Hedge fund Alden Global Capital emerged as the apparent winning bidder in Delaware on Friday for bankrupt shoe retailer Aerogroup International Inc., with a $26.175 million bid that capped a nearly 24-hour, sometimes “testy,” marathon auction.
President Donald Trump’s tirades against CNN on and off the campaign trail have nothing to do with the U.S. Department of Justice’s lawsuit opposing AT&T’s proposed $85 billion purchase of CNN parent Time Warner, a DOJ attorney said Friday in fighting the distracting “sideshow” of discovery into the matter.
Skadden Arps Slate Meagher & Flom LLP has reportedly poached Jones Day’s Washington-based global antitrust and competition practice head, David Wales.
A Delaware bankruptcy judge agreed Friday to confirm Takata’s Chapter 11 plan that centers on a $1.6 billion sale to Key Safety Systems Inc. and uses proceeds to pay victims of Takata's dangerously defective air-bag inflators, after hearing that the major creditor groups were all on board.
Blank check company DFB Healthcare Acquisitions Corp., formed by investment firm Deerfield Management and led by a longtime health insurance CEO, said it raised $250 million in an initial public offering Friday to support the intended acquisition of a health care business.
Bankrupt energy provider Energy Future Holdings Corp. made a hastily scheduled appearance Friday in Delaware court to ask for guidance on issues related to a $275 million fund reserve being created to cover a potential claim from a jilted sale partner.
A New York bankruptcy judge Friday said he would hold a hearing to address a Breitburn Energy Partners LP bondholder’s claim of conflicts of interest between a prospective stalking horse bidder, a Breitburn lienholder and Breitburn bankruptcy counsel Weil Gotshal & Manges LLP.
A proposed class of Kindred Healthcare Inc. shareholders filed a memorandum Friday in Delaware federal court supporting their motion to halt the progress of a $4.1 billion acquisition of the company by Humana Inc. and two private equity firms until alleged deficiencies in a proxy statement are cured.
Polsinelli PC has hired a trio of food, beverage and consumer goods attorneys from Holland & Hart LLP, bringing on the Colorado-based team's experience handling mergers and acquisitions, securities offerings, regulatory work and capital-raising for emerging growth companies in the industry.
The Federal Trade Commission has approved a deal that will see Canadian gas station and convenience store operator Alimentation Couche-Tard Inc. sell 10 locations in Minnesota and Wisconsin to assuage antitrust concerns over the company’s acquisition of Midwestern competitor Holiday Stationstores Inc. and affiliates, the agency said Friday.
Uber is reportedly getting ready to take a large stake in taxi and carpooling company Grab, Walmart is mulling a deal for a more than 40 percent stake in Flipkart, and $15 billion in financing is backing a Blackstone-led consortium’s $17 billion bid for Thomson Reuters’ financial and risk business.
The economics deputy for the U.S. Department of Justice’s antitrust division said Friday that he welcomes recent critiques of antitrust enforcement, including claims that enforcers have been too lax, but said the criticism doesn’t seem to be grounded in actual evidence.
Qualcomm Inc. on Friday said it is still opposed to Broadcom Ltd.’s $121 billion takeover offer after the sides met earlier in the week to discuss a possible deal, but called the discussions “constructive” and remained open to additional talks.
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 Sullivan & Cromwell LLP and Locke Lord LLP. Here, Law360 recaps the ones you might have missed.
The Boston Herald on Friday secured court approval for the tabloid's $11.98 million sale to hedge fund-controlled MediaNews Group, under a business-saving deal expected to close by March 28.
Sidley Austin has hired a mergers and acquisitions partner who founded and led Vinson & Elkins’ shareholder activism team and has been involved in more than 20 proxy contests.
Vancouver, British Columbia-based Leagold Mining Corp. on Friday sweetened its now mutually agreed upon offer for Toronto rival Brio Gold Inc., hiking the price it originally lobbed last month to nearly $279 million.
In this week's Taxation With Representation, Wyndham sold its European vacation rental business to Platinum Equity for $1.3 billion, LyondellBasell bought A. Schulman for $2.25 billion, Hoffman-La Roche proposed buying Flatiron Health for $1.9 billion, and Charles River Laboratories acquired MPI Research for $800 million.
Private equity continued to do large real estate deals in 2017, particularly foreign firms buying portfolios, and the 10 largest transactions of the year — each of which was north of $2 billion — got done with the help of a dozen law firms.
Though rival bids from third-party suitors rarely succeed, they can be discouraging after attorneys have spent months diligently working on an acquisition. However, there are ways lawyers can make it more likely their client will prevail, including by building protections against so-called interlopers into the original deal agreement.
With investment dollars continuing to flow in 2018, high-growth food and beverage brands will have the opportunity to think strategically and creatively about the investors they work with and deal structure, says Will Bernat of Nutter McClennen & Fish LLP.
Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle LLP.
Last week, the District of Delaware raised eyebrows by ruling that documents provided to a litigation funder and its counsel in connection with their due diligence are categorically not attorney work product. Acceleration Bay v. Activision Blizzard seems to be a case of bad facts making bad law, says David Gallagher, investment manager and legal counsel for Bentham IMF.
There has been a flurry of antitrust challenges of nonreportable transactions under President Donald Trump, more than doubling the annual rate of such challenges during the last four years of the Obama administration. It is easy to see that not reportable does not mean not reviewable, say Gregory Heltzer and Lisa Peterson of McDermott Will & Emery LLP.
Artificial intelligence tools can empower attorneys to work more efficiently, deepen and broaden their areas of expertise, and provide increased value to clients, which in turn can improve legal transparency, dispute resolution and access to justice. But there are some common pitfalls already apparent in the legal industry, say Ben Allgrove and Yoon Chae of Baker McKenzie.
I have often suggested at arbitration conferences that the writing of any more articles on how to draft an arbitration clause should be outlawed. Yet, as an arbitrator, I continue to encounter cases in which inartfully drafted dispute resolution clauses cause confusion. At the risk of contributing to the scourge of online clutter, I will share a few brief thoughts on clause misfires, says David Huebner, a JAMS panelist and former U... (continued)
The environment for foreign investment in the United States is shifting. Most recently, the Chinese acquisition of MoneyGram was derailed after the Committee on Foreign Investment in the United States rejected proposals offered to try to mitigate national security concerns. At the same time, U.S. legislation to enhance CFIUS controls seems to be gaining momentum, say attorneys with Arnold & Porter.
Contractual nonreliance provisions, sometimes called “big boy” letters, have received their fair share of attention, but little attention has been paid to the effect forum selection and choice-of-law issues have on such provisions. The choice of where to litigate and which law will govern can significantly impact, if not conclusively determine, the outcome of a dispute, say Amy Park and Niels Melius of Skadden Arps Slate Meagher & Flom LLP.
In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed. But the question of how the judiciary might conform to Burt’s expectations raises practical problems, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit.
As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.