Mergers & Acquisitions

  • August 20, 2021

    How CD&R Bagged A UK Grocery Giant With Its New £7B Bid

    Clayton Dubilier & Rice LLC has wooed British supermarket chain Morrisons with a roughly £7 billion ($9.5 billion) takeover offer that tops a bid from rival suitor Fortress Investment Group LLC, although the competing buyer isn't bowing out of the running just yet.

  • August 20, 2021

    CAI Investor Asks Court To Halt $1.1B Mitsubishi Merger

    A CAI International Inc. investor has filed suit in Pennsylvania federal court seeking to block the company's $1.1 billion acquisition by car financing giant Mitsubishi HC Capital Inc. over what he said was misleading or otherwise omitted financial information in a proxy statement outlining the deal.

  • August 20, 2021

    Taxation With Representation: Freshfields, Latham

    In this week's Taxation With Representation, Goldman Sachs announced it's buying Dutch asset manager NN Investment Partners, Nordic Capital leads a group buying health care data tools maker Inovalon and Aspiration Inc. will go public via a merger.

  • August 20, 2021

    LumiraDx, Health Care SPAC Slash $2B From Deal Value

    Diagnostic testing company LumiraDx and a special purpose acquisition company said Friday they cut the value of their merger by 40%, saying a rocky climate for COVID-19 testing led them to reassess the deal.

  • August 20, 2021

    Blackstone Joins Landmark On $754M Student Housing JV

    A Blackstone real estate investment trust has joined forces with Landmark Properties to acquire and recapitalize a 5,416-bed student housing portfolio in a $754 million transaction, the companies said Friday.

  • August 20, 2021

    Ex-FCC Chief Of Staff Heads To Akin Gump Regulatory Group

    The chief of staff of the Federal Communications Commission during the Trump administration has found a new home in Akin Gump Strauss Hauer & Feld LLP's regulatory practice in Washington, D.C., the firm said Thursday.

  • August 20, 2021

    Topps' SPAC Deal Is A Goner After MLB Decision To Cut Ties

    Mudrick Capital Acquisition Corp. II's planned merger with Topps Co. is getting scrapped in light of Major League Baseball's decision not to renew its decades-old partnership with the collectibles business, the companies said Friday.

  • August 20, 2021

    UK Lawyers Prep For More SPAC Work After Rules Change

    Britain's adoption of friendlier rules governing special purpose acquisition companies has U.K. lawyers prepping for more inquiries regarding these alternative vehicles to public markets, although they don't expect a surge comparable to what the U.S. has experienced.

  • August 19, 2021

    Feds Accuse Pharma Co. Manager's Wife Of Insider Trading

    Federal authorities have accused the wife of a senior manager at pharmaceutical company Lundbeck of insider trading, alleging she secretly bought shares of a company Lundbeck planned to acquire after her husband offhandedly disclosed the then-non-public information to her during a phone call.

  • August 19, 2021

    6 Firms Guide Trio Of SPACs Seeking To Raise $550M

    Three blank-check companies focused on areas such as real estate, retail, health care technology and financial services said Thursday they planned to raise a total $550 million in a trio of initial public offerings guided by six law firms including Loeb & Loeb and Blank Rome.

  • August 19, 2021

    Deals Rumor Mill: Saudi Aramco, Tricor Group, SenseTime

    Saudi Aramco may buy a $25 billion stake in the oil refining and chemicals business of Reliance Industries, Permira is looking to sell Tricor for $2 billion, and a Chinese artificial intelligence startup is readying a $2 billion IPO. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • August 19, 2021

    KCS Delays Stockholder Vote On $34B Canadian National Bid

    Kansas City Southern on Thursday postponed its special meeting of stockholders until next month as the company awaits a regulatory decision on whether the use of a voting trust in Canadian National's $33.6 billion takeover offer will be approved, giving more time for rival suitor Canadian Pacific to win over shareholders.

  • August 19, 2021

    Trulieve, Harvest's $2.1B Deal Gets Canadian Court's Blessing

    Trulieve Cannabis Corp. announced Thursday that it is one step closer to completing its planned acquisition of Harvest Health & Recreation Inc., after securing a final order from a Canadian court approving the $2.1 billion agreement.

  • August 19, 2021

    3 Firms Rep €1.7B Goldman Sachs Deal For Asset Manager

    Goldman Sachs said Thursday it's buying Dutch asset manager NN Investment Partners from NN Group NV in a deal valued at about €1.7 billion (about $2 billion) that was shaped by Sullivan & Cromwell, Freshfields and De Brauw Blackstone Westbroek.

  • August 19, 2021

    FTC Takes Another Shot At Facebook In 3-2 Vote

    The Federal Trade Commission opted Thursday to try again in its antitrust lawsuit against Facebook, voting 3-2 along party lines to file an amended complaint in D.C. federal court after its initial version, along with a suit by state attorneys general, was tossed in late June.

  • August 19, 2021

    3 Firms Sculpt $7.3B Deal For Health Care Tech Co. Inovalon

    Nordic Capital is leading a group that has agreed to buy health care data tools maker Inovalon for an enterprise value of roughly $7.3 billion, the companies said Thursday, in a deal put together with help from Latham & Watkins, Kirkland & Ellis and Willkie Farr.

  • August 18, 2021

    Illumina Completes $7.1B Grail Deal Amid Antitrust Scrutiny

    Illumina Inc. announced Wednesday that it completed its planned $7.1 billion acquisition of Grail, a biotechnology company focused on early-detection cancer testing using DNA, even as the deal faces a legal challenge from the Federal Trade Commission and antitrust scrutiny in Europe.

  • August 18, 2021

    SEC's 'Shadow Trading' Suit Dives Into Murky Area Of Law

    The U.S. Securities and Exchange Commission is entering uncharted legal waters with an insider trading suit against a biopharmaceutical executive for allegedly engaging in a practice that's become known as "shadow trading," experts told Law360.

  • August 18, 2021

    Pot Delivery Co. Eaze To Acquire Retailer Green Dragon

    Cannabis delivery marketplace Eaze will acquire multistate cannabis retailer Green Dragon and provide service to customers in Colorado, Florida, Michigan and California, according to an announcement issued by the companies Wednesday.  

  • August 18, 2021

    Axon Gets More Support For High Court FTC Challenge

    A pair of free market interest groups told the U.S. Supreme Court that police body camera maker Axon Enterprise Inc. should be able to take its challenge of the Federal Trade Commission's structure and authority directly to federal court.

  • August 18, 2021

    CME Denies Rumored $16B Cboe Takeover Bid

    Futures trading giant CME Group Inc. firmly rejected rumors Wednesday that it is in discussions to acquire rival Cboe Global Markets Inc., refuting a report that it approached the exchange operator about a potential $16 billion takeover.

  • August 18, 2021

    FTC Merger Warning Letters Seen As Largely Superficial

    The Federal Trade Commission's recent revision to merger review procedures threatens companies with post-closing challenges, but the move may lack the teeth needed to have a practical impact, experts say.

  • August 18, 2021

    $70M Innogy Wind Farm Suit Trimmed By NY Judge

    A New York federal judge kept alive a suit claiming that Innogy wrongly conspired to withhold $70 million worth of tax credits by taking advantage of COVID-19-related deadline leniency for a wind project, but trimmed several claims from the case. 

  • August 18, 2021

    Green Fintech Startup To Merge With SPAC In $2B Deal

    Aspiration Inc., a fintech company that aims to help lower customers' carbon footprints, said Wednesday it will go public through a merger with a special-purpose acquisition company that values it at $2.3 billion steered by Latham & Watkins.

  • August 18, 2021

    Sidley, Loeb Steer SPAC Deal For $3B Specialty Auto Insurer

    Specialty auto insurance provider Hagerty, counseled by Sidley Austin, will go public at a roughly $3.13 billion valuation by merging with a Loeb & Loeb-advised special purpose acquisition vehicle backed by private equity firm Aldel Capital, the companies said Wednesday.

Expert Analysis

  • Opinion

    FTC Should Have Global Antitrust Regulatory Aspirations

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    A recent Federal Trade Commission report on its enforcement role suffers from a striking lack of ambition, when the agency should be pushing for legally binding global rules that bring coherence and order to international competition law, says Aurelien Portuese at the Information Technology and Innovation Foundation.

  • Cos. Buying Nascent Rivals Should Beware Antitrust Scrutiny

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    Recent federal antitrust enforcement actions that halted Visa's purchase of Plaid and Procter & Gamble's acquisition of Billie should serve as a warning that companies in all sectors can expect close scrutiny of deals involving nascent competitors, and regulatory emphasis that extends beyond market shares and market concentration, says Jessica Michaels at Mayer Brown.

  • Fla. Tobacco Settlement Ruling Offers Caution On Contracts

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    The Florida Supreme Court's recent ruling that R.J. Reynolds must continue tobacco settlement payments to the state, despite having sold the cigarette brands at issue, is a warning to settling parties that their agreements will be strictly construed, say Agustin Rodriguez and Dascher Pasco at Troutman Pepper.

  • Strategies For Fighting Back Against A Rambo Litigator

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    If your opposing counsel is a so-called Rambo litigator, there are ways to turn their scorched-earth litigation tactics and ad hominem attacks into assets that favor your client, says Margeaux Thomas at Thomas Law.

  • Biden Climate Plan Ushers In New Compliance Considerations

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    As President Joe Biden's ambitious environmental framework takes shape, potential changes to existing regulations and enforcement of those rules raise questions regarding how companies should address and disclose environmental concerns, say Peter Kelso and Drew Howard at Roux Associates.

  • UK's Revised Merger-Review Definitions Will Ease Compliance

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    Recent changes narrowing high-risk sector definitions in the U.K.’s planned merger-review laws will make it easier to assess whether a merger or acquisition poses a national security threat that triggers mandatory notification, a critical change given the severe consequences of a failure to do so when required, say attorneys at Kirkland.

  • Opinion

    1 Year Into Pandemic, It's Time To Rethink Law Firm Billing

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    The particular tasks for which a law firm client can expect to be billed have become unpredictable in the era of COVID-19, making flat fees and other alternative fee arrangements more attractive for both in-house and outside counsel, says Jessica Hodkinson at Panasonic.

  • M&A Disclosure Lessons From Columbia Pipeline Challenge

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    The shareholder challenge to Columbia Pipeline's $13 billion merger with TransCanada — which recently survived Delaware Chancery Court dismissal arguments — has lessons for target boards that favor a particular bidder, including the importance of documenting their reasoning, say attorneys at Fried Frank.

  • How Biden's Leadership Picks Will Shape Health Priorities

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    President Joe Biden's selections for key health posts, all key architects behind the Affordable Care Act, shed light on how the administration will approach issues ranging from health equity to rolling out the COVID-19 vaccine, say Miranda Franco and Suzanne Joy at Holland & Knight.

  • Rogue High Court Citation May Spark Legal Writing Changes

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    Justice Clarence Thomas’ unexpected use of a new citation format in the U.S. Supreme Court’s recent Brownback v. King opinion is the most notable citation change in the court's writing in 25 years, and could inspire receptiveness for other innovations in legal writing and beyond, says Carrie Garrison at Porter Wright.

  • The Case For Diversity In Internal Investigation Teams

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    Teams that represent differing backgrounds can uniquely strengthen internal investigation processes with more thorough deliberation, better interviewee trust-building and more effective problem-solving, so law firms and clients alike must avoid the natural impulse to select homogenous groups, say Karin Portlock and Jabari Julien at Gibson Dunn.

  • 4th Circ. Opens Door To New Private Merger Enforcement Era

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    The Fourth Circuit's recent approval in Steves and Sons v. Jeld-Wen of a first-of-its kind divestiture order issued in a private lawsuit as a penalty for an anti-competitive merger may shift the law of antitrust remedies and embolden district courts and private plaintiffs, say Lauren Weinstein and Lauren Dayton at MoloLamken.

  • 5 Ways Outside Counsel Can Impress Their Clients

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    Attorneys can build lasting relationships with corporate clients by thinking of in-house counsel as project partners, adhering to a few basic communication principles and thinking beyond legal advice, says Gerry Caron, chief counsel for safety, health and environment at Cabot.

  • Ethics Tips For Attorneys Telecommuting Across State Lines

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    Attorneys working remotely from jurisdictions in which they are not admitted should take precautionary steps to avoid engaging in unauthorized practice of law, say John Schmidt and Michael Seaman at Phillips Lytle.

  • Opinion

    Abusive M&A Litigation Highlights Need For Securities Reform

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    In-court M&A challenges that benefit plaintiffs counsel more than shareholders continue unabated, demonstrating the need for federal securities law reform to prevent what amounts to a deal tax on companies forced to pay mootness fee settlements and higher directors and officers insurance premiums, say attorneys at Seyfarth.

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