With so much mergers and acquisitions news this week, you may have missed several deals announced in recent days helmed by firms such as Dechert and Sullivan & Cromwell. Here, Law360 recaps the ones you might have missed.
Bain Capital may buy a bankrupt Italian shipping company, Comcast is interested in buying a significant portion of 21st Century Fox, and Brazilian mining company Vale is hitting the brakes on plans to sell a significant stake in its New Caledonia nickel mine.
Legacy Acquisition Corp., a blank check company led by former Procter & Gamble Co. executives and private equity veterans who aim to acquire a consumer-oriented company, listed shares Friday after raising $300 million through an initial public offering.
The storm of U.S. Securities and Exchange Commission enforcement actions against private equity firms seems to have calmed, but industry players should beware that the regulator is still intent on policing improper practices throughout the financial world, meaning it could refocus on PE at any moment.
In this week’s Taxation With Representation, Marathon Petroleum dropped down $8.1 billion in assets to its master limited partnership, Caesars Entertainment acquired Centaur for $1.7 billion, Shanghai Pharma snapped up the China business of Cardinal Health for $557 million, and OMERS bought Trescal in a $788.6 million deal.
Simpson Thacher & Bartlett LLP, Dechert LLP and Orrick Herrington & Sutcliffe LLP scored work on the largest commercial mortgage-backed securities loan in October, and that $955 million deal was one of numerous nine-figure loans that got done during the month.
The market for secondary offerings was active Wednesday, with two private equity-backed companies — a window and door manufacturer and an industrial equipment company — announcing the pricing of secondary offerings that, combined, are worth just over $1 billion.
The judge presiding over the bankruptcy case of ChinaCast Education Corp. abruptly adjourned the company's Chapter 11 plan confirmation hearing on Thursday, finding the debtor’s last-minute request for approval of a shareholder settlement and a post-petition financing adjustment troubling.
A California federal court on Thursday denied a private equity firm’s request for attorneys’ fees after arbitration in a dispute with a Mexican industrial real estate buyer who claimed the firm sold it a $15 million facility overrun by a drug cartel.
A California federal judge on Thursday refused for the second time to grant preliminary approval to a $6.2 million deal between MagnaChip Corp.'s majority shareholder Avenue Capital and the semiconductor products maker's common stock investors who sued for an alleged fraud scheme in which Avenue sold its shares at inflated prices.
The Third Circuit on Wednesday found that investment firm Yucaipa Cos. Ltd. had no standing for its $170 million RICO suit claiming two hedge funds conspired to wipe out its debt claim against bankrupt car hauler Allied Systems Holdings Inc.
Aster Capital, a venture capital investment firm focused on industries including consumer, digital and energy, has raised €240 million ($282.36 million) from investors, according to a Thursday statement.
Recently formed investment manager 1Sharpe Capital said on Thursday that it has raised $500 million from a group of private investors for an investment strategy focused on real estate-related loans that the Piedmont, California-based firm believes can deliver attractive returns.
Private equity-backed silicone producer MPM Holdings Inc. withdrew an estimated $350 million initial public offering late Wednesday, citing adverse market conditions, becoming the second company this week to pull an IPO because of market jitters.
Real estate developer and investment firm Bayview Development Group scored $288.8 million in construction financing from a private equity fund managed by Goldman Sachs Merchant Banking Division to be used for a pair of luxury apartment towers in San Jose, California, borrower-side broker Holliday Fenoglio Fowler LP said Thursday.
Increased complexity in the dealmaking process and more intense regulatory scrutiny have led to a spike in the proportion of deals that end up falling apart, and legal advisers who can come up with novel solutions for these issues are in demand from companies that want their mergers to succeed.
A sudden surge in Chinese initial public offerings is spilling over to the U.S., providing a shot in the arm to the IPO market and keeping deals lawyers who work on China-related offerings busy.
Barclays does not have to face claims it paid a Latina employee less than similarly situated men and laid her off because of her sex and race, a New York federal judge ruled Wednesday, finding that the bank presented legitimate explanations for each of the employment actions it took against her.
After more than a day of negotiations among bankrupt steel tank maker CST Industries Holding Inc., its creditors and its proposed buyers, a Delaware judge gave his approval Wednesday for a $92.9 million sale transaction that resolved objections from unsecured lenders.
Three former WL Ross & Co. Inc. investment managers launched a lawsuit in New York court Wednesday alleging that the company hid the presence of more than $48 million in management fees charged to a trio of general partner companies established to oversee certain WL Ross private equity funds.
Until recently, general partner-led secondary transactions have generally been associated with “zombie funds” with lingering, hard-to-sell assets. But recent headline-grabbing deals signal a sea change of transactions with broader purposes and broader acceptance, says Michael Hong of Paul Weiss Rifkind Wharton & Garrison LLP.
In their new book, "The Judge: 26 Machiavellian Lessons," do Ronald Collins and David Skover prove their thesis that hypocrisy is the key to judicial greatness? Some of the examples they present are hard to dispute, says Judge Alex Kozinski of the Ninth Circuit.
Financial Crisis Anniversary
After nearly a decade of recession-accelerated change in the legal industry, “merit-based” compensation has largely come to mean measuring attorney success using some combination of origination and working attorney hours metrics. However, there are signs that the real impact of the recession is still around the corner, and that building a book isn’t enough, says Peter Zeughauser of Zeughauser Group.
While it lends more than $100 million each year to our nation’s college students — including law students — the U.S. Department of Education surprisingly limits loan counseling to one-time entrance counseling for first-time student borrowers. Is this rational? asks Christopher Chapman, president of AccessLex Institute, a nonprofit focused on access to legal education.
The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.
Asian-Americans are the fastest-growing minority in the legal profession, but recent studies confirm their underrepresentation among partners, prosecutors, judges and law school administrators. We must take action, say Goodwin Liu, associate justice of the California Supreme Court, and Ajay Mehrotra of the American Bar Foundation.
Judge Shira Scheindlin recently published an op-ed in The New York Times discussing the statistical truth that law firms have poor representation of female attorneys as first-chair trial lawyers. Backed by data collected by the New York State Bar Association, Judge Scheindlin’s observation is not merely anecdotal. But it doesn’t have to be inevitable, says Sarah Rathke, a partner and trial lawyer at Squire Patton Boggs LLP.
Powers of attorney offer lenders rights in connection with a fund’s ability to call capital contributions from investors. Drafted properly, POAs can provide a lender with the ability to take immediate action after a triggering event, such as an event of default, say attorneys with Mayer Brown LLP.
Because capital acquisition brokers may act as placement agents in the sale of certain securities, the U.S. Securities and Exchange Commission is now proposing to expand its pay-to-play rules to include CABs. The rule may also encourage investment advisers to take certain steps, says Zachary Parks of Covington & Burling LLP.
If conducted properly, depositions can be a powerful tool. At times, though, opposing counsel employ tactics to impede the examiner’s ability to obtain unfiltered, proper testimony from the deponent. By knowing and effectively using applicable rules and case law, however, deposing attorneys can take specific steps to combat these tactics, say attorneys with Ogletree Deakins Nash Smoak & Stewart PC.