Mergers & Acquisitions

  • July 22, 2021

    Kramer Levin Accused Of Malpractice After $850M Deal Flops

    Kramer Levin Naftalis & Frankel LLP's inability to hammer out a proper agreement among warring owners of a family diamond company turned one man's life into a "nightmare" and tanked a proposed $850 million sale offer, according to a malpractice suit filed in New York state court Wednesday.

  • July 22, 2021

    UK Proposes Power To 'Suspend, Block, Reverse' Tech Giants

    The U.K. is proposing a new code of conduct for tech giants that will be enforced by its new Digital Markets Unit in a bid to cut anti-competitive behavior and boost British startups.

  • July 22, 2021

    EU Deepens Probe Of Illumina's $8B Cancer Detection Deal

    Europe's competition enforcer is opening an in-depth probe into Illumina's $8 billion plan to buy cancer testing company Grail.

  • July 22, 2021

    Concrete Cos. Aim To Avoid Deeper DOJ Review Of $1.3B Deal

    Plans to merge Vulcan Materials and U.S. Concrete aren't set yet, as the companies gave the U.S. Department of Justice more time to vet the nearly $1.3 billion deal for possible antitrust concerns.

  • July 22, 2021

    2 Firms Guide Schwazze's $11.3M Colo. Pot Grow Land Buy

    Cannabis company Schwazze said Thursday it has closed an $11.3 million deal steered by Perkins Coie LLP and Tonkon Torp LLP to acquire 34 acres of land set up for marijuana cultivation, marking its first major foray into growing its own plants to supply its Star Buds dispensary chain and its PurpleBee extraction operation.

  • July 22, 2021

    FINRA Sweeps To Target SPACs, Social Media Influencers

    The Financial Industry Regulatory Authority is planning a trio of regulatory sweeps to address the latest developments causing turbulence in financial markets, including special purpose acquisition companies and social media's "finfluencers," its president and CEO, Robert Cook, said Thursday.

  • July 22, 2021

    Jeld-Wen Asks Judge To Shield Intel On Door Factory Sale

    A doormaker that forced its top competitor to divest a Pennsylvania factory as part of a landmark antitrust verdict should not be handed key information about the sale before other potential bidders, a special master in the case has told a Virginia federal judge.

  • July 22, 2021

    Visa To Buy Orrick-Led Fintech Currencycloud At $962M Value

    Visa said Thursday it will acquire foreign-exchange platform Currencycloud in a deal that values the Orrick-advised financial technology company at £700 million ($962 million).

  • July 22, 2021

    Deals Rumor Mill: GlobalFoundries, General Electric, Zoom

    The CEO of chipmaker GlobalFoundries downplayed reports of a potential $30 billion megadeal with Intel, European antitrust authorities will unconditionally approve the $30 billion merger of GE Capital Aviation and AerCap, and Zoom may participate in a SPAC deal. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • July 22, 2021

    Uber Pays $2.25B For Logistics Co. In Deal Driven By 4 Firms

    The freight-booking business of Uber Technologies Inc. will pay $2.25 billion to acquire private equity-backed transportation logistics company Transplace in a transaction aided by four law firms, the companies said Thursday.

  • July 22, 2021

    Autonomy CEO Loses Bid To Block Extradition Over HP Sale

    A London judge ruled Thursday that British technology entrepreneur Mike Lynch should be extradited to the U.S. to face fraud and conspiracy charges stemming from the $11.7 billion sale of his software firm to Hewlett-Packard.

  • July 21, 2021

    FTC Pulls 'Prior Approval' Stance, Issues Repair Policy

    The Federal Trade Commission on Wednesday voted to repeal a long-standing policy that has allowed parties to merger clearance settlements to avoid heightened scrutiny of subsequent deals.

  • July 21, 2021

    Starwood Capital Bids $1.9B For Stroock-Led Monmouth

    Starwood Capital Group said Wednesday that it made an increased $1.92 billion cash offer for the Stroock-led real estate investment trust Monmouth to induce its investors to reject the REIT's May agreement to be acquired by a competing investor.

  • July 21, 2021

    Illumina 'Wasting Court Time' With Deal Overtures, FTC Says

    Federal Trade Commission staffers contesting biotech giant Illumina's planned $8 billion purchase of cancer detection company Grail assailed the companies Tuesday for seeking a settlement conference in the in-agency challenge process, arguing the firms aren't sincere and are really just trying to get an advanced peak at FTC tactics.

  • July 21, 2021

    Dems Ask FCC For Assurances On Verizon-Tracfone Merger

    Democratic lawmakers are concerned that Verizon's $6.9 billion plan to pick up prepaid mobile company TracFone Wireless could be bad news for lower income customers and have asked the Federal Communications Commission to take steps to protect them.

  • July 21, 2021

    DOJ May Reach Partial Settlement In Aon-Wills Merger

    The U.S. Department of Justice may be able to reach a settlement with Aon PLC and Willis Towers Watson on three out of the five markets the agency alleged the insurance brokers' $30 billion proposed merger negatively impacts.

  • July 21, 2021

    Union Sues In Del. For Docs On $2.8B At Home Group Merger

    An Illinois union pension fund has sued At Home Group Inc. in Delaware for release of documents on its proposed $2.8 billion acquisition by private equity firm Hellman & Friedman, arguing that the deal lowballs the company and grants outsized benefits to its CEO.

  • July 21, 2021

    Propane Co., ESOP Trustee Drop Hostile Takeover Suit

    A propane supplier and an employee stock ownership plan trustee have resolved a lawsuit claiming the trustee violated federal benefits law by breaching its duty to look out for the workers' interests and trying to seize control of the company.

  • July 21, 2021

    Cooley, Kirkland Craft SPAC Merger For $4.3B Bitcoin Miner

    Cryptocurrency miner Core Scientific will go public at a roughly $4.3 billion enterprise value by merging with a private equity-backed special purpose acquisition vehicle, the companies said Wednesday, in a transaction guided by respective legal advisers Cooley and Kirkland.

  • July 21, 2021

    Eversheds, Debevoise Drive $3.55B Empower-Prudential Deal

    Empower Retirement will buy the retirement benefits business of U.S. insurance giant Prudential Financial for $3.55 billion, the companies said Wednesday, in a deal guided by Eversheds Sutherland and Debevoise.

  • July 20, 2021

    Tesla Chair Denies SolarCity Purchase 'Wired' For Approval

    The chair of Tesla Motors Inc. denied Tuesday that the company's decision to buy SolarCity Corp. for $2.6 billion was "wired" for approval and driven by company CEO Elon Musk's hefty stake in both companies, according to testimony in a Delaware trial on stockholder claims for billions of dollars in damages.

  • July 20, 2021

    Skadden, Morgan Lewis Shape Private Stock Trading JV

    The Nasdaq and a group of major banks said Tuesday they're creating a platform to trade the stock of private companies in a joint venture guided by Skadden Arps Slate Meagher & Flom LLP and Morgan Lewis & Bockius LLP.

  • July 20, 2021

    Pot Social Media Execs Want Out Of $12M Arbitration Demand

    Investment management firm Iroquois Master Fund has been hit with a suit by executives of a marijuana-focused social media company who asked the court to find that a $12 million arbitration demand Iroquois brought against them is invalid.

  • July 20, 2021

    AT&T Gets FCC's OK For $16.3B Deal Spinning Off DirecTV

    AT&T Inc. recently got the green light from the Federal Communications Commission to spin off DirecTV and two streaming services into a separate company in a private equity-backed deal worth $16.25 billion.

  • July 20, 2021

    Prepare For National Security Review Of Deals, UK Tells Cos.

    The United Kingdom is asking businesses and investors to prepare for compliance with the National Security and Investment Act, which enhances the government's ability to probe deals that may raise national security issues starting early next year.

Expert Analysis

  • Navigating Inadvertent Attorney-Client Privilege Waivers

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    Spencer Fane’s Deena Duffy offers tips for identifying accidental privilege waivers based on local and federal rules, and for interpreting recent case law when such rules are unclear.

  • How SPACs Should Respond To Increasing Scrutiny

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    Special purpose acquisition companies, facing a higher potential of litigation and greater government scrutiny, should consider risk mitigation measures at both the initial public offering and business combination stage, including those related to potential conflicts of interest, the corporate opportunity doctrine and founders shares, say Jeffrey Steinfeld and James Smith at Winston & Strawn.

  • Attorneys Beware: Zoom Depositions Are Likely Inadmissible

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    As legal proceedings have moved online in light of the pandemic, lawyers may mistakenly believe that recorded Zoom video depositions can be entered as evidence, but without certain safeguards, the testimony is unlikely to be accepted by courts, says Phillip Zisook at Schoenberg Finkel.

  • How Global Markets Are Preparing For Potential SPAC Growth

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    As the rising popularity of special purpose acquisition companies extends beyond the U.S., attorneys at Morgan Lewis look at how governments in Asia and Europe are positioning themselves through regulatory shifts, and what market trends can be expected in the U.S.

  • Opinion

    NJ Fed. Court Should Ditch Litigation Funding Disclosure Plan

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    The District of New Jersey's wide-reaching proposal to require automatic disclosure of third-party litigation finance poses several problems for attorneys and litigants alike and should be nipped in the bud, say Sarah Williams and Marlon Becerra at Validity Finance.

  • How To Assess Price Volatility Changes In SPAC Class Actions

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    Adjusting for changing volatility over a special purpose acquisition company's life cycle, as well as changes in marketwide volatility, is crucial for proper evaluation of market efficiency, loss causation and damages claims in securities class actions, say Alok Khare and Erica Rose at FTI Consulting.

  • Law Firm Talent Must Reflect Shifting US Demographics

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    Stephanie Scharf at Scharf Banks and Roberta Liebenberg at Fine Kaplan analyze and project U.S. demographic trends to show that law firms that hope to succeed long-term must recruit, retain and advance female lawyers and lawyers of color, and they outline six steps for meeting these goals.

  • Cannabis SPACs Are Piquing Investor Interest

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    Keen for acquisitions in a tight market, cannabis investors are heading to riskier special purpose acquisition companies as they anticipate the rewards of both federal legalization and legislation that would allow financial institutions to provide services to cannabis companies, say Matthew Rizzo and Marco Eadie at O'Keefe.

  • Opinion

    Bright-Line Standards Are Bad News For Antitrust Reform

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    Bills introduced by both Democrats and Republicans that would change legal presumptions regarding merger law and create bright-line market share thresholds can result in arbitrary outcomes that both sides of the aisle should abhor, say Daniel Sokol at the University of Florida and Abraham Wickelgren at the University of Texas at Austin.

  • NY Stock Purchase Ruling Shows Value Of Proper Disclosures

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    The New York Supreme Court’s recent decision that a stock buyer was liable for breaching a purchase agreement’s representations and warranties in GBIG Holdings v. Resolution Life demonstrates that buyer liability risk exists even when sellers have prior knowledge of potential violations, say John Lowe and Paul Bartlett at Barclay Damon.

  • A Biz Strategy Model To Improve Lateral Atty Hiring Diversity

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    Quantitative comparison tools commonly used by companies in evaluating merger targets will allow law firms to assess lateral hire candidates in a demographically neutral manner, help remove bias from the hiring process and bring real diversity to the legal profession, says Thomas Latino at Florida State University.

  • NextEra Ruling Could Support Initial-Bidder Expense Claims

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    The Third Circuit’s recent broad decision that NextEra's unsuccessful merger bid for Energy Future Holdings could nevertheless benefit EFH's bankruptcy estate provides future stalking horse bidders substantial leverage and may establish an alternative way for them to recover transactional expenses, says Ronit Berkovich at Weil.

  • Opinion

    FTC's Drop Of Illumina-Grail Federal Court Case Raises Uncertainty

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    The Federal Trade Commission's move to drop its lawsuit challenging the proposed merger of Illumina and its cancer-screening spinoff Grail is procedural posturing that undermines the agency's goals and has created maximum uncertainty for companies focused on creating life-saving technologies, say Zarema Jarimillo and Leiv Blad at Lowenstein Sandler.

  • Smaller Firms Need Employee Wellness Programs, Too

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    As we emerge from the pandemic, small and midsize firms — which offer an ideal setting for companywide connection — should follow in the footsteps of larger organizations and heed the American Bar Association’s recommendations by adopting well-being initiatives and appointing a chief wellness officer, says Janine Pollack at Calcaterra Pollack.

  • Opinion

    Antitrust Reform Should Focus On Targeted Solutions

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    Antitrust law can and should be updated to reflect the needs of our modern economic landscape by addressing specific areas where meaningful problems exist, but some proposals, like the call to overturn the consumer welfare standard, go too far, says Trace Mitchell at NetChoice.

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