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Mergers & Acquisitions
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									September 15, 2025
									Ch. 11 Plan Faces Blowback From 23andMe Breach ClaimantsMore than 30,000 individuals who elected to pursue arbitration rather than sign on to a proposed class settlement over a data breach at 23andMe are urging a Missouri bankruptcy judge to reject the DNA testing company's notice of its reorganization plan, arguing that the disclosure provides misleading and inflated information about the company's agreement with these claimants. 
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									September 15, 2025
									FTC Commissioner Says Antitrust Moment Has Been BuildingFederal Trade Commissioner Mark R. Meador said Monday the current interest in antitrust enforcement has been building for the last several decades as corporate boardrooms increasingly take control over the economic lives of Americans. 
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									September 15, 2025
									Trump Once More Floats The End Of The Quarterly ReportPresident Donald Trump has again suggested that publicly traded companies be allowed to issue financial reports twice a year instead of quarterly, reigniting a debate that stalled during his prior term in office when the U.S. Securities and Exchange Commission did not pursue such rulemaking. 
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									September 15, 2025
									Fired DOJ Deputy Says Lobbyists 'Playing Dangerous Game'A former top Justice Department Antitrust Division deputy, allegedly fired for opposing the "pay-to-play" settlement clearing Hewlett Packard Enterprise's $14 billion purchase of Juniper Networks, had a warning Monday for the lobbyists he said made the deal possible: there are only so many times they can go over division leadership. 
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									September 15, 2025
									NBA's Trail Blazers Sold To Owner Of NHL's HurricanesThe estate of Paul Allen has reached an agreement to sell the NBA Portland Trail Blazers to a group led by Tom Dundon, the chair of Dundon Capital Partners, who has had notable success in sports ownership in the National Hockey League and in professional pickleball but also is in the midst of a legal fight over the collapse of a spring football league. 
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									September 15, 2025
									Sears Investors Ink $9M Deal In Fiduciary Breach CaseA hedge fund manager and his firm will pay more than $9 million to end a long-running lawsuit alleging that they shortchanged investors when they took Sears Hometown and Outlet Stores Inc. private in 2019, according to a deal filed in the Delaware Court of Chancery. 
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									September 15, 2025
									Dr. Phil Media Co.'s Committee Backs Chapter 11 SettlementMerit Street Media's official committee of unsecured creditors has thrown its support behind a proposed $17 million Chapter 11 settlement funded by Dr. Phil McGraw's production company Peteski Productions, saying a bankruptcy plan would result in the best outcome for creditors. 
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									September 15, 2025
									Catching Up With Delaware's Chancery CourtDelaware's governor weighed in on a challenge to recently approved state legislation that bars damages or "equitable" relief for some controlling stockholder or going-private deals. Meanwhile, Moelis told the Delaware Supreme Court that the struck-down stockholder agreement that triggered that legislation was valid. Additionally, one of two newly funded magistrates' posts in the Chancery Court has been filled. 
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									September 15, 2025
									Kirkland, Gibson Dunn Advise On $1B Blackstone Energy DealBlackstone will pay nearly $1 billion to purchase the Hill Top Energy Center natural gas power plant from Ardian, with Kirkland & Ellis LLP and Gibson Dunn & Crutcher LLP steering the private equity firms on the agreement, the firms said Monday. 
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									September 15, 2025
									US, China Agree On TikTok Ownership Transfer, Bessent SaysThe U.S. and China established a commercial framework for a deal with video sharing giant TikTok to transfer ownership of the app to the U.S., just days before a deadline to sell the app or shut it down, U.S. Treasury Secretary Scott Bessent told reporters at a press conference in Madrid on Monday. 
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									September 15, 2025
									Neal & Leroy Taps Kirkland Atty To Lead Corporate TeamChicago-based boutique law firm Neal & Leroy LLC has found the chair of its corporate department from Kirkland & Ellis LLP and added a new intellectual property attorney from Skadden Arps Slate Meagher & Flom LLP. 
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									September 15, 2025
									V&E, Sullivan & Cromwell Build $6B Energy Industry MergerSullivan & Cromwell LLP-advised independent energy company California Resources Corp. unveiled plans Monday to merge with upstream energy company Berry, led by Vinson & Elkins LLP, in an all-stock deal that values the combined company at an enterprise value of more than $6 billion. 
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									September 15, 2025
									Novartis, Monte Rosa Ink Up To $5.7B 'Molecular Glue' DealNovartis is placing a potential $5.7 billion bet on Monte Rosa Therapeutics, a clinical-stage biotech company, to develop new treatments for immune-related diseases, Monte Rosa said on Monday. 
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									September 12, 2025
									Wabtec Wants Caterpillar Unit's Antitrust Claims Axed AgainCaterpillar subsidiary Progress Rail is trying "yet again" to "turn what are, at most, contract disputes into an antitrust lawsuit" after its claims against rail giant Wabtec over its 2019 merger with General Electric's transportation unit failed the first time around, a Delaware federal court has been told. 
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									September 12, 2025
									Albertsons Loses Bid For Docs On Kroger CEO's ExitThe Kroger Co. does not have to turn over documents to Albertsons Cos. Inc. concerning former Kroger CEO Rodney McMullen's abrupt exit, the Delaware Chancery Court ruled Friday, saying that personal conduct that prompted McMullen's resignation wasn't relevant to Albertsons' litigation claims over the grocery chains' failed $25 billion merger. 
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									September 12, 2025
									Bitcoin Miner Hut 8 Beats Some Merger Disclosure Suit ClaimsA New York federal judge on Friday dismissed a majority of the claims in a suit alleging that bitcoin miner Hut 8 Corp. overpaid for a company with severe operational issues and misled investors about energy and connectivity failures at a Texas facility that was part of the merger, finding that many of the challenged statements in the suit are inactionable. 
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									September 12, 2025
									Del. Judge Says Pet Med Co. Founder Liable For $40.2MA Delaware Superior Court judge has ruled the founder of a veterinary orthopedic implant venture must indemnify the company's recent buyer for $40.2 million from a $70 million patent infringement-related settlement, while capping the cumulative liability award after other costs at $55 million and awaiting proposals covering interest awards. 
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									September 12, 2025
									Microsoft, OpenAI Ink Tentative Deal On Nonprofit RestructureOpenAI and Microsoft have announced that the OpenAI nonprofit is taking a major step in its development, gaining control of a new Public Benefit Corporation and receiving an equity stake worth more than $100 billion. 
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									September 12, 2025
									4 Companies Led By 5 Firms Ride IPO Wave, Raising $1.9BFour companies across wide-ranging industries — including an engineering firm, a transportation tech startup, a cryptocurrency exchange and a coffee chain — began trading Friday after raising a cumulative roughly $1.9 billion in their initial public offerings, capping off the year's busiest week for new listings. 
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									September 12, 2025
									Digital Infrastructure SPAC Starts Trading After $200M IPOSpecial purpose acquisition company OTG Acquisition Corp. I began trading on Friday after pricing a $200 million initial public offering, with plans to merge with a company in the digital infrastructure services sector. 
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									September 12, 2025
									Off The Bench: NCAA Athlete Ban, WNBA Sun ControversyIn this week's Off The Bench, the NCAA administered permanent bans to three basketball players, and two high-profile politicians warned the WNBA that it could be at risk of violating antitrust laws if it interferes in the sale of the Connecticut Sun. 
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									September 12, 2025
									Taxation With Representation: Felesky Flynn, Gibson, KirklandIn this week's Taxation With Representation, copper mining companies Anglo American and Teck Resources plan to merge, EchoStar agrees to sell spectrum licenses to SpaceX, and Diversified Energy acquires fellow energy operator Canvas. 
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									September 12, 2025
									Quinn Emanuel's $30M Fee Bid Flouts Ch. 11, Co. SaysIsraeli printed circuit maker Nano Dimension has told a Massachusetts federal judge that Quinn Emanuel Urquhart & Sullivan LLP can't claim a $30 million attorney's lien to make an "end run" around the bankruptcy of 3D printing company Desktop Metal, a former client that Nano acquired. 
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									September 12, 2025
									UK Litigation Roundup: Here's What You Missed In LondonThis past week in London has seen former Master Chef presenter Gregg Wallace sue the BBC, Elon Musk's xAI take legal action against a staff engineer, and fashion mogul Kevin-Gerald Stanford file a fresh claim against Lion Capital-owned Klotho and EY amid a long-running All Saints share acquisition dispute. 
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									September 12, 2025
									Davis Wright Adds Stradling Yocca M&A Pro In LADavis Wright Tremaine LLP is boosting its Southern California corporate team, bringing in a Stradling Yocca Carlson & Rauth PC mergers and acquisitions expert as a partner in its Los Angeles office. 
Expert Analysis
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								How BigLaw Executive Orders May Affect Smaller Firms  Because of the types of cases they take on, solo practitioners, small law firms and public interest attorneys may find themselves more dramatically affected by the collective impact of recent government action involving the legal industry than even the BigLaw firms named in the executive orders, says Reuben Guttman at Guttman Buschner. 
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								4th Circ. Health Data Ruling Opens Door To State Law Claims  In Real Time Medical v. PointClickCare, the Fourth Circuit recently clarified that state law claims can rest in part on violations of a federal law that prohibits electronic health information blocking, expanding legal risks for health IT companies and potentially creating exposure to a range of competitive implications, say attorneys at BCLP. 
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								Opinion Lawsuits Shouldn't Be Shadow Assets For Foreign Capital  Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to foreign influence in the U.S. justice system, so full disclosure of financing arrangements should be required as a matter of institutional integrity, says Roland Eisenhuth at the American Property Casualty Insurance Association. 
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								2 Del. Rulings Reinforce Proof Needed For Records Demands  Two recent Delaware Court of Chancery decisions involving Amazon and Paramount Global illustrate the significance of the credible basis standard on books and records requests, underscoring that stockholders seeking to investigate wrongdoing must come forward with actual evidence of misconduct — not mere allegations, say attorneys at Cleary. 
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								How To Accelerate Your Post-Attorney Career Transition  Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University. 
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								Key Takeaways From The 2025 Spring Antitrust Meeting  Leadership changes, shifting priorities and evolving enforcement tools dominated the conversation at the recent American Bar Association Spring Antitrust Meeting, as panelists explored competition policy under a second Trump administration, agency discretion under the 2023 merger guidelines and new frontiers in conduct enforcement, say attorneys at Freshfields. 
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								How Tariffs May Affect Proxy Contests This Season  While global tariffs imposed by the Trump administration will certainly chill at least some activity this proxy season, and make defending contests significantly easier, there will likely be many new activist investments once there is more economic certainty, meaning more proxy fights this fall, say attorneys at Sidley. 
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								A Closer Look At New NYSE, Nasdaq Listing Rule Changes  The U.S. Securities and Exchange Commission has recently approved changes to the New York Stock Exchange's and the Nasdaq's listing rules on reverse stock splits, minimum share price requirements and required liquidity for initial listings, meaning listed companies facing delisting will have fewer means to regain compliance, say attorneys at Cahill Gordon. 
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								Series Law School's Missed Lessons: Be An Indispensable Associate  While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson. 
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								23andMe Case Highlights Privacy Complexities In Ch. 11  Attorneys at Pryor Cashman discuss the interplay between a sale of personally identifiable information and bankruptcy law in light of genetics and health company 23andMe's recent filing for Chapter 11 relief. 
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								SEC Confidential Review Process Provides Issuers Flexibility  The U.S. Securities and Exchange Commission's recently announced enhancements to the process for confidentially submitting draft registration statements will be immediately impactful for issuers seeking to access the public capital markets, and should provide more grounds to explore and plan public offerings, say attorneys at Lowenstein Sandler. 
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								Series Birding Makes Me A Better Lawyer  Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden. 
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								How Del. Law Rework Limits Corporate Records Requests  Newly enacted amendments to a section of the Delaware General Corporation Law that allows stockholders and beneficial owners to demand inspection of Delaware corporations' books and records likely curtails the scope of such inspections and aids defendants in framing motions to dismiss at the pleading stage, says Jonathan Richman at Brown Rudnick. 
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								Series Adapting To Private Practice: From DOJ Leadership To BigLaw  The move from government service to private practice can feel like changing one’s identity, but as someone who has left the U.S. Department of Justice twice, I’ve learned that a successful transition requires patience, effort and the realization that the rewards of practicing law don’t come from one particular position, says Richard Donoghue at Pillsbury. 
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								Issues To Watch At ABA's Antitrust Spring Meeting  Attorneys at Freshfields consider the future of antitrust law and competition enforcement amid agency leadership changes and other emerging developments likely to dominate discussion at the American Bar Association's Antitrust Spring Meeting this week. 
