Mergers & Acquisitions

  • July 18, 2017

    Performance Sports Recoups $8M From $575M Ch. 11 Sale

    A bankruptcy successor to Performance Sports Group resolved a $12 million dispute late Monday over the company’s $575 million Chapter 11 sale to a private equity venture, with $8 million released from an escrow to the debtor’s wind-down business.

  • July 17, 2017

    EU Approves Priceline's $550M Buy Of Online Travel Rival

    The European Union’s antitrust regulator said Monday it has unconditionally approved U.S. online travel company The Priceline Group’s $550 million acquisition of its rival Momondo Group under the EU’s merger regulation, concluding that the deal will raise no competition concerns in the European Economic Area.

  • July 14, 2017

    Calif. AG Denied Temp Block Against Valero Terminal Buy

    A California federal judge has denied a bid by the state attorney general to temporarily block Valero Energy Corp. from purchasing two San Francisco-area petroleum storage and distribution terminals owned by Plains All American Pipeline LP.

  • July 13, 2017

    'Little Red Hen’ Shareholders Awarded $3M, But No New Trial

    A Massachusetts federal judge cited an old folk tale Thursday when she decided to award a class of health care investors $3 million from the company’s CEO, saying that they may not have been hurt, but they weren’t treated fairly and fought hard for their recovery.

  • July 13, 2017

    Chancery Nixes $2.2B Apollo-Diamond Resorts Deal Suit

    A Delaware Chancery judge on Thursday threw out a Diamond Resorts International Inc. shareholder challenge to the $2.2 billion acquisition by Apollo Global Management LLC, ruling that the additional information the stockholder said should have been disclosed isn’t required under Delaware law.

  • July 13, 2017

    Monopoly Risk Led Judge To Block $367M Waste Co. Merger

    A Delaware federal judge on Thursday unsealed the reasoning behind her decision to block the $367 million merger of rival nuclear waste processors EnergySolutions and Waste Control Specialists, explaining that the deal would have created a monopoly and rejecting the claim that WCS couldn't have found another buyer.

  • July 7, 2017

    DigitalGlobe Investor Suits Combined Despite Objection

    A Colorado federal judge on Thursday consolidated five shareholder lawsuits challenging earth imagery company DigitalGlobe Inc.'s CA$3.1 billion ($2.4 billion) sale to satellite communications company MacDonald Dettwiler and Associates Ltd., overruling a lone investor's opposition to the move.

  • July 5, 2017

    South Africa Approves Dow-DuPont Merger With Conditions

    South Africa’s competition authority on Wednesday cleared the way for Dow and DuPont's bid to merge into a $130 billion chemicals giant with conditions along the lines of those required by regulators in the U.S. and the European Union.

  • June 30, 2017

    Brocade, Ruckus Shake Shareholder Suit Over $1.2B Deal

    A California federal judge tossed out a proposed shareholder class action alleging securities fraud against Brocade Communications over its acquisition of Ruckus Wireless Inc., valued at about $1.2 billion, saying the shareholder plaintiffs repeatedly failed to show how the companies misled them in financial statements over the offer.

  • June 29, 2017

    Chancery Won't Throw Out Suit Over $3B Spectra Energy Deal

    A Delaware Chancery judge has declined to throw out the bulk of claims that a limited partnership connected to Spectra Energy Corp. was shorted by more than $500 million in a $3 billion joint venture pipeline deal, ruling that it was “reasonably conceivable” the general partner acted in bad faith.

  • June 27, 2017

    Del. Justices Reverse Chancery In $2B Westinghouse Row

    Bankrupt Westinghouse Electric Co. LLC suffered a potential $2 billion setback on Tuesday in its dispute with Chicago Bridge & Iron Co. over the purchase of its nuclear unit, as Delaware’s Supreme Court ruled the contract strictly limits what items Westinghouse can challenge in a post-sale review process.

  • June 27, 2017

    American Airlines Pilots' Seniority Suit Dismissed

    A Pennsylvania federal judge on Monday threw out a proposed class action by a group of American Airlines Inc. pilots contesting the seniority agreement reached after the company’s merger with US Airways, ruling the agreement was not arbitrary, discriminatory or reached in bad faith.

  • June 26, 2017

    Paul Hastings To Pay $46.5M In Deal To End ExamWorks Suit

    The Delaware Chancery Court is set to consider in September an $86.5 million deal settling the challenge to Leonard Green & Partners $2.2 billion purchase of ExamWorks Group Inc., with Paul Hastings LLP, accused of aiding and abetting alleged fiduciary duty breaches, responsible for $46.5 million of that amount.

  • June 26, 2017

    Couche-Tard Wins FTC OK On $4.4B CST Buy With Store Sales

    Canada’s retail and convenience store operator Alimentation Couche-Tard Inc. on Monday won approval from the Federal Trade Commission for its $4.4 billion plan to acquire CST Brands Inc. with an agreement to sell 70 stations in the U.S. to ease the agency’s antitrust concerns.

  • June 26, 2017

    Divergence In Materiality Tests Narrower Than It May Seem

    Although the Second Circuit last week used strong language when it rejected a First Circuit test for assessing the materiality of certain financial information omitted from company registration statements, experts say the alternative laid out by the court sets an equally high bar for IPO investor suits.

  • June 26, 2017

    UK Won't Probe IBA-Mallinckrodt Deal Under Revised Rules

    The U.K.’s competition authority on Monday said that it won’t conduct an in-depth investigation of radiopharmaceuticals products maker IBA Molecular’s $690 million purchase of Irish drugmaker Mallinckrodt PLC’s nuclear imaging business, after finding the market too small under newly adopted rules.

  • June 23, 2017

    $10M Settlement Struck In Providence-Matrix Deal Suit

    The sides in the lawsuit over Providence Service Corp.’s $400 million purchase of Matrix Medical Group told the Delaware Chancery Court on Friday they’d resolved the dispute with a settlement that would see $10 million, minus attorneys’ fees and expenses, paid to the investor class that challenged the deal.

  • June 21, 2017

    FTC Obtains TRO To Halt DraftKings, FanDuel Merger

    The Federal Trade Commission secured a temporary restraining order against the proposed merger between DraftKings Inc. and FanDuel Inc. on Tuesday after raising concerns about the deal’s potential to create a “near-monopoly.”

  • June 21, 2017

    DOJ Wins Bid To Block $367M Radioactive Waste Cos.' Merger

    A Delaware federal judge on Wednesday blocked the $367 million merger of EnergySolutions Inc. and Waste Control Specialists LLC, siding with the U.S. Department of Justice in the government's bid to enjoin the deal between rival nuclear waste processors on antitrust grounds.

  • June 15, 2017

    $855M Blount Deal OK'd By Del. Justices, With Mild Rebuke

    Delaware’s Supreme Court upheld the dismissal of a class challenge to the $855 million leveraged buyout of Blount International Inc. on Thursday, while raising an eyebrow at a “troubling,” if nonmaterial, omission from deal disclosures.

Expert Analysis

  • How Accounts Receivable Insurance Can Help Your Deal

    Jeff Anderson

    Due diligence is a critical part of the M&A process, and with so many risks to assess, accounts receivable often does not get the attention it deserves. Future accounts receivable performance is one area in which buyers have limited control, say Jeff Anderson and Kent Paisley of Allied World Insurance Co.

  • The ‘Failing Firm’ Defense: Pointers From A Blocked Deal

    Danyll Foix

    The recently blocked merger between EnergySolutions and Waste Control Specialists not only confirms that exclusive negotiation, or “no talk,” terms in transactions can thwart antitrust defenses like the “failing firm” defense, but also illustrates how parties may implement these terms without creating antitrust problems, says Danyll Foix of BakerHostetler.

  • Weekly Column

    Innovating For Wise Juries: Matching Experts

    Stephen Susman

    In the penultimate installment of this series, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project answer a question on many legal analysts’ minds: What if both sides’ expert witnesses sat in a hot tub discussing the case while a jury watched?

  • The CFIUS Calculus Has Changed — In More Ways Than One

    Stephen Heifetz

    Recent unwritten changes to the Committee on Foreign Investment in the United States, made in the name of national security, may undermine the committee's original purpose, says Stephen Heifetz, a partner with Steptoe & Johnson LLP who previously served as the Department of Homeland Security’s CFIUS representative.

  • Rebuttal

    The Rise Of Midsize Firms

    Ronald Shechtman

    Recently, this publication featured an op-ed in which one law firm partner contended that midsize firms will be the next casualty of the legal market, due to a supposed inability to compete with BigLaw or boutique firms for business. Though we can expect to see Am Law firms continue to lead the market in megadeals and life-or-death litigations, by all indications midsize is on the rise, says Ronald Shechtman of Pryor Cashman LLP.

  • 5 Questions To Ask Yourself Before Submitting Litigation AFA

    Gregory Lantier

    Outside counsel should be able to articulate why she is proposing an alternative fee arrangement for this matter. If the client has not requested an AFA or the case is unusually difficult to budget with accuracy, this might not be the case to propose an AFA, say attorneys with WilmerHale.

  • How Mobile Apps Can Benefit Your Practice

    Sean Cleary.jpg

    Despite the boom in mobile application development, many lawyers are still reluctant when it comes to using apps in their daily work. Attorney Sean Cleary explores the benefits and shares some recommendations for apps geared toward attorneys.

  • A Snapshot Of M&A Activity In June

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    Despite headline-grabbing deals such as Amazon's proposed acquisition of Whole Foods, overall M&A activity was down in June. Ariel Deckelbaum of Paul Weiss Rifkind Wharton & Garrison LLP brings us the latest changes in U.S., global and sponsor-related M&A activity.

  • Proposal To Remedy Horizontal Shareholding Is Flawed

    Elaine Buckberg

    Several recent studies claim to show that competition is adversely affected when institutional investors hold significant shares in multiple firms within a “concentrated” industry. Following on this research, Eric Posner, Fiona Scott Morton and E. Glen Weyl have proposed a remedy that is a costly and disruptive way to change asset manager behavior, say members of The Brattle Group Inc.

  • Rebuttal

    The Future Of Litigation Finance Is Analytics

    Eva Shang

    In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.