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Mergers & Acquisitions
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September 12, 2024
Wilson Sonsini Hires Tax Pro From Slaughter and May
Wilson Sonsini Goodrich & Rosati PC has recruited a tax specialist from Slaughter and May to its office in London to boost its strengths representing U.K. and European technology and life sciences companies that are expanding in the U.S. and globally.
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September 12, 2024
EU Probes Bankrupt German Racetrack Sale After Court Loss
The European Commission relaunched an investigation Thursday into whether Germany supplied illegal state aid in the sale of the Nürburgring motorsports complex after the European Union's top court struck down the competition authority's 2014 decision to clear the aid.
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September 12, 2024
Italian Watchdog Probing Swisscom's €8B Vodafone Deal
Swisscom said Thursday that the Italian Competition Authority has launched an in-depth probe into its proposed €8 billion ($8.8 billion) cash purchase of Vodafone Italia, a transaction the Swiss telecoms company said is on track to complete.
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September 12, 2024
Marlowe To Spin Off Health Unit For £225M AIM Listing
Regulatory compliance firm Marlowe PLC said Thursday that it intends to spin off its occupational health division to form an independent company, Optima Health PLC, and list it on the junior market of the London Stock Exchange at a valuation of £225 million ($294 million).
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September 12, 2024
Digital Media Solutions Hits Ch. 11 With Plans To Sell
Digital advertising firm Digital Media Solutions filed for Chapter 11 protection in a Texas bankruptcy court with eyes toward a sale process that would have its prepetition lenders acting as lead bidders for a proposed auction.
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September 12, 2024
Cleary Gottlieb-Led General Mills Snacks On $2B Yogurt Sale
General Mills Inc. said Thursday that it will sell its North American yogurt business to two French dairy companies for $2.1 billion in total cash, allowing it to focus on its core brands.
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September 12, 2024
Mastercard To Buy Recorded Future Security Co. For $2.65B
Mastercard Inc. said Thursday that it plans to buy global threat intelligence company Recorded Future from software investor Insight Partners for $2.65 billion to bolster its cybersecurity offering.
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September 12, 2024
Energy Biz Bowleven Edges Closer To Quitting LSE Listing
Bowleven said Thursday that it has now closed the window for its shareholders to sell their stock before the energy business leaves the junior market of the London Stock Exchange after it received an offer from venture capitalists Crown Ocean Capital to go private.
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September 12, 2024
UK Investment Biz Sells Unit To Canaccord For Up To £51M
London-based investment manager Brooks Macdonald said Thursday that it has agreed to sell its asset management division to a subsidiary of Canaccord Genuity, a Canadian financial services firm, for a maximum of £50.85 million ($66.35 million).
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September 12, 2024
Sanofi Sets €320M Licensing Deal With US, French Biotechs
Pharmaceutical giant Sanofi SA said Thursday that it will pay up to €320 million ($353 million) to U.S. biotechnology group RadioMedix Inc. and French medicine developer Orano Med for an exclusive license for a radiation treatment for rare cancers.
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September 11, 2024
Litigation Spending To Rise As Cases Grow More Aggressive
A substantial number of large companies are expecting to increase their litigation spending by double digits next year in the face of more complex and hard-fought cases — and they are more open to bringing in new legal talent to navigate the matters, according to a report released Thursday.
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September 11, 2024
Split 6th Circ. Backs SEC Win In Proxy Adviser Rule Change
A divided Sixth Circuit has upheld the U.S. Securities and Exchange Commission's decision to partially undo Trump-era rules governing proxy advisers, creating an apparent split with the Fifth Circuit on whether the agency's regulatory actions violated the Administrative Procedure Act.
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September 11, 2024
Politics Impacting US Steel-Nippon Review, Biz Groups Warn
Political pressure may be "unduly influencing" the national security review of Nippon Steel's $14.9 billion deal for U.S. Steel and could hamper future foreign investment into the U.S., business groups told Treasury Secretary Janet Yellen on Wednesday.
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September 11, 2024
Studio Behind 'Sound Of Freedom' Worth $1.6B In SPAC Deal
Angel Studios, which released the controversial 2023 film "Sound Of Freedom" about human trafficking, will go public through a merger with a special purpose acquisition company in a deal announced Wednesday that stands to value the combined company at $1.6 billion.
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September 11, 2024
Ipsen Exec Made Illegal Trades Before Merger, Feds Say
An Ipsen Biopharmaceuticals executive has been charged with allegedly amassing roughly $260,000 in ill-gotten gains through insider trading on the stock of a smaller rival that Ipsen purchased in 2022, federal prosecutors announced Tuesday.
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September 11, 2024
Investor 'Blindsided' By Dye & Durham's Increasing Debt Load
Activist hedge fund Engine Capital LP said in a letter Wednesday that it was "incredibly disappointed" and "blindsided" by news in legal tech provider Dye & Durham Ltd.'s fourth quarter results that it made two acquisitions for a total of nearly CA$70 million, instead of focusing on reducing debt.
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September 11, 2024
Invitation Homes' $200M Summer Spend Added 580 SFRs
Single-family rental operator Invitation Homes acquired 580 homes in three key markets over July and August, for a total investment of roughly $216 million, the Dallas-based company said Tuesday.
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September 11, 2024
Dickson Minto Breaks Tradition With Walker Morris Hire
Dickson Minto is breaking with its long tradition of virtually exclusively promoting partners from within its ranks by tapping into the lateral hiring market to rebuild its London offering, the Scottish firm's boss told Law360 Wednesday as the firm brings on a real estate veteran from Walker Morris LLP.
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September 11, 2024
Anglo American Sells $400M Of Shares In Platinum Subsidiary
Anglo American said Wednesday that it has raised 7.2 billion South African rand ($400 million) by selling shares in one of its subsidiaries — a sale that could ultimately lead to the listing of the world's largest producer of platinum on the London Stock Exchange.
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September 11, 2024
Dentons Adds 2 Corp. Pros In Dublin From US Rivals
Dentons has recruited two new corporate partners to its Dublin office from U.S. rivals as it looks to expand its mergers and acquisitions practice in the Irish market and capitalize on its global footprint.
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September 11, 2024
Latham Hires Senior Tax Pro From Travers Smith In London
Latham & Watkins LLP said on Wednesday that it has recruited a former head of tax at Travers Smith LLP for its office in London, a blow for the U.K. law firm, which has been hit by the departure of a series of partners.
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September 11, 2024
Dubai Builder Sells Entire Stake In UK Rival Costain For £38M
Dubai-based builder ASGC Construction LLC said Wednesday that it has ended its investment in Costain Group PLC, a British building engineering company, with a sale to institutional investors.
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September 11, 2024
Aussie Metal Exploration Biz Raises £250M To Fund M&A
Greatland Gold, an Australian metal exploration company, said Wednesday that it has raised £248.6 million ($325.1 million) by issuing new shares to help fund its expected buyout of Newmont Corp., a miner based in the U.S.
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September 11, 2024
UK Property Biz Rejects £5.6B Bid By Murdoch's REA Group
Rupert Murdoch's online real estate advertising company said Wednesday that Britain's Rightmove PLC has rejected an initial £5.6 billion ($7.3 billion) cash and share offer, despite concessions that would have kept the combined group on the London Stock Exchange.
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September 10, 2024
SEC Files New Insider Case Tied To Stolen Covington Info
The U.S. Securities and Exchange Commission on Tuesday brought a new insider trading case tied to the theft of confidential merger information from a Covington & Burling LLP lawyer, suing the cousin of a former FBI trainee who was sentenced to prison for filching the Merck & Co. deal info at the heart of the case and then tipping off others.
Expert Analysis
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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Mitigating Risks Amid 10-Year Sanctions Enforcement Window
In response to recent legislation, which doubles the statute of limitations for actions related to certain U.S. sanctions and provides regulators greater opportunity to investigate possible violations, companies should take specific steps to account for the increased civil and criminal enforcement risk, say attorneys at Freshfields.
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A Look At Acquisition Trends For Radiopharmaceuticals
As radiopharmaceutical drugs are increasingly used for the diagnosis and treatment of certain diseases, interest from Big Pharma entities is following suit, despite some questions around the drugs' capacity to expand beyond their limited niche, says Adrian Toutoungi at Taylor Wessing.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Anticipating Disputes In Small Biz Partnerships And LLCs
In light of persistently high failures of small business partnerships and limited liability companies, mediator Frank Burke discusses proactive strategies for protecting and defining business rights and responsibilities, as well as reactive measures for owners.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.