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Mergers & Acquisitions
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September 16, 2025
FTC Chair Pledges 'Action' Against Late Merger Fixes
Federal Trade Commission Chairman Andrew Ferguson vowed Tuesday to take unspecified "action" against tactics by merging companies to propose fixes only after antitrust enforcers bring a transaction challenge, a strategy he called "bad for the system."
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September 16, 2025
Cooley Adds Ex-McDermott Atty As Activism Defense Head
Cooley LLP has added an attorney previously with McDermott Will & Schulte as the new chair of its activism defense practice, the firm announced Tuesday.
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September 16, 2025
USDOT Orders Scuttling Of Delta-Aeromexico Joint Venture
The Trump administration has ordered Delta Air Lines and Aeromexico to scuttle their joint venture by Jan. 1, saying they gained an unfair advantage in the market after the Mexican government abruptly restricted flights from other carriers at Mexico City's primary airport.
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September 16, 2025
Wachtell, Squire Patton Lead National Bank's $369M Vista Buy
Wachtell Lipton Rosen & Katz-advised National Bank Holdings Corp. has agreed to acquire Squire Patton Boggs LLP-led Vista Bancshares Inc. in a transaction valued at $369.1 million, the banks announced Tuesday.
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September 16, 2025
VarmX Partners With Biotech CSL In Deal Worth Up To $2.2B
European life sciences venture capital firm EQT Life Sciences on Tuesday announced that its portfolio company VarmX, a Netherlands-based biotech, has entered into an exclusive option agreement to be bought by global biotech CSL in a deal worth up to $2.2 billion.
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September 16, 2025
Orrick, DLA Piper Guide Workday's $1.1B Sana Acquisition
Orrick-led Workday Inc. will acquire DLA Piper-advised Sana for approximately $1.1 billion, the companies announced Tuesday, as part of their mission to "reimagine the future of work."
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September 15, 2025
FTC Dem Urges Justices Not To Disturb Her Reinstatement
U.S. Federal Trade Commissioner Rebecca Slaughter on Monday asked the U.S. Supreme Court not to block her reinstatement, arguing lower courts were correct in finding that President Donald Trump violated the law when he removed the Democrat from her post without cause.
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September 15, 2025
Ch. 11 Plan Faces Blowback From 23andMe Breach Claimants
More 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 Building
Federal 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 Report
President 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 Hurricanes
The 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 Case
A 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 Settlement
Merit 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 Court
Delaware'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 Deal
Blackstone 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 Says
The 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 Team
Chicago-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 Merger
Sullivan & 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' Deal
Novartis 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 Again
Caterpillar 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 Exit
The 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 Claims
A 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 $40.2M
A 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 Restructure
OpenAI 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.
Expert Analysis
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9th Circ. Has Muddied Waters Of Article III Pleading Standard
District courts in the Ninth Circuit continue to apply a defunct and especially forgiving pleading standard to questions of Article III standing, and the circuit court itself has only perpetuated this confusion — making it an attractive forum for disputes that have no rightful place in federal court, say attorneys at Gibson Dunn.
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Trump Antitrust Shift Eases Pressure On Private Equity Deals
Enforcement actions and statements by Trump administration antitrust officials forecast a shift away from specifically targeting private equity activity, which should be welcome news to dealmakers, but firms shouldn't expect to escape traditional antitrust scrutiny, says Nathaniel Bronstein at Fried Frank.
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Series
Competing In Modern Pentathlon Makes Me A Better Lawyer
Opening myself up to new experiences through competing in modern Olympic pentathlon has shrunk the appearance of my daily work annoyances and helps me improve my patience, manage crises better and remember that acquiring new skills requires working through your early mistakes, says attorney Mary Zoldak.
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NY Case Shows How LLC Agreements Can Be Amended
The New York Court of Appeals in Behler v. Tao recently held that a merger clause contained in an amended limited liability company agreement superseded and extinguished an alleged oral agreement between the parties, highlighting the importance of determining early how and when an LLC agreement may be amended, says Kerrin Klein at Olshan Frome.
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Series
Law School's Missed Lessons: Teaching Yourself Legal Tech
New graduates often enter practice unfamiliar with even basic professional software, but budding lawyers can use on-the-job opportunities to both catch up on technological skills and explore the advanced legal and artificial intelligence tools that will open doors, says Alyssa Sones at Sheppard Mullin.
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Texas Targets Del. Primacy With Trio Of New Corporate Laws
Delaware has long positioned itself as the leader in attracting business formation, but a flurry of new legislation in Texas aimed at attracting businesses to the Lone Star State is aggressively trying to change that, says Andrew Oringer at the Wagner Law Group.
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How AI May Reshape The Future Of Adjudication
As discussed at a recent panel at Texas A&M, artificial intelligence will not erase the human element of adjudication in the next 10 to 20 years, but it will drive efficiencies that spur private arbiters to experiment, lead public courts to evolve and force attorneys to adapt, says Christopher Seck at Squire Patton.
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When Legal Advocacy Crosses The Line Into Incivility
As judges issue sanctions for courtroom incivility, and state bars advance formal discipline rules, trial lawyers must understand that the difference between zealous advocacy and unprofessionalism is not just a matter of tone; it's a marker of skill, credibility and potentially disciplinary exposure, says Nate Sabri at Perkins Coie.
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Series
Volunteering At Schools Makes Me A Better Lawyer
Speaking to elementary school students about the importance of college and other opportunities after high school — especially students who may not see those paths reflected in their daily lives — not only taught me the importance of giving back, but also helped to sharpen several skills essential to a successful legal practice, says Guillermo Escobedo at Constangy.
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How Trump Administration's Antitrust Agenda Is Playing Out
Under the current antitrust agency leadership, the latest course in merger enforcement, regulatory approach and key sectors shows a marked shift from Biden-era practices and includes a return to remedies and the commitment to remain focused on the bounds of U.S. law, say attorneys at Wilson Sonsini.
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Attacks On Judicial Independence Tend To Manifest In 3 Ways
Attacks on judicial independence now run the gamut from gross (bald-faced interference) to systemic (structural changes) to insidious (efforts to undermine public trust), so lawyers, judges and the public must recognize the fateful moment in which we live and defend the rule of law every day, says Jim Moliterno at Washington and Lee University.
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A Look At Texas Corp. Law Changes Aimed At Dethroning Del.
Seeking to displace Delaware as the preferred locale for incorporation, Texas recently significantly amended its business code, including changes like codifying the business judgment rule, restricting books and records demands, and giving greater protections for officers and directors in interested transactions, say attorneys at Fenwick.
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Series
Law School's Missed Lessons: Appreciating Civil Procedure
If you’re like me, law school’s often complex and theoretical approach to teaching civil procedure may have contributed to an early struggle with the topic, but when seen from a practical perspective, new lawyers may find they enjoy mastering these rules, says Chloe Villagomez at Foster Garvey.
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Calif. Bar Exam Fiasco Shows Why Attys Must Disclose AI Use
The recent revelation that a handful of questions from the controversial California bar exam administered in February were drafted using generative artificial intelligence demonstrates the continued importance of disclosure for attorneys who use AI tools, say attorneys at Troutman.
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The State Of Play For Bank Merger Act Applications
Both the Office of the Comptroller of the Currency's recent reversal of changes to its bank merger policies and the Federal Deposit Insurance Corp.'s rescission of its 2024 statement may be relevant for all banks considering a transaction, as responsibility for review depends on the identity of the parties and the transaction structure, say attorneys at Davis Polk.