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Mergers & Acquisitions
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June 06, 2024
Fried Frank Exec Comp Partner Moves To Paul Hastings In NY
Executive compensation lawyer Jason Ertel has joined Paul Hastings LLP's global compensation, benefits and ERISA practice as a partner in New York, the firm said Thursday.
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June 06, 2024
Watford FC Fans Set To Score In Sale Of 10% Of Club
English football club Watford has put 10% of the outfit up for sale for £17.5 million ($22.4 million) to fans and investors, in a bid to raise revenue and strengthen the squad.
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June 06, 2024
Haynes Boone Guides Natural Gas Producer's SPAC Merger
An Italian natural gas producer has said that it will merge with a Nasdaq-listed blank check company to help accelerate its transition to clean energy in a deal steered by Haynes and Boone and Greenberg Traurig.
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June 05, 2024
StarTek Controller Sued In Del. After Public-Share Buyout
Two public stockholders of global customer experience outsourcing consultant StarTek Inc. sued four company directors and its private equity controller in Delaware's Court of Chancery on Wednesday, alleging an unfair and conflicted $4.30-per-share buyout of the company's remaining public shares.
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June 05, 2024
Judge Denies Fubo Bid For Texts On Streaming Bundle
A New York federal judge on Wednesday denied FuboTV's bid to obtain text messages from executives at Disney, ESPN, Fox and Warner Bros. Discovery discussing the joint venture streaming plan at the heart of Fubo's ongoing antitrust suit.
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June 05, 2024
Sam Ash Approved For Ch. 11 Sale Process With Baseline Bid
Bankrupt music store chain Sam Ash Music Corp. received approval Wednesday from a New Jersey bankruptcy judge for procedures governing its Chapter 11 asset sale process after negotiating concessions with its lenders, the official committee of unsecured creditors and the U.S. Trustee's Office.
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June 05, 2024
Debevoise-Led Ambac Unveils 2 Deals Totaling $702M
Debevoise & Plimpton LLP-led Ambac Financial Group on Wednesday announced two deals totaling $702 million, as the insurance holding company said it agreed to sell its financial guarantee business for $420 million in cash and separately announced that it will purchase a majority stake in Beat Capital Partners for roughly $282 million.
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June 05, 2024
Cannabis Co. Protests $4M Award, Asserting Arbitrator Error
Cannabis company Neptune Wellness Solutions Inc. urged a New York federal court Tuesday to upend a nearly $4 million arbitration award to an entrepreneur whose business merged with the Canadian company, asserting that the winnings, specifically attorney fees, should have been reduced by 98%.
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June 05, 2024
Microsoft Blasts Gamers' Bid To Add To Activision Appeal
Microsoft Corp. says the Ninth Circuit should reject a "bevy of additional, extra-record 'facts'" seeking to hold up the recent layoffs of 1,900 Activision and Xbox employees as proof that the tech giant's acquisition of Activision Blizzard Inc. was anticompetitive.
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June 05, 2024
Del. Justices Uphold Chancery's Toss Of Auto Parts Deal Suit
Delaware's Supreme Court has refused to reverse the Court of Chancery's 2023 dismissal of a stockholder suit accusing Chicago-based factory and automotive parts venture Distribution Solutions Group Inc. of failing to disclose conflicts surrounding and costs of a three-way merger in late 2021.
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June 05, 2024
Meta Can't Dodge Trial In Monopoly Suit, FTC Says
The Federal Trade Commission said "voluminous evidence" cuts against Meta's bid to avoid trial over claims the social media giant illegally entrenched its monopoly in the market for personal social networking by acquiring WhatsApp and Instagram.
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June 05, 2024
Truth Social Investors Want Fla. Suit Paused For Del. Claims
Two early investors in Donald Trump's Truth Social media company urged a Florida judge on Wednesday to pause the company's suit trying to claim their shares while a first-filed suit in Delaware is pending, arguing that the company is forum shopping in an attempt to get around an unfavorable Delaware Chancery Court order.
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June 05, 2024
Davis Polk Guiding Dollar Tree On Potential Family Dollar Sale
Davis Polk & Wardwell LLP is representing Dollar Tree Inc. in a formal strategic review of its Family Dollar business that could lead to a sale, spinoff or other disposition, the Virginia-based retailer revealed Wednesday.
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June 05, 2024
Ex-Skadden Atty, Credit Suisse Beat TransPerfect's Fraud Suit
A Delaware federal judge has tossed TransPerfect Holdings LLC's lawsuit alleging that misrepresentations by a now-retired Skadden Arps Slate Meagher & Flom LLP partner and Credit Suisse Securities (USA) LLC led it to pay too much for language translation company TransPerfect Global Inc., finding that claims are time-barred.
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June 05, 2024
Orrick-Led SAP Inks $1.5B Deal For Israeli Tech Co. WalkMe
German software company SAP SE said Wednesday it has agreed to purchase software-as-a-service company WalkMe Ltd. for approximately $1.5 billion.
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June 05, 2024
FTC Can't Pause Novant's $320M Bid To Buy NC Hospitals
The Federal Trade Commission on Wednesday lost its bid to block Novant Health from buying two local hospitals in North Carolina for $320 million while it conducts an in-house review, with a federal judge reasoning that competition would actually fare better if the merger advanced.
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June 05, 2024
Husch Blackwell Adds Berger Singerman Finance Pro In Fla.
Husch Blackwell announced Tuesday the hiring of a finance partner from Berger Singerman to boost both its corporate practice group and its presence in Florida.
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June 05, 2024
HanesBrands Selling Champion To Authentic For Up To $1.5B
HanesBrands said Wednesday it has agreed to sell its Champion business to Authentic Brands Group for up to $1.5 billion, under the guidance of Kirkland & Ellis LLP and Jones Day.
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June 04, 2024
PE Firm Tells 5th Circ. It Got Pushed Out Of EV Co. Acquisition
Texas-based private equity company Ancor Holdings LP says it got pushed out of an acquisition deal by another private equity group it brought in as backup, arguing in oral arguments at the Fifth Circuit on Tuesday that a binding letter of intent means it's entitled to future profits.
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June 04, 2024
Chinese Fund Asks To Nix Doc Bid In $830M Transaction Row
A Chinese healthcare investment fund has asked a New York federal court to toss a Hong Kong medical fund's subpoena request seeking information in a foreign case stemming from a stymied $830 million transaction, saying the discovery bid isn't allowed for the private arbitration.
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June 04, 2024
Diddy Sells Stake In Revolt As Employees Assume Ownership
Rap and media mogul Sean "Diddy" Combs has sold his majority stake in Revolt, the media and entertainment company he founded, shifting ownership of the business to its employees as his legal troubles continue to mount, according to a Tuesday announcement.
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June 04, 2024
HP Fraud Charges Against Ex-Autonomy Execs Head To Jury
Closing arguments wrapped Tuesday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and ex-finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, with Chamberlain's lawyer saying his client did his job "in good faith," which, in the court's eyes, is a "complete defense."
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June 04, 2024
Apollo Leading $11B Investment For 49% Stake In Intel JV
Apollo Global Management said Tuesday it's heading up an $11 billion investment to acquire a 49% interest in a joint venture with Intel Corp. related to Intel's Fab 34 chip factory in Leixip, Ireland.
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June 04, 2024
Bread Financial Wants Suit Over Spinoff's 'Death Spiral' Axed
Financial services company Bread Financial Holdings Inc. and its CEO have asked an Ohio federal judge to toss a proposed investor class action over the alleged "death spiral" of a now-bankrupt spinoff company, saying the suit actually details Bread's "good faith efforts" to establish the spinoff as a successful independent venture.
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June 04, 2024
Matterport Hit With Investor Suit Over $1.6B CoStar Deal Docs
An investor of 3D building imaging company Matterport is attempting to prevent the company's proposed merger with real estate analytics company CoStar Group Inc., saying Matterport's deficient registration statement fails to show how the transaction will benefit public shareholders.
Editor's Picks
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UK Enforcers Say Cargo Equipment Deal Raises Concerns
The planned merger of Finnish cargo handling equipment outfits Cargotec Corp. and Konecranes PLC faces increasing scrutiny across the globe, as U.K. enforcers raised concerns about competition for a number of different products for port services.
Expert Analysis
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Parsing Controversial Del. General Corporation Law Proposals
In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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A Look At M&A Conditions After FTC's Exxon-Pioneer Nod
The Federal Trade Commission's recent consent decree imposing several conditions on Exxon Mobil's acquisition of Pioneer Natural Resources helps illustrate key points about the current merger enforcement environment, including the probability of further investigations in the energy and pharmaceutical sectors, say Ryan Quillian and John Kendrick at Covington.
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FTC Theories Of Harm After Anesthesia Co. Ruling
As Federal Trade Commission litigation against U.S. Anesthesia Partners proceeds following a Texas federal court's recent decision to dismiss a private equity sponsor from the suit, the case attempts to incorporate and advance some of the commission's theories of competitive harm from the final 2023 Merger Guidelines, say attorneys at Mintz.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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What Updated PLR Procedure May Mean For Stock Spin-Offs
A recently published Internal Revenue Service revenue procedure departs from commonly understood interpretations of the spinoff rules by imposing more stringent standards on companies seeking private letter rulings regarding tax-free stock spinoff and split-off transactions, and may presage regulatory changes that would have the force of law, say attorneys at Skadden.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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What's New In Kentucky's Financial Services Overhaul
Kentucky's H.B. 726 will go into effect in July and brings with it some significant restructuring to the Kentucky Financial Services Code, including changes to mortgage loan license fees and repeals of provisions relating to installment term loans and savings associations, say attorneys at Frost Brown.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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FTC Noncompete Rule Risks A Wave Of State AG Actions
The Federal Trade Commission's final rule language banning noncompetes may contribute to a waterfall enforcement effect in which state attorneys general deploy their broad authority to treat noncompetes as separate and independent violations, say Ryan Strasser and Carson Cox at Troutman Pepper.
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What Transactional Attys Must Know About Texas Biz Courts
As Texas prepares to launch its new business courts, transactional attorneys — especially those involved in commercial, securities and internal governance matters — should keep several issues in mind when considering use of the state's business court system to facilitate deals and settle disputes, say attorneys at Katten.