TD Ameritrade and an investor class have agreed to a $17.95 million settlement in a derivative suit that challenged Ameritrade’s $2.7 billion share of a $4.1 billion joint acquisition of Scottrade Financial, with $3.59 million of the settlement reserved for attorneys’ fees.
There are lots of ways to try to persuade federal competition enforcers and courts to clear a merger, officials and current and former judges say, but also plenty of ways to get it wrong. Here, Law360 looks at four of the most glaring as gleaned from comments from agency officials at the American Bar Association’s Antitrust Section Fall Forum in Washington, D.C., and in recent interviews.
A Swiss banker wanted for years by U.S. authorities for an alleged market manipulation scheme has been arrested and extradited to the U.S., to face fraud and conspiracy charges in a stock manipulation case that once targeted private equity CEO Benjamin Wey before it fell apart.
CVS Pharmacy Inc. urged a Florida federal court Monday not to issue an injunction requested by an administrator for the federal 340B Drug Pricing Program that would stop the pharmacy giant from allegedly misappropriating trade secrets to steal customers.
The Chicago office of Honigman Miller Schwartz & Cohn LLP has added an antitrust attorney previously with the Federal Trade Commission who has extensive experience with merger investigations and health care.
Europe’s competition watchdog on Tuesday greenlighted Japanese pharmaceutical giant Takeda’s £46 billion ($60 billion) buy of Dublin’s Shire, provided it sells Shire’s inflammatory bowel disease drug to a buyer that will develop it.
Tower International Inc., which makes structured metal components for the automotive industry, said Tuesday that it has agreed to sell its European assets to privately owned Financière SNOP Dunois SA for €255M ($298 million) in a deal guided by Freshfields Bruckhaus Deringer LLP.
Haynes and Boone LLP has bolstered its energy practice in London with a former Addleshaw Goddard LLP partner who has advised oil and gas companies, private equity funds and the renewables sector on cross-border deals and energy projects on developed sites and untouched emerging markets.
SoftBank's Vision Fund is reportedly set to inject $2 billion into South Korean e-commerce giant Coupang, Warburg Pincus is aiming to raise $4 billion for a China-focused fund, and multiple bidders are vying for the 22 regional sports TV networks Disney acquired in its merger with 21st Century Fox.
Massachusetts-based Boston Scientific Corp., led by Shearman & Sterling LLP, unveiled plans Tuesday to shell out £3.3 billion ($4.2 billion) for U.K.-based BTG PLC, which makes medical devices for the treatment of cancer and vascular disease.
European Union officials on Tuesday announced a political agreement to install the trading bloc’s first-ever system to screen inbound foreign investment for potential security risks, in a move that will likely escalate tensions with China.
Toys R Us investors poised to buy an 85 percent stake in the toy giant's $900 million Asian business have reached an agreement with minority equity holder Fung Retailing Ltd., a China-based retailing arm of the Fung Group, putting to rest opposition over the purchase.
Attorneys for an adult daughter at the center of a family feud over shares from the $905 million sale of a landmark Brooklyn housing complex told a Delaware judge Monday that the company handling the sale proceeds tried to "whitewash" the books of the business.
NextEra Energy Inc. on Monday said a subsidiary will buy a California underwater electric transmission cable in a $1 billion deal with a fund controlled by asset manager Steelriver Infrastructure Partners LP, with Pillsbury Winthrop Shaw Pittman LLP and Ellison Schneider Harris & Donlan LLP steering the buyer and Winston & Strawn LLP representing the seller.
Saudi Aramco is reportedly abandoning plans to issue up to $40 billion in bonds to fund the acquisition of a petrochemical business, Careem Networks is mulling its options and could be worth up to $2.5 billion in a sale, and Solus plans to raise $750 million for a new fund.
A prominent engineer and his business-minded brother dodged a proposed investor class action on Friday when a Massachusetts federal judge ruled that the shareholders failed to back up their remaining breach of fiduciary duty claims in a suit alleging they were shortchanged in a 2016 merger between the brothers’ energy-technology companies.
The European Commission has blessed the proposed buyout of bankrupt Essar Steel of India by steel giants ArcelorMittal SA and Nippon Steel & Sumitomo Metal Corporation, finding the three companies’ product ranges do not overlap much in Europe.
Vinson & Elkins LLP guided Natural Resource Partners LP in its $205 million sale of NRP’s construction materials business, VantaCore Partners LLC, to an affiliate of private equity firm Sun Capital Partners Inc., the law firm said Monday.
A $25 million antitrust lawsuit claiming an irrigation equipment maker spearheaded an industry boycott against a rival doesn’t allege anything outside of normal competitive market behavior, the manufacturer said in a motion to nix the suit in California federal court.
Cimarex Energy Co. on Monday said it will take over fellow Denver-based oil and gas acquisition and exploration company Resolute Energy Corp. in a $1.6 billion deal, with Akin Gump Strauss Hauer & Feld LLP guiding the buyer and Arnold & Porter and Wachtell Lipton Rosen & Katz steering the seller.
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.
Corona parent company Constellation Brands recently announced a $3.9 billion investment in Canadian cannabis company Canopy Growth. Developments and reactions since support the conclusion that it is almost certain to vastly expand available sources and amounts of capital in the cannabis industry, says Stephen Lenn of Greenspoon Marder LLP.
In response to the Delaware Chancery Court’s invitation earlier this year seeking expert opinions on market efficiency, we propose several tests to empirically assess the reliability of market price in appraising fair value, say Dirk Hackbarth of Boston University and Bin Zhou of The Brattle Group.
The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.
Delaware Vice Chancellor J. Travis Laster recently cautioned that while courts are now giving greater deference to deal prices and market evidence in determining fair value, this approach does not elevate "market value" to the governing standard under the appraisal statute. His caveat begs at least three finance questions, say Dirk Hackbarth of Boston University and Bin Zhou of The Brattle Group.
While the Tax Cuts and Jobs Act did not change what constitutes a tax-free reorganization, it is having a significant impact on domestic and cross-border mergers and acquisitions. Attorneys at Eversheds Sutherland LLP consider how the changes affect transaction structuring, diligence and tax risk allocation in M&A transactions.
A threshold question in post-closing purchase price adjustment disputes is whether the merger agreement’s dispute resolution process is an expert determination or an arbitration. The answer can have a meaningful impact, as seen in the Delaware Chancery Court's decision in Penton Business Media Holdings v. Informa, says Daniel Boland of Pepper Hamilton LLP.
Tighter rules for the Committee on Foreign Investment in the United States have been echoed in Germany, and further changes are on the way. Recent developments show that the German government does not shy away from blocking foreign investments, says Daniel Wiedmann of P+P Pöllath + Partners.
Recent updates to the U.S. Council of Catholic Bishops' health care directives bring potential additional complexities to affiliations between Catholic and non-Catholic organizations, say Sandra DiVarco and Kerrin Slattery of McDermott Will & Emery LLP and the Rev. William Grogan of the Archdiocese of Chicago.
In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.