  • June 02, 2023

    TDS Investor Dissatisfied With Company's Poor Performance

    GAMCO Asset Management Inc., a shareholder of Telephone and Data Systems Inc., sent a letter to the president and CEO of the telecommunications company on Friday saying it was considering nominating directors to its board at the next shareholder meeting in light of "extraordinarily poor performance."

  • June 02, 2023

    JetBlue Inks Deal To Sell NYC Slots For Spirit Merger

    JetBlue has inked a deal to unload slots at New York's LaGuardia Airport currently owned by Spirit Airlines to Frontier Airlines, making good on part of its promise to divest all of Spirit's holdings in Boston and New York ahead of its $3.8 billion purchase of the airline.

  • June 02, 2023

    3D Systems Becomes 3rd Co. To Seek Merger With Stratasys

    South Carolina-based 3D printing company 3D Systems Inc. submitted a cash-and-stock merger proposal to Stratasys Ltd. on Tuesday — just days after the Israeli 3D printing company announced a $1.8 billion merger with Desktop Metal Inc. and the same day it rejected a hostile bid from another company.

  • June 02, 2023

    Oat Milk Co. Avoids Investors' Greenwashing Suit, For Now

    A New York federal judge threw out a putative securities class action accusing Swedish alternative milk manufacturer Oatly of pitching its business as more environmentally friendly than it is, saying the investors can amend their complaint but urging them to avoid "mere puffery."

  • June 02, 2023

    ATM Maker Diebold Nixdorf Gets OK For $1.25B Ch. 11 Loan

    A Texas bankruptcy judge on Friday gave ATM maker Diebold Nixdorf approval to take out $1.25 billion in Chapter 11 financing after being told the deal is needed to consolidate the debt that will remain after its proposed $2.1 billion equity-swap reorganization.

  • June 02, 2023

    Surge In Secondary Offerings Raises Hopes For IPO Rebound

    Public companies are stepping up stock offerings lately in a trend that experts say could help revive a dormant market for new listings later this year, as upticks in follow-on and secondary transactions often precede more initial public offerings.

  • June 02, 2023

    Is SEC's Universal Proxy Rule Living Up To The Hype?

    There's been a lot of talk that the U.S. Securities and Exchange Commission's universal proxy rule will have a seismic impact on shareholder activism, but the rule has failed to live up to the hype — at least for this proxy season.

  • June 02, 2023

    Trian Co-Founder Steps Down, Shakes Up Firm Leadership

    Activist investor giant Trian Fund Management confirmed Friday that its co-founder Ed Garden has decided to step down as chief investment officer, prompting an executive shake-up that will see investing mogul Nelson Peltz's son step in as one of two co-chief investment officers.

  • June 02, 2023

    2 Firms Lead Kustom Entertainment's $222M SPAC Merger

    Kustom Entertainment Inc. will go public by merging with blank-check company Clover Leaf Capital Corp. in a deal guided by Sullivan & Worcester and Ellenoff Grossman that gives the event marketing and live entertainment organizer a post-transaction value of $222 million and allows it to become a standalone business, according to a Friday announcement.

  • June 02, 2023

    Lithium Extraction Biz To Merge With SPAC At $225M Value

    Lithium extraction company American Battery Materials and blank-check company Seaport Global Acquisition II announced on Friday they would merge, taking American Battery Materials public at a pro forma enterprise value of $225 million.

  • June 02, 2023

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen law firm Jones Day hit the crude oil trading companies it represented in a fraud trial with a breach of contract claim, offshore company Global Fixed Income Fund sue accountants Grant Thornton, and broadcasting giant Sky sue rival broadband providers BT, EE, Plusnet, Virgin Media and TalkTalk. Here, Law360 looks at these and other new claims in the U.K.

  • June 01, 2023

    FTC's Khan Accused Of 'Abuse Of Power' In House Probe

    The chairman of the House Committee on Oversight and Accountability announced Thursday that it is opening an investigation into allegations the Federal Trade Commission, under the leadership of Chair Lina Khan, is "abusing its power and disregarding the rule of law."

  • June 01, 2023

    FTC Wants 5th Circ. To Slow Down Illumina's Grail Appeal

    The Federal Trade Commission has told the Fifth Circuit there's no need to expedite Illumina's appeal in the agency's case challenging the DNA sequencing giant's acquisition of cancer-testing company Grail and asked to delay the slated August argument.

  • June 01, 2023

    Monthly Merger Review Snapshot

    The U.S. Department of Justice notched a major victory in its bid to break up a partnership between JetBlue and American Airlines, as it continues looking to block JetBlue's planned purchase of Spirit Airlines, while the Federal Trade Commission challenged a pharmaceutical tie-up and Microsoft forged ahead with its Activision Blizzard deal.

  • June 01, 2023

    Tegna, Standard General Hearing Terminated At FCC

    An in-house administrative judge at the Federal Communications Commission on Thursday terminated a hearing initiated to examine two public interest issues related to the now-defunct $8.6 billion plan by hedge fund Standard General to take broadcaster Tegna private, saying there's no need to pursue what would be a purely "academic" inquiry.

  • June 01, 2023

    Activision Gamers' Bid To Depose CEO Paused For FTC Trial

    A California federal judge on Thursday postponed gamers' request to depose Activision Blizzard's CEO Bobby Kotick in their suit opposing Microsoft's planned $68.7 billion purchase of the video game company, saying it "doesn't make sense" to rule before an upcoming August trial in the FTC's suit challenging the deal.

  • June 01, 2023

    Brian Davis Drops Suit Against BofA Over Commanders Bid

    Former college and professional basketball player Brian Davis has voluntarily dropped his lawsuit against Bank of America that accused the bank of withholding his bid for the NFL's Washington Commanders from owner Dan Snyder, a move that comes days after Bank of America reportedly called into question the legitimacy of his claims.

  • June 01, 2023

    Activist Rallies After Losing Board Battle With 7-Eleven Parent

    Activist investor ValueAct Capital renewed its call for massive change at the parent of the 7-Eleven convenience store chain on Wednesday, citing "shareholder dissent" — even after it lost its battle to shake up company leadership at the Japanese retail giant's annual meeting.

Expert Analysis

  • Perspectives

    How Attorneys Can Help Combat Anti-Asian Hate

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    Amid an exponential increase in violence against Asian American and Pacific Islander communities, unique obstacles stand in the way of accountability and justice — but lawyers can effect powerful change by raising awareness, offering legal representation, advocating for victims’ rights and more, say attorneys at Gibson Dunn.

  • Opinion

    Congress Needs To Enact A Federal Anti-SLAPP Statute

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    Although many states have passed statutes meant to prevent individuals or entities from filing strategic lawsuits against public participation, other states have not, so it's time for Congress to enact a federal statute to ensure that free speech and petitioning rights are uniformly protected nationwide in federal court, say attorneys at Skadden.

  • JetBlue-American Ruling Offers Fresh Angle On Antitrust Risk

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    The District of Massachusetts' recent decision that the JetBlue-American Airlines pact combining some Northeastern operations violates the Sherman Act stands as a reminder that collaborations between competitors can warrant close scrutiny — even if they create real, tangible benefits for consumers, say Benjamin Dryden and Elizabeth Haas at Foley & Lardner.

  • A Comparison Of 2 Bank Failures, With Regulatory Lessons

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    Though the factors that contributed to the downfalls of Silicon Valley Bank and First Republic Bank were similar, differences in federal regulators' handling of the banks' sales — and the additional two weeks it took to find a buyer for SVB — may help illuminate how regulators can improve their response to future financial panic, say attorneys at Lewis Brisbois.

  • Looking For Plausibility In FTC's Amgen Merger Challenge

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    The Federal Trade Commission is seeking to block Amgen's acquisition of Horizon, alleging that, if consummated, the deal would violate Section 7 of the Clayton Act — but this may be the first merger complaint in a generation that could be dismissed for failing to state a claim, say William MacLeod and David Evans at Kelley Drye.

  • Some Client Speculations On AI And The Law Firm Biz Model

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    Generative artificial intelligence technologies will put pressure on the business of law as it is structured currently, but clients may end up with more price certainty for legal services, and lawyers may spend more time being lawyers, says Jonathan Cole at Melody Capital.

  • Private Equity Firms Shouldn't Overlook Cybersecurity Risks

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    Given the operational, financial and reputational costs at stake, and the growing threat of cybercrime, cybersecurity should be central to deal making, internal governance and post-acquisition management for private equity firms, say Ray Bogenrief and William Ridgway at Skadden.

  • A Look At Texas Business Courts' Potential M&A Impact

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    A bill heading to Texas Gov. Greg Abbott's desk is a push for specialist judges with more expertise in the business area, but it is unlikely to have an immediate effect on mergers and acquisition practitioners and contracts, for several important reasons, says Candace Groth at Vela Wood.

  • Assessing Overlapping Boards After DOJ Crackdown

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    The U.S. Department of Justice’s recent targeting of interlocking directorates raises questions about the scope of applicable antitrust law, including when companies will be considered competitors, whether the statute reaches potential competitors, and how companies can avoid price-fixing or market allocation charges, say attorneys at Cooley.

  • Environmental Diligence Is Crucial When Buying Biofuel Cos.

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    As momentum for mergers and acquisitions transactions within the biofuels industry continues to grow, potential buyers must not neglect proper diligence and thoughtful negotiation regarding environmental attributes generated in connection with the target's products and production process, says Victoria Sitz at Husch Blackwell.

  • Lessons On Corporate Fiduciary Duties From Del. M&A Case

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    The recent decision in New Enterprise Associates v. Rich, which held that a contractual covenant by certain stockholders not to challenge specific sales of the company was enforceable, highlights that the Delaware Court of Chancery generally is likely to be receptive to waivers of fiduciary duties that are agreed by sophisticated stockholders, say attorneys at Fried Frank.

  • Failed Tegna Deal Reveals Increasing Merger Review Hurdles

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    A deeper look at how the Tegna-Standard General deal derailed during merger review suggests some practical steps that firms should consider to close transactions when dealing with multiple federal agencies operating under a whole-of-government antitrust enforcement approach, say Jody Boudreault and Katherine Dutcher at Baker Botts.

  • A Lawyer's Guide To Approaching Digital Assets In Discovery

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    The booming growth of cryptocurrency and non-fungible tokens has made digital assets relevant in many legal disputes but also poses several challenges for discovery, so lawyers must garner an understanding of the technology behind these assets, the way they function, and how they're held, says Brett Sager at Ehrenstein Sager.

  • Opinion

    High Court's Ethics Statement Places Justices Above The Law

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    The U.S. Supreme Court justices' disappointing statement on the court's ethics principles and practices reveals that not only are they satisfied with a status quo in which they are bound by fewer ethics rules than other federal judges, but also that they've twisted the few rules that do apply to them, says David Janovsky at the Project on Government Oversight.

  • A Look At Corwin Cleansing After Chancery Edgio Ruling

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    The Delaware Chancery Court's denial of Corwin cleansing in an action seeking post-closing injunctive relief in the Edgio stockholders case has potentially significant implications for corporations and their boards in the negotiation of investment agreements with significant stockholders, say attorneys at Cleary.

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