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Mergers & Acquisitions
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April 25, 2024
Antitrust Enforcers Warn FERC About Ownership Overlaps
The Federal Trade Commission and the U.S. Department of Justice warned energy regulators Thursday about competitive risks that can arise from investment firms that own stakes in multiple electric utilities, even if they don't have controlling interests.
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April 25, 2024
NC Hospital Leader Condemns FTC's Merger Block Bid
The chief of staff for a North Carolina hospital in the midst of a merger battle ripped the care facility's current owners Thursday in a show of support for new ownership, pleading for federal antitrust regulators to get out of the way lest they usher in "a year long death marked by suffering" for the hospital.
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April 25, 2024
UK Antitrust Arm Frontloads In-Depth Merger Probes
U.K. antitrust authorities finalized extensive changes Thursday to their in-depth merger probes, with an emphasis on frontloading the process for sooner — and more informal — talks with companies under investigation.
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April 25, 2024
T-Mobile, EQT Form Joint Venture To Acquire Fiber Biz
T-Mobile and private equity shop EQT on Thursday announced that they have entered into a joint venture, under which T-Mobile will invest $950 million at closing, to purchase fiber-to-the-home platform Lumos from one of EQT's previous infrastructure funds, in a deal built by at least three firms.
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April 25, 2024
Ex-Burns & Levinson Life Sciences Chair Joins Polsinelli
Polsinelli PC announced that the former life sciences co-chair at New England firm Burns & Levinson LLP has joined its Boston office as a shareholder.
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April 25, 2024
WWE Shareholders Combine Chancery TKO Merger Suits
Delaware's Court of Chancery will decide this summer whether teams led by Block & Leviton, Bernstein Litowitz or Robbins Geller will represent World Wrestling Entertainment Inc. stockholders in a consolidated class suit against founder Vincent McMahon and others over the company's $21 billion merger with the Endeavor Group.
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April 25, 2024
Kirkland Guides $2.7B PE Deal For Wealth Management Tech
U.S. private equity firm GTCR said Thursday it has agreed to buy AssetMark, a prominent wealth management technology platform, for approximately $2.7 billion, as the U.S. private equity firm moves to strengthen its presence in the sector.
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April 25, 2024
Wachtell Steers Perrigo In €275M Unit Sale To Pharma Biz
Healthcare company Perrigo said Thursday that it has agreed to sell its pharmaceutical division for rare diseases to pharmaceutical company Esteve Healthcare SL for €275 million ($295 million) in a deal guided by Wachtell Lipton Rosen & Katz and Clifford Chance LLP.
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April 25, 2024
Hipgnosis Ditches Blackstone Bid For Concord's $1.5B Offer
Hipgnosis Songs has accepted a revised offer from its U.S. competitor Concord Chorus to buy the music rights investor for $1.5 billion, ditching Blackstone's $1.2 billion offer just days after accepting the private equity giant's deal.
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April 25, 2024
BHP Bids £31B For Linklaters-Led Rival Miner Anglo American
BHP Group said Thursday that it has offered to buy out Anglo American in a transaction valuing the British multinational at £31.1 billion ($38.9 billion), as the Australian mining giant looks to bolster its commodities portfolio.
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April 24, 2024
Ex-Autonomy GC Tells Jurors He Wanted To Be 'Helpful' To HP
Autonomy's former U.S. general counsel conceded Wednesday in the criminal trial of former CEO Michael Lynch that he told an HP lawyer he wanted to be as "helpful" as possible to the company as it was investigating Autonomy-related issues that popped up after the Silicon Valley giant purchased the British company, and that he was told he could face liability for his work at Autonomy.
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April 24, 2024
Hedge Fund Says Credit Suisse Misled On Bonds' Health
U.S.-based hedge fund Appaloosa LP is accusing the former Credit Suisse in New Jersey federal court of misleading investors about its financial health before $17 billion of its bonds were wiped out in a merger with its Swiss competitor UBS.
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April 24, 2024
FCC OKs Detroit TV Deal — If Certain Conditions Are Met
The Federal Communications Commission approved the $75 million sale of a Michigan-based television station to Mission Broadcasting, but conditioned the sale on terms meant to ensure that Nexstar, the country's largest TV station group owner, does not have de facto control of the station.
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April 24, 2024
Nuclear Fuel Co. Investor Sues Over Hair-Trigger 'Poison Pill'
A Centrus Energy Corp. stockholder on Wednesday hit the company, as well as current and former directors, with a proposed class action in Delaware Chancery Court, challenging allegedly hair-trigger shareholder rights "poison pill" restrictions that activate anti-takeover measures based on a relatively low share ownership percentage.
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April 24, 2024
NGM Biopharma Investor Seeks Stock Appraisal In Del.
An NGM Biopharmaceuticals Inc. stockholder has sued for court appraisal of his stock in Delaware's Court of Chancery after the company closed on a $1.55 per share cash tender offer with an affiliate of venture fund The Column Group on Feb. 25.
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April 24, 2024
Trump Media Exec Urges GOP To Probe Stock 'Manipulation'
Devin Nunes, CEO of Trump Media Technology & Group Corp., is urging key House Republicans to investigate "anomalous trading" involving shares of the company that owns former President Donald Trump's social media platform, marking Nunes' latest effort to call attention to alleged signs of manipulation, according to a regulatory filing Wednesday.
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April 24, 2024
TikTok To Take Divestment Bill To Court
TikTok vowed on Wednesday to challenge in court new legislation requiring ByteDance Ltd. to divest the popular social media app or face a ban in the U.S., a pledge made the same day President Biden signed the measure into law.
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April 24, 2024
Paul Weiss-Led IBM To Acquire HashiCorp In $6.4B Deal
Paul Weiss Rifkind Wharton & Garrison LLP is representing IBM on a deal to buy infrastructure automation company HashiCorp Inc. at an enterprise value of $6.4 billion, which the tech giant said Wednesday will allow it to cater to clients grappling with the exponential expansion of the cloud.
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April 24, 2024
Seyfarth Picks Up BCLP Corporate Finance Pro In Atlanta
Seyfarth Shaw LLP is expanding its corporate team with a Bryan Cave Leighton Paisner LLP finance specialist as a partner in its Atlanta office, the firm said Wednesday.
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April 24, 2024
Private Equity Lag Continues To Stunt M&A Growth
Large leveraged buyout activity remained muted in the first quarter as the refinancing of old private equity loans took precedence over new loans, contributing to a slower-than-anticipated rebound in overall mergers and acquisitions, according to a new report from data provider PitchBook.
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April 24, 2024
CMA Chair Defends Agency's Interventionist Merger Approach
The chair of the Competition and Markets Authority has defended the U.K.'s antitrust watchdog's aggressive and interventionist attitude, saying it helps drive the country's "economic growth and productivity."
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April 24, 2024
MassMutual Plugs Billions Into Apollo-Backed Atlas SP
Private equity giant Apollo, led by Paul Weiss Rifkind Wharton & Garrison LLP, on Wednesday announced that Simpson Thacher & Bartlett LLP-led insurance company MassMutual has become the newest minority equity owner of its Atlas SP Partners after a multibillion-dollar investment.
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April 24, 2024
UK Eyes Amazon, Microsoft AI Deals For Merger Probes
The U.K.'s antitrust watchdog said Wednesday it would look into Amazon's $4 billion investment in U.S.-based artificial intelligence startup Anthropic, and Microsoft Corp.'s deals with two other big AI players, to see if they fall under the country's merger control rules.
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April 24, 2024
Ex-Kirkland M&A Atty Joins Greenberg Traurig In Chicago
Greenberg Traurig LLP has announced the hiring of a former Kirkland & Ellis LLP attorney in Chicago as the latest shareholder in its mergers and acquisitions and private equity practices.
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April 24, 2024
Baker McKenzie Adds 17-Atty Deals Team From Munger Tolles
A team of 11 transactional partners and six associates in Los Angeles is heading to Baker McKenzie from Munger Tolles & Olson LLP, according to an announcement Wednesday.
Expert Analysis
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Law Firm Professional Development Steps To Thrive In AI Era
As generative artificial intelligence tools rapidly evolve, professional development leaders are instrumental in preparing law firms for the paradigm shifts ahead, and should consider three strategies to help empower legal talent with the skills required to succeed in an increasingly complex technological landscape, say Steve Gluckman and Anusia Gillespie at SkillBurst Interactive.
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Merger Proposals Reflect Agency Leaders' Antitrust Principles
Attorneys at Covington trace the recently proposed Hart-Scott-Rodino and merger guidelines changes to certain foundational concerns of the Federal Trade Commission and U.S. Department of Justice Antitrust Division leadership, including issues related to concentration associated with horizontal and vertical mergers.
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The Basics Of Being A Knowledge Management Attorney
Excerpt from Practical Guidance
Michael Lehet at Ogletree Deakins discusses the role of knowledge management attorneys at law firms, the common tasks they perform and practical tips for lawyers who may be considering becoming one.
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What Big Tobacco's Cannabis Investments Mean For Market
The tobacco industry appears to be shoring up investments in the cannabis market, most recently with Philip Morris’ purchase of an Israeli cannabis tech company, pointing to a bright future for vaped and noncombustible products, and signaling that marijuana rescheduling may be on the horizon, say Slates Veazey and Whitt Steineker at Bradley Arant.
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To Hire And Keep Top Talent, Think Beyond Compensation
Firms seeking to appeal to sophisticated clients and top-level partners should promote mentorship, ensure that attorneys from diverse backgrounds feel valued, and clarify policies about at-home work, says Patrick Moya at Quaero Group.
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How Merger Review Overhaul Could Affect Health Industry
For those in the health care industry considering growth and expansion strategies, the antitrust agencies' recent proposals for new Hart-Scott-Rodino rules and more complex merger guidelines will increase deal timelines, the merging parties' burden, and overall uncertainty and potential antitrust risk as to the outcome, say attorneys at Husch Blackwell.
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Perspectives
More States Should Join Effort To Close Legal Services Gap
Colorado is the most recent state to allow other types of legal providers, not just attorneys, to offer specific services in certain circumstances — and more states should rethink the century-old assumptions that shape our current regulatory rules, say Natalie Anne Knowlton and Janet Drobinske at the University of Denver.
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Identifying Trends And Tips In Litigation Financing Disclosure
Growing interest and controversy in litigation financing raise several salient concerns, but exploring recent compelled disclosure trends from courts around the country can help practitioners further their clients' interests, say Sean Callagy and Samuel Sokolsky at Arnold & Porter.
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Key Drivers Behind Widespread Adoption Of NAV Financing
While net asset value-based lending has existed for years, NAV lending has only started to move into the mainstream recently — likely due to difficult market conditions faced by sponsors including persistent inflation, high interest rates and a lack of exit opportunities, say Matthew Kerfoot and Jinyoung Joo at Proskauer.
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Series
The Pop Culture Docket: Judge Elrod On 'Jury Duty'
Though the mockumentary series “Jury Duty” features purposely outrageous characters, it offers a solemn lesson about the simple but brilliant design of the right to trial by jury, with an unwitting protagonist who even John Adams may have welcomed as an impartial foreperson, says Fifth Circuit Judge Jennifer Elrod.
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Keys To Robust AML Programs At Private Funds
Attorneys at Lowenstein Sandler explain why hedge funds, private equity funds and venture capital funds should develop risk-based anti-money laundering compliance programs despite not being subject to the Bank Secrecy Act, and offer tips on setting up a program similar to those implemented by financial institutions.
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4 Business-Building Strategies For Introvert Attorneys
Excerpt from Practical Guidance
Introverted lawyers can build client bases to rival their extroverted peers’ by adapting time-tested strategies for business development that can work for any personality — such as claiming a niche, networking for maximum impact, drawing on existing contacts and more, says Ronald Levine at Herrick Feinstein.
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Mass. Dispute Highlights R&W Insurance Considerations
The progression of the litigation in a Massachusetts state court between pH Beauty and its representations and warranties insurers to the summary judgment stage offers rare insight into coverage disputes that can arise under such policies, including takeaways for buyers and sellers looking to procure adequate coverage for future transactions, say attorneys at Hunton.
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Opinion
3 Ways Justices' Disclosure Defenses Miss The Ethical Point
The rule-bound interpretation of financial disclosures preferred by U.S. Supreme Court Justices Samuel Alito and Clarence Thomas — demonstrated in their respective statements defending their failure to disclose gifts from billionaires — show that they do not understand the ethical aspects of the public's concern, says Jim Moliterno at the Washington and Lee University School of Law.
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Caregiver Flexibility Is Crucial For Atty Engagement, Retention
As the battle for top talent continues post-pandemic, many firms are attempting to attract employees with progressive hybrid working environments — and supporting caregivers before, during and after an extended leave is a critically important way to retain top talent, says Manar Morales at The Diversity & Flexibility Alliance.