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Mergers & Acquisitions
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May 14, 2024
Vodafone Gets Green Light For €5B Sale Of Spanish Biz
Vodafone Group PLC said Tuesday in a statement that it has received final approval from Spanish authorities for its planned sale of Vodafone Spain — or Vodafone Holdings Europe SLU — to Zegona Communications PLC for €5 billion ($5.3 billion).
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May 14, 2024
Kilmer Sports Looks To Buy French Soccer Club Saint-Étienne
Canada-based sports investment firm Kilmer Sports Ventures has entered into exclusive negotiations with shareholders to discuss purchasing AS Saint-Étienne, a "decorated and beloved" soccer club in France, according to a joint Monday statement.
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May 14, 2024
FalconPoint Plugs $250M Into Infrastructure Solutions Biz
New York-based private equity shop FalconPoint Partners on Tuesday announced that it plugged over $250 million into infrastructure company Jennmar as an inaugural investment in a deal built by three law firms.
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May 14, 2024
Fla. Man Get 13 Mos. For Trading On Goldman Insider Info
A Florida man was sentenced to 13 months in prison after pleading guilty to trading stocks on information provided by a former Goldman Sachs analyst, his attorney said Tuesday.
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May 14, 2024
Social Media Software Co.'s Deal Hurt Investors, Suit Says
Social media management platform Sprout Social was hit with a proposed class action alleging that it concealed that its growth following the acquisition of an influencer marketing platform was unsustainable and that it damaged investors when disappointing financial results and a guidance-cut announcement led to a share decline.
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May 14, 2024
DLA Piper Expands To Brazil With New São Paulo Office
DLA Piper announced that it is growing its Latin American operations with a newly opened location in Brazil's largest city, São Paulo.
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May 14, 2024
Katten Adds M&A Litigation Practice Chair From DLA Piper
Katten Muchin Rosenman LLP has added an experienced mergers and acquisitions partner from DLA Piper in Texas, the firm said Tuesday.
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May 14, 2024
Online Education Biz To Go Public Via $135M SPAC Merger
Education technology company and online class provider Classover, led by RPCK Rastegar Panchal LLP, on Tuesday unveiled plans to go public via a merger with special purpose acquisition company Battery Future Acquisition Corp., advised by Graubard Miller and Nelson LLP, in a deal with an estimated value of $135 million.
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May 14, 2024
Carbon Capture Co.'s $1.8B SPAC Deal Sparks Chancery Suit
Stockholders who lost big after a blank-check company took carbon-capture venture LanzaTech NZ Inc. public in a purportedly $1.8 billion reverse-merger in February 2023 have sued for damages in Delaware's Court of Chancery, alleging disclosure failures and other defects prior to closing.
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May 14, 2024
Freshfields Guides Uber In Food Delivery Biz Buy For $950M
Uber said Tuesday that it has agreed to acquire food delivery business Foodpanda in Taiwan from Delivery Hero, a German operator, for $950 million to complement its Uber Eats food delivery unit in one of the biggest international deals in the Asian country.
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May 14, 2024
Logistics Investor Tritax Sells Swedish Assets For $35M
Tritax EuroBox PLC said on Tuesday it will sell a warehouse in Gothenburg for 385 million Swedish kronor ($35.5 million) to repay debt and free up cash for reinvestment.
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May 14, 2024
Anglo American To Offload Vital Assets As BHP Lays Siege
Anglo American PLC said Tuesday that it plans to sell or spin off its diamond, platinum and coal assets in a corporate restructuring aimed at boosting value for shareholders, as the British mining giant fends off a £34 billion ($43 billion) takeover bid from Australian rival BHP Group Ltd.
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May 13, 2024
Irked Autonomy Judge Vents On HP Fraud Trial's Slow Pace
U.S. District Judge Charles Breyer on Monday blasted lawyers for the government and two former Autonomy Corp. PLC executives in a criminal fraud case over the trial's slow progress, saying he's "annoyed," but also "complicit" because he "did not take more of a controlling posture."
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May 13, 2024
SPAC Investor Says Insiders Overvalued Satellite Co. Deal
An investor has sued a blank-check company and several of its top brass in Delaware Chancery Court, alleging the defendants protected their buy-ins while leaving public investors to suffer losses following a merger with satellite imaging company BlackSky Holdings Inc.
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May 13, 2024
Handbag Cos. Denied More Market Info In FTC Merger Suit
A New York federal judge refused Monday to force the Federal Trade Commission to give Tapestry and Capri more details on the market allegedly threatened by their planned $8.5 billion merger, finding the parent companies of Coach and Michael Kors have the information they need.
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May 13, 2024
6th Circ. Backs Toss Of Private Security Co.'s Stolen Info Suit
A Sixth Circuit Court of Appeals panel has sided with a private security company accused of partnering with a similar business and stealing trade secrets so it could flourish while the other one wilted, saying the plaintiff failed to support its allegations.
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May 13, 2024
Chancery Orders Check Of Trump-Tied SPAC Sponsor Deal
Delaware's Court of Chancery refused Monday to impose a settlement on investors behind the sponsor of the company that took former President Donald Trump's Truth Social media company public after they filed and later abandoned a suit to remove the special-purpose acquisition company's managing member.
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May 13, 2024
Ex-BP Manager Admits Trading On Inside TravelCenters Info
A former BP PLC senior manager has admitted engaging in insider trading over the British oil and gas company's planned $1.3 billion acquisition of TravelCenters of America Inc., according to court records entered Friday.
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May 13, 2024
Texas Energy Biz Sells Gulf Coast Assets In $280M Deal
Houston-based midstream company Eastern Energy, advised by Willkie Farr & Gallagher LLP, on Monday unveiled plans to sell its Gulf Coast Liquids Pipeline System to natural gas transmission company OneOK Inc., advised by Haynes and Boone LLP, for roughly $280 million.
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May 13, 2024
Kroger Says Wash. AG's Merger Suit Ignores Costco's Impact
The Washington state attorney general's challenge to Kroger's proposed $24.6 billion acquisition of rival grocery giant Albertsons ignores key economic realities, the companies argued in recent state court filings, including fierce competition from Costco and other big-box retailers.
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May 13, 2024
IBM Won't Get Jury Trial In $1.5B Chip Contract Fight
IBM can't present its claims that a microchip maker swindled it into entering into semiconductor contracts and never followed through to a jury, after a New York state court ruled that those contractual agreements contain enforceable waivers of jury trial rights.
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May 13, 2024
Schumer Urges FTC To Block Hess-Chevron Deal, Jabs Trump
U.S. Senate Majority Leader Chuck Schumer said he was "sounding the alarm" against Chevron Corp.'s planned $53 billion acquisition of Hess Corp. in a post on social media platform X, urging the Federal Trade Commission to halt the deal while criticizing former President Donald Trump for a reported meeting with oil executives.
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May 13, 2024
Ex-Police Chief Gets 3 Months For Alexion Insider Trading
The former police chief of a town in Massachusetts was sentenced Monday to three months in prison after pleading guilty to trading on confidential information about a pending Alexion Pharmaceuticals merger that he said was provided by a "lifelong friend."
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May 13, 2024
BofA Says Suit By Commanders Ex-Partner Has Wrong Target
A former Washington Commanders minority owner's claim that Bank of America and others scammed him out of a bigger share of the eventual sale price of the NFL franchise is "implausible" and "incoherent,'' Bank of America told a Florida federal court in its motion to dismiss the minority owner's suit.
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May 13, 2024
White House Bars Real Estate Deal Near Air Force Base
President Joe Biden is ordering a recent purchaser of real estate near an Air Force base in Wyoming to sell portions of the property, based on a public tip and a finding from the Committee on Foreign Investment in the United States that cryptocurrency mining there presents a national security risk.
Expert Analysis
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
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What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
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Trends Shaping The 2024 Consumer Packaged Goods Industry
The better-for-you segment within the consumer packaged goods industry is poised for a significant evolution in 2024, and industry players must remain agile and adaptive through M&A activities, legal considerations, sustainability initiatives and changing technology, says Christopher Cain at Foley & Lardner.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
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In The World Of Legal Ethics, 10 Trends To Note From 2023
Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.
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Del. Dispatch: The 2023 Corporate Cases You Need To Know
Corporate and mergers and acquisitions litigation has continued at a fevered pace this year, with the Delaware courts addressing numerous novel issues with important practical implications, including officer exculpation and buyer aiding-and-abetting liability, say attorneys at Fried Frank.
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How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
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Exploring Middle-Market M&A Trends In 2023 And Beyond
Middle-market merger and acquisition activity this year was affected by a number of economic, legal and regulatory shifts, with certain trends pointing to favorable transaction conditions in 2024, say Jason Brauser and William Goodling at Stoel Rives.
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Understanding Advance Notice Bylaws Is Key For All Parties
Recent developments in Delaware case law show that advance notice bylaws will be strictly construed and that Delaware courts will generally uphold clear, unambiguous bylaws adopted and applied reasonably, a lesson for both companies and stockholders alike as the number of companies rejecting director nominations by dissident stockholders has increased, say attorneys at MoFo.
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A Former Bankruptcy Judge Talks 2023 High Court Rulings
In 2023, the U.S. Supreme Court issued four bankruptcy law opinions — an extraordinary number — and a close look at these cases signals that changes to the U.S. Bankruptcy Code will have to come from Congress, not the courts, says Phillip Shefferly at the University of Michigan Law School.
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Series
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
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A Review Of 2023's Most Notable Securities Litigation
There is much to be learned from the most prominent private securities cases of 2023, specifically the Tesla trial, the U.S. Supreme Court's Slack decision and the resolution of Goldman Sachs litigation, but one lesson running through all of them is that there can be rewards at the end of the line for defendants willing to go the distance, say attorneys at Fried Frank.
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4 Key Ways CFIUS Affected Private Equity In 2023
Sponsors and investment professionals should note how escalated enforcement by the Committee on Foreign Investment in the United States in 2023 affected private equity deal making and evaluate their CFIUS-related procedures in preparation for the regulator's reach to expand further next year, say attorneys at Kirkland.
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How Clients May Use AI To Monitor Attorneys
Excerpt from Practical Guidance
Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.
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UK Takeover Code Changes: Key Points For Bidders, Targets
Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.