Mergers & Acquisitions

  • July 09, 2021

    Big Pharma's Stock Spending Exceeds R&D, Dems Say

    Major pharmaceutical companies spent nearly $600 billion to inflate their stock prices and reward shareholders in recent years, easily outpacing their spending on drug development, House Democrats said in a new report aimed at boosting support for Medicare price negotiations.

  • July 09, 2021

    Don't Miss It: Gibson Dunn, Alston Guide Week's Hot Deals

    With so much mergers and acquisitions news this week, you may have missed several deals announced in the last several days helmed by firms such as Gibson Dunn & Crutcher LLP and Alston & Bird LLP.

  • July 09, 2021

    5 Firms Rep Pair Of Blank-Check IPOs Raising $425M

    Two blank-check companies focused on infrastructure and financial technology in emerging markets began trading on the New York Stock Exchange on Friday after raising a total of $425 million in initial public offerings guided by five law firms.

  • July 09, 2021

    Kirkland, Proskauer Steer $6.6B Stamps.com Take-Private

    Web-based shipping company Stamps.com said Friday that it has agreed to go private through a deal with investment firm Thoma Bravo, which values the site at $6.6 billion and is steered by Kirkland & Ellis LLP and Proskauer Rose LLP.

  • July 09, 2021

    Ancestry Users Sue Blackstone Under Ill. Genetic Info Law

    A proposed class of customers has alleged that The Blackstone Group violated their rights under an Illinois law barring entities from obtaining genetic testing information without written permission when it acquired genetic testing company Ancestry in a $4.7 billion deal last year.

  • July 09, 2021

    3 Firms Guide Crypto Exchange Bullish's $9B Go-Public Deal

    Bullish, a financial technology company preparing to launch a cryptocurrency exchange, said Friday it plans to go public via a blank-check merger in a deal valued at $9 billion and guided by Morgan Lewis, Kirkland and Paul Weiss.

  • July 09, 2021

    Pennsylvania Retail Portfolio Trades Hands For $114M

    A portfolio of five Philadelphia-area retail properties has traded hands for $114.25 million, and the new owner has scored $80.5 million in financing from multiple banks for the deal, according to an announcement on Friday from brokerage firm Jones Lang LaSalle.

  • July 09, 2021

    Taxation With Representation: Gibson, Latham, Simpson

    In this week's Taxation With Representation, Platinum Equity will buy chemical company Solenis for $5.25 billion, social media application Nextdoor will merge with Khosla Ventures for $4.3 billion, and Blackstone Group will buy environmental software maker Sphera at $1.4 billion.

  • July 09, 2021

    US Concrete Investor Sues To Stop $1.3B Snap-Up By Vulcan

    U.S. Concrete Inc. and its executives were sued Friday in Delaware federal court by an investor who asserts the company's nearly $1.3 billion deal with stone and gravel producer Vulcan Materials Co. undervalues the business.

  • July 09, 2021

    Tech, Health Care Led Nearly $3T In M&A From 2021's 1st Half

    Mergers and acquisition activity surged during the first six months of the year compared with 2020, as companies took advantage of low interest rates and increased confidence in the economy. Here, Law360 counts down the 10 largest deals from the first half of 2021 and explores the industry trends they exemplify.

  • July 09, 2021

    Sweeping Biden Order Aims To Attack Lack Of Competition

    President Joe Biden on Friday issued an expansive executive order aimed at boosting competition across the U.S. economy and lowering prices for consumers and increasing pay for workers.

  • July 09, 2021

    EU Approves $30B Aon-Willis Merger With Conditions

    The European Commission gave its conditional approval on Friday to the $30 billion merger between insurance brokers Aon PLC and Willis Towers Watson, ending a six-month antitrust probe and shifting focus to a November legal contest in the U.S.

  • July 08, 2021

    FCC Hits Gray With $518K Fine For Evading Local TV Limit

    Despite restoring relaxed local media ownership limits a month ago following a U.S. Supreme Court ruling, the Federal Communications Commission slapped Gray Television with the largest permissible fine for violating a tougher, earlier version of a rule restricting one broadcaster's hold on a market's top-rated TV stations.

  • July 08, 2021

    2 Blank-Check IPOs Net $575M To Hunt For Acquisitions

    Two blank-check companies went public on Thursday after completing initial public offerings that raised $575 million combined in acquisition funding guided by four law firms total, including one offering backed by blank-check veteran and former Citigroup executive Michael Klein.

  • July 08, 2021

    Unions Say Wardman Hotel Can't Ditch Contracts In Sale

    A pair of unions Thursday asked a Delaware bankruptcy judge to reject a request to sell Washington's Wardman Hotel free and clear of union contracts, saying the hotel's owner is bound by multiple agreements to require a buyer to assume the contracts.

  • July 08, 2021

    PE Firm On Its Own In Fraud Row, Great American Says

    A private equity firm facing accusations that it tinkered with the books of a company it was selling can't tap its insurance policy to pay for its defense, Great American E&S Insurance Co. told a California federal court Wednesday.

  • July 08, 2021

    VW Asks 6th Circ. To Snuff Auto Parts Cos.' Antitrust Suit

    Volkswagen AG has told the Sixth Circuit that German auto parts maker Prevent Group can't forum shop in the U.S. by alleging that Volkswagen illegally maintained a stranglehold over its suppliers, saying Prevent can't get a do-over of a protracted dispute that's already been litigated in Germany.

  • July 08, 2021

    Greensill Says Ch. 11 Finacity Sale Resolves $20M Liability

    Financier Greensill Capital Inc. told a New York bankruptcy judge Thursday that it has a buyer ready to purchase the debtor's interest in financial services firm Finacity Corp. and that a deal is in place that will absolve the debtor of $20 million in obligations for earnout payments.

  • July 08, 2021

    Firms That Led 2021's Largest Hospitality Deals To Date

    The first half of 2021 saw a number of multibillion-dollar mergers and acquisitions in the hospitality industry, including Hilton Grand Vacations Inc.'s $3 billion purchase of Diamond Resorts International Inc., shepherded by Simpson Thacher & Bartlett LLP, Alston & Bird LLP, Foley & Lardner LLP and Paul Weiss Rifkind Wharton & Garrison LLP. These are the law firms that guided the biggest hospitality deals so far this year.

  • July 08, 2021

    BP Loses Bid To Escape Class Action Over Pension Plan

    BP must face a class action claiming it toyed with Standard Oil of Ohio retirees' benefits after acquiring the company in the 1980s, with a Texas federal judge clearing the case for trial by denying the oil giant's bid for an early win.

  • July 08, 2021

    5 Firms Steer PE Sale Of €1.25B Genetic Testing Co

    EQT will sell reproductive genetic testing services provider Igenomix to Swedish life sciences company Vitrolife at an enterprise value of €1.25 billion ($1.48 billion), the companies said Thursday, in an agreement stitched together with help from five law firms.

  • July 08, 2021

    Deals Rumor Mill: Sydney Airport, Tencent, Ottobock

    Sydney Airport may receive a second multibillion-dollar takeover bid, the Chinese government will block the planned merger of two gaming-focused streaming companies, and a German prosthetics maker could be valued at €5 billion or more in a 2022 IPO. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • July 08, 2021

    Latham Adds Former GC, Investor As Infrastructure Partner

    Latham & Watkins LLP has hired a new partner with in-house and investing experience to its office in Houston, adding muscle to its private equity and infrastructure capacities.

  • July 08, 2021

    5 Firms Sculpt SPAC Deal For $1B Tumor Treatment Developer

    Alpha Tau Medical, which develops radiation therapy for solid tumors, will go public at an equity value of roughly $1 billion by merging with a health care-focused special purpose acquisition vehicle, the companies said Thursday, in a transaction formed with assistance from five law firms.    

  • July 08, 2021

    Greenberg, Goodwin Steer SPAC Deal For $4.5B Fintech Circle

    Blockchain-based payments company Circle will go public at an enterprise value of $4.5 billion by merging with a special purpose acquisition vehicle, the companies said Thursday, in a transaction built by respective legal advisers Goodwin Procter and Greenberg Traurig.

Expert Analysis

  • Safeguarding Privileged Communications In A Remote World

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    With the pandemic ushering in remote collaboration tools, counsel must revisit fundamentals of the attorney-client privilege and the work-product doctrine, study cases involving email and other recent technologies, and follow 10 best practices to protect confidentiality, say attorneys at DLA Piper.

  • How To Meet CFIUS Expectations On Chinese Investment

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    Under President Joe Biden, U.S. government scrutiny of Chinese investment is likely to remain rigorous and have a significant impact on deal return on investment, so deal strategy should include a four-step proactive approach to the Committee on Foreign Investment in the United States review process, say Scott Boylan and Paul Stephen at StoneTurn.

  • 4 Areas Of Cyberattack Vulnerability For Law Firms

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    Recent data breaches involving Goodwin and Jones Day show that cyberattacks are very real threats to the legal profession, especially in the era of remote work, so law firms should revisit common business practices that expose them to unnecessary risks, says Ara Aslanian at Inverselogic.

  • How To Help Your Witnesses Overcome Hindsight Bias

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    Witnesses facing tricky questions from opposing counsel often find themselves engaging in hindsight bias, when they use present knowledge to second-guess past actions, but these problematic thought processes can be overcome during deposition or trial preparation through tough questions and some catharsis, says Merrie Jo Pitera at Litigation Insights.

  • NJ 'Reply All' Ethics Opinion Brings New Pitfalls For Attorneys

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    While a recent New Jersey ethics opinion rightly concluded that an attorney cannot claim an ethics violation when opposing counsel replies all to a group email including clients, it runs counter to stances taken by other states and presents new dangers of confidentiality breaches and unfiltered messages to opposing parties, says Roger Plawker at Pashman Stein.

  • Series

    Judging A Book: Bibas Reviews Rakoff's 'Why The Innocent Plead Guilty'

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    In "Why the Innocent Plead Guilty and the Guilty Go Free,” U.S. District Judge Jed Rakoff catalogues the many ways our criminal justice system is broken, and in doing so, gives the public an intimate look into the thoughts, reasoning and personal experiences of a renowned federal judge, says Third Circuit Judge Stephanos Bibas.

  • 6 CFIUS Considerations For De-SPAC Transactions

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    As financial regulators increase scrutiny on special purpose acquisition companies, SPAC sponsors and their prospective targets need to be aware that the merger following the initial public offering — the de-SPAC — may be subject to the Committee on Foreign Investment in the United States' jurisdiction and may even trigger a mandatory filing, say attorneys at Kirkland.

  • For Law Firm Digital Marketing, Less Is Sometimes More

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    Attorneys and law firms often look to cast the widest net possible and maximize online impressions, when they should be focusing their digital marketing efforts on fewer, better-qualified prospects, says Guy Alvarez at Good2BSocial.

  • 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.

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