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Mergers & Acquisitions
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September 26, 2025
Operator Of NBA's Suns Says Doc Suit Is For Buyout Leverage
Phoenix Suns franchise operator Suns Legacy Holdings LLC has pushed back in Delaware Chancery Court against two minority owners seeking access to company records, responding that the demands are aimed at pressuring a higher-priced buyout from the NBA team's majority owner, Mat Ishbia.
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September 26, 2025
Taxation With Representation: De Brauw, Hengeler Mueller
In this week's Taxation With Representation, power grid operator TenneT Holding sells a stake in its German transmission business to institutional investors, Pfizer Inc. acquires biotechnology company Metsera Inc., and Dutch brewer Heineken NV buys most of Costa Rica's FIFCO beverage and retail operations.
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September 26, 2025
7 Firms Build GTCR's CA$3.3B Dentalcorp Take-Private
Canadian dental practice network Dentalcorp Holdings Ltd. on Friday revealed that it will become a private company following its acquisition by private equity giant GTCR in an all-cash deal that values the dental network at an enterprise value of roughly CA$3.3 billion ($2.4 billion) and was built by seven law firms.
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September 26, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Sanjeev Gupta’s Liberty OneSteel sue its collapsed former lender Greensill Capital, television personality Janice Dickinson hit ITV with a personal injury claim after falling over while appearing on “I’m a Celeb …”, and energy investor Blasket bring fresh litigation against Spain amid a row over a $416 million arbitration award. Here, Law360 looks at these and other new claims in the U.K.
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September 26, 2025
Permira Gets More Time To Make Offer For JTC
The U.K.'s merger authority has gifted British investment company Permira Advisers LLP an extra four weeks to make a firm offer for JTC PLC, the corporate adviser said Friday.
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September 25, 2025
Trump Blesses Deal To Transfer TikTok To $14B US Co.
President Donald Trump Thursday signed an executive order greenlighting a proposed deal that transfers the majority of TikTok's U.S. operations to a new U.S.-based joint venture, saying that the divestiture adequately addresses national security concerns.
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September 25, 2025
$8.9B Deal For Health Tech R1 RCM Draws Del. Chancery Suit
Four stockholders of healthcare revenue management venture R1 RCM Inc. challenged the company's take-private deal in Delaware's Court of Chancery Thursday, alleging that the private equity and allies who won the $8.9 billion, November transaction lined up an unfairly low, $14.30 per share price.
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September 25, 2025
BBVA's Boosted $23B Sabadell Bid Gets Approval In Spain
Spain's securities regulator, the Comisión Nacional del Mercado de Valores, has approved BBVA's revised offer to Banco Sabadell shareholders, which includes a 10% increase in consideration and more favorable tax treatment, the lender announced Thursday.
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September 25, 2025
Oracle, Meta Mull $20B AI Deal, As Tech Rumors Abound
Oracle Corp. is said to be in discussions with Meta on a multiyear cloud computing deal worth a potential $20 billion, Reuters reported on Sept. 19. The report came just days before a bombshell announcement from Nvidia about its $100 billion staged investment in OpenAI.
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September 25, 2025
First Merchants, First Savings Merge In $241M All-Stock Deal
Dentons-advised First Merchants Corp. and First Savings Financial Group Inc., led by Luse Gorman PC, on Thursday unveiled plans to merge in an all-stock deal valued at roughly $241 million.
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September 25, 2025
Trump SPAC Ex-CEO Wins $1.5M Legal Fee Advance In Del.
Saying the court was wary of second-guessing attorney judgment in legal fee advancement billings, a Delaware magistrate in chancery has rejected most challenges to $1.5 million in fee claims by a former CEO of Donald Trump-tied blank check company Digital World Acquisition Corp.
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September 25, 2025
Second 'Drugs Made In America' SPAC Raises $500M In IPO
Drugs Made In America Acquisition II, a special purpose acquisition company planning to target companies in the pharmaceutical industry, began trading publicly on Thursday after pricing a $500 million initial public offering, marking the largest SPAC listing of 2025.
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September 24, 2025
UnitedHealth Fights Investor Suit Over DOJ's Merger Probe
UnitedHealth and its executives have asked a Minnesota federal judge to toss a proposed securities class action accusing it of, among many things, not disclosing that the U.S. Department of Justice had reopened an antitrust investigation into the health insurer, saying the complaint consists of unsupported "scattershot allegations."
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September 24, 2025
GSA Official Says Agencies Are Free To Reject FAR Guidance
A General Services Administration official said on Wednesday that agencies don't have to follow nonstatutory provisions that have been moved from the Federal Acquisition Regulation to guidance documents, as part of the Trump administration's regulatory overhaul.
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September 24, 2025
Skechers Investor Seeks Chancery Appraisal Of $9.4B Deal
A Skechers shareholder is asking the Delaware Chancery Court for an appraisal to determine the fairness of the $63-per-share buyout price of nearly 700,000 shares in the footwear company after its $9.4 billion take-private deal with 3G Capital.
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September 24, 2025
Standard General Founder Taking FCC Bias Suit To DC Circ.
Hedge fund manager Soo Kim is taking his allegations that the Federal Communications Commission and a cadre of media players were part of a racist conspiracy to kill his $8.6 billion merger with broadcaster Tegna Inc. to the D.C. Circuit after a lower court kiboshed the claims last month.
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September 24, 2025
Kirkland, Willkie Steer IAS' $1.9B 'AI-First' Sale To Novacap
Integral Ad Science, a global digital media measurement and optimization company, said Wednesday that it has agreed to be acquired by private equity firm Novacap in an all-cash transaction valued at about $1.9 billion, with Kirkland & Ellis LLP advising IAS and Willkie Farr & Gallagher LLP guiding Novacap.
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September 24, 2025
FTC Merger Filing Overhaul Is Clear Overstep, Chamber Says
The U.S. Chamber of Commerce and other groups challenging the Federal Trade Commission's recent overhaul of its premerger reporting requirements told a Texas federal court the changes create an unnecessary burden for thousands of deals that raise no competition concerns.
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September 24, 2025
Maverick Gaming Gets OK For $28M Card Room Sale
A Texas bankruptcy judge gave Maverick Gaming permission Wednesday to sell four of its card rooms to its founder for $28 million, a price the casino operator said was driven up more than 60% through competitive bidding.
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September 24, 2025
Del. Justices Uphold $10.5B Zendesk Take-Private Deal
Delaware's Supreme Court early Wednesday upheld the Court of Chancery's Sept. 10 dismissal of a stockholder challenge to the $10.5 billion take-private deal for software as a service business Zendesk Inc., closing the book on the case in two sentences issued two weeks after appeal arguments.
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September 24, 2025
Books Inc. Gets OK For $3.25M Sale To Barnes & Noble
California's oldest independent bookstore chain, Books Inc., received approval Wednesday from a bankruptcy judge for a $3.25 million sale to Barnes & Noble, and hopes to close on the sale Oct. 1.
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September 24, 2025
Olo Investor Sues For Records On $2B Thoma Bravo Deal
A hedge fund has filed a books and records demand against a restaurant software company in Delaware Chancery Court, hoping to investigate whether the stock price in its $2 billion merger with Thoma Bravo was fair and threatening a potential appraisal action.
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September 24, 2025
Kirkland, Davis Polk Lead Mirion's $585M Paragon Buy
Radiation detection company Mirion, advised by Davis Polk & Wardwell LLP, on Wednedsay announced that it has agreed to buy Kirkland & Ellis LLP-led nuclear power company Paragon Energy Solutions from private equity shop Windjammer Capital in a $585 million cash deal.
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September 24, 2025
Loeb & Loeb, Kirkland Guide SPAC Lafayette's $250M IPO
Guided by Loeb & Loeb LLP and underwriters' counsel Kirkland & Ellis LLP, special purpose acquisition company Lafayette Digital Acquisition I filed Tuesday for a $250 million initial public offering with the U.S. Securities and Exchange Commission with hopes to acquire blockchain- or fintech-related merger targets.
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September 24, 2025
Grid Operator TenneT Selling $11.2B Stake To Institutions
TenneT Holding said Wednesday it has agreed to sell a 46% stake in its German transmission business, TenneT Germany, to three institutional investors, raising up to €9.5 billion ($11.2 billion) in new equity to fund the expansion of the country's high-voltage grid.
Expert Analysis
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Series
Performing Stand-Up Comedy Makes Me A Better Lawyer
Whether I’m delivering a punchline on stage or a closing argument in court, balancing stand-up comedy performances and my legal career has demonstrated that the keys to success in both endeavors include reading the room, landing the right timing and making an impact, says attorney Rebecca Palmer.
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3 Del. Bankruptcy Cases Highlight US Trustee Objections
As three recent Delaware bankruptcy cases show, debtors who seek approval of a stalking horse bid protections agreement should be prepared for the U.S. Trustee Office's objections, including if the proposed classification for the bid protections is a superpriority administrative expense claim, says Kyle Arendsen at Squire Patton.
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How 2025 Is Shaping The Future Of Bank Mergers So Far
Whether the long-anticipated great wave of consolidation in the U.S. banking industry will finally arrive in 2025 remains to be seen, but the conditions for bank mergers are more favorable now than they have been in years, say attorneys at Skadden.
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Series
Adapting To Private Practice: From SEC To BigLaw
As I adjusted to the multifaceted workflow of a BigLaw firm after leaving the U.S. Securities and Exchange Commission, working side by side with new colleagues on complex matters proved the fastest way to build a deep rapport and demonstrate my value, says Jennifer Lee at Jenner & Block.
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China High Court Ruling Could Encourage Antitrust Litigation
Practitioners defending U.S. companies in China should take note of a Chinese Supreme Court ruling that plaintiffs can file suits based on either where the alleged action, or where the result of such action, occurred — which will promote civil litigation by minimizing procedural battles over forum selection, says Yang Yang at Leaqual Law Firm.
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Making The Case For Rest In The Legal Profession
For too long, a culture of overwork has plagued the legal profession, but research shows that attorneys need rest to perform optimally and sustainably, so legal organizations and individuals must implement strategies that allow for restoration, says Marissa Alert at MDA Wellness, Carol Ross-Burnett at CRB Global, and Denise Robinson at The Still Center.
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4 Ways Women Attorneys Can Build A Legal Legacy
This Women’s History Month, women attorneys should consider what small, day-to-day actions they can take to help leave a lasting impact for future generations, even if it means mentoring one person or taking 10 minutes to make a plan, says Jackie Prester, a former shareholder at Baker Donelson.
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A Judge's Pointers For Adding Spice To Dry Legal Writing
U.S. District Judge Fred Biery shares a few key lessons about how to go against the grain of the legal writing tradition by adding color to bland judicial opinions, such as by telling a human story and injecting literary devices where possible.
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Preparing For Disruptions To Life Sciences Supply Chains
Life sciences companies must assess how new and escalating tariffs — combined with other restrictions on cross-border activity singling out pharmaceutical products and medical devices — will affect supply chains, and they should proactively prepare for antitrust and foreign direct investment regulatory review processes, say attorneys at Weil.
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Mastering The Fundamentals Of Life Sciences Due Diligence
As life sciences transactions continue to gain tremendous momentum, companies participating in these transactions must conduct effective and strategic regulatory due diligence, which involves extensive amounts of information and varies by manifold factors, says Anna Zhao at GunnerCooke.
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A Close-Up Look At DOJ's Challenge To HPE-Juniper Deal
The outcome of the Justice Department's challenge to Hewlett Packard Enterprise's proposed $14 billion acquisition of Juniper Networks will likely hinge on several key issues, including market dynamics and shares, internal documents, and questions about innovation and customer harm, say attorneys at McDermott.
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5 Merger Deal Considerations In Light Of The New HSR Rules
Now that the new Hart-Scott-Rodino Act rules are in effect, current priorities include earlier preparation for merging parties, certain confidentiality covenants, and key elements of letters of intent and term sheets, say attorneys at Fried Frank.
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What FERC Scrutiny Of Directors, Assets Means For Investors
The Federal Energy Regulatory Commission has recently paid dramatically increased attention to appointments of power company directors by investors, and ownership of vertical assets that provide inputs for electric power production and sale — so investors in FERC-regulated entities should be paying more attention to these matters as well, say attorneys at Day Pitney.
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Opinion
Antitrust Analysis In Iowa Pathologist Case Misses The Mark
An Iowa federal court erred in its recent decision in Goldfinch Laboratory v. Iowa Pathology Associates by focusing exclusively on market impacts and sidestepping key questions that should be central to antitrust standing analysis, says Daniel Graulich at Baker McKenzie.
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Anticipating Calif. Oversight Of PE Participation In Healthcare
A new bill recently introduced in the California Senate revives last year's attempt to increase oversight of healthcare transactions involving private equity groups and hedge funds, meaning that attorneys may soon need to assess the compliance status of existing management relationships and consider modifying contract terms, says Andrew Demetriou at Husch Blackwell.