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Mergers & Acquisitions
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May 15, 2025
Senior Living Co. Pleads For Proxy Fight Win After CEO Exit
Brookdale Senior Living, the largest U.S. senior living operator, urged shareholders Thursday to reject a proxy contest brought by an affiliate of activist investor Ortelius Advisors, claiming the fund hasn't offered a new strategy for the company despite its criticism.
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May 15, 2025
AI Startup Perplexity Seeks $14B Valuation, And More Rumors
Perplexity is in talks for a new funding round that would value the artificial intelligence startup at $14 billion, OpenAI is reworking a multibillion-dollar agreement with Microsoft Corp. in order to free up its plans for an initial public offering, and Dutch power grid operator TenneT is considering selling a stake in its German division for up to $13 billion.
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May 15, 2025
Covington Atty To Help With Squarespace Appraisal Discovery
A Delaware vice chancellor has appointed a Covington & Burling LLP attorney to help sort through discovery issues in an action Glazer Capital LLC-managed funds have filed to determine the fair value of their Squarespace Inc. shares.
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May 15, 2025
Entrata Hits $4.3B Valuation After $200M Blackstone Plug
Wilson Sonsini Goodrich & Rosati PC-advised Entrata, an operating system for multifamily housing communities, revealed on Thursday that it reached a $4.3 billion valuation after securing a $200 million minority investment from private equity giant Blackstone, led by Weil Gotshal & Manges LLP.
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May 15, 2025
Wachtell-Led Dick's Making $2.4B Bet On Foot Locker
Dick's Sporting Goods Inc. said Thursday it has agreed to buy Foot Locker Inc. for about $2.4 billion, as the Pittsburgh-based retailer wagers that its operational playbook can breathe new life into the shrinking footwear chain.
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May 15, 2025
Greencore Set To Devour UK Meal Maker Bakkavor For £1.2B
Irish sandwich maker Greencore said Thursday that it will gobble up ready-to-eat meals producer Bakkavor Group PLC in a cash and share takeover worth approximately £1.2 billion ($1.6 billion) to create a U.K. convenience food giant.
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May 14, 2025
Connecting With Friends Becoming 'Secondary,' FB Head Says
The head of Facebook acknowledged in D.C. federal court Wednesday that Meta Platforms Inc.'s original application remains focused heavily on sharing with friends, but, despite Federal Trade Commission claims it's monopolized that business, said social media has evolved so much that those connections are no longer the platform's "main character."
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May 14, 2025
Judge Hints At Shielding Docs Of Live Nation Competitors
The California federal judge overseeing claims from concertgoers accusing Live Nation of violating antitrust law is likely to grant a request from ticketing rivals to protect documents the rivals say could facilitate the very conduct at issue in the case.
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May 14, 2025
Abbott Signs Bill Codifying Immunity For Corporate Execs
Texas Gov. Greg Abbott on Wednesday signed into state law a corporate reform bill that codifies the "business judgment rule," which provides immunity for corporate directors from personal liability for company decisions.
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May 14, 2025
Ex-Citi Exec Klein's Latest SPAC Raises Upsized $360M IPO
Special purpose acquisition company Churchill Capital Corp. X began publicly trading on Tuesday after announcing plans to raise $360 million in its initial public offering.
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May 14, 2025
Novo Nordisk, Septerna Ink Up To $2.2B Obesity Drug Deal
Denmark's Novo Nordisk said Wednesday it has signed a drug development deal worth up to $2.2 billion with U.S.-based Septerna, part of its continued push to expand treatments for obesity, Type 2 diabetes and related diseases.
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May 14, 2025
Skadden-Led Crypto Platform EToro Prices Upsized $620M IPO
Crypto-friendly trading platform eToro Group Ltd. soared in debut trading Wednesday after it priced an upsized $620 million initial public offering above its range, guided by Skadden Arps Slate Meagher & Flom LLP in an offering that enlisted four law firms total.
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May 14, 2025
Sidley-Led Evri To Merge With DHL Unit In The UK
Evri said Wednesday that it has agreed to merge with the U.K. e-commerce unit of global delivery heavyweight DHL to form a giant postal logistics service in Britain in a deal guided by Sidley and Paul Weiss Rifkind Wharton & Garrison LLP.
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May 14, 2025
Databricks Buying Cloud Database Co. Neon In $1B Deal
Databricks said Wednesday it has agreed to acquire Neon, a startup offering a serverless version of the open-source Postgres database system, in a roughly $1 billion deal, as it expands its platform to better serve developers and artificial intelligence workloads.
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May 14, 2025
NY AG Says Capital One Denied Millions In Account Interest
New York's attorney general on Wednesday sued Capital One in New York federal court, alleging the bank deprived online savings customers of millions of dollars in interest, a case that echoes a lawsuit the Consumer Financial Protection Bureau recently abandoned.
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May 14, 2025
Aviva's £3.7B Deal To Buy Direct Line Gets UK Investigation
Britain's antitrust watchdog said Wednesday that it is investigating Aviva's proposed £3.7 billion ($4.9 billion) cash and stock acquisition of rival insurer Direct Line, saying it has concerns about competition.
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May 14, 2025
Cleary Guides GSK's $2B Buy Of Liver Disease Drug
Pharmaceutical giant GSK PLC said Wednesday that it plans to buy a drug for treating liver disease for up to $2 billion from Boston Pharmaceuticals in the U.S. to boost its hepatology supply.
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May 13, 2025
FTC Remains Concerned With Merger 'Underenforcement'
A Federal Trade Commission official emphasized Tuesday that Trump administration merger enforcers are worried about taking insufficient action against tie-ups, as they stand by Biden-era guidelines meant to enshrine a more aggressive tack against corporate concentration.
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May 13, 2025
Hooters Can Tap Full $40M DIP In Chapter 11
Restaurant chain Hooters can tap the last $30 million of its $40 million Chapter 11 debtor-in-possession loan after it agreed to escrow disputed royalty revenue to quell a creditor's objection during a Tuesday hearing in a Texas bankruptcy court.
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May 13, 2025
Ski Resort Owner Offers Alternative Fixes After Antitrust Loss
A New York ski resort operator is offering alternative remedies for a state court to consider after it found the owner violated antitrust law by acquiring a rival ski operation and shutting it down, despite a call from enforcers for a sale of the property to another operator.
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May 13, 2025
WNBA's Connecticut Sun Put Up For Sale By Mohegan Tribe
The WNBA's Connecticut Sun, owned by a subsidiary of the Mohegan Tribe of southern Connecticut, are exploring a sale, Law360 has confirmed.
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May 13, 2025
Grocery Giants Fight Washington's 'Redundant' $32.4M Fee Bid
Kroger and Albertsons are fighting a bid by Washington's attorney general to recover a record $32.4 million in legal fees for winning a lawsuit to block a $24.6 billion merger of the grocery giants, saying that the state's "go-it-alone" litigation was unnecessary and wasteful because of parallel antitrust action by the Federal Trade Commission.
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May 13, 2025
Senate Dems Say Paramount Deal Needs Full FCC Vote
Two Democratic senators called Tuesday for a full Federal Communications Commission vote on the tie-up of Paramount and Skydance Media to avoid even the "appearance of impropriety" from the deal gaining approval amid President Donald Trump's suit against Paramount's CBS.
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May 13, 2025
NBA's Trail Blazers Tap Hogan Lovells For New Sale
The National Basketball Association's Portland Trail Blazers will be sold by the estate of the late Paul G. Allen, with Hogan Lovells retained to lead the process, the team announced Tuesday afternoon.
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May 13, 2025
Former J&J, Moderna Exec Joins Goodwin Procter In Boston
Goodwin Procter is continuing to grow its resources in the life sciences practice with the recent addition to the Boston office of an attorney who has gone back to private practice after more than seven years as an in-house counsel for Johnson & Johnson and Moderna.
Expert Analysis
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Predictions For Trump Antitrust Enforcement Of Life Sciences
Key life sciences antitrust issues of the past two administrations may indicate the direction of enforcement during President-elect Donald Trump's second term, including in areas such as drug prices, killer acquisitions and merger remedies, say attorneys at Ropes & Gray.
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Firms Still Have The Edge In Lateral Hiring, But Buyer Beware
Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.
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Preparing For The New Restrictions On Investment Into China
In light of a new regulatory program governing U.S. investments in China-related technology companies of national security concern, investors should keep several considerations in mind, including the rules' effect on existing and new investments, compliance hurdles, and penalties for noncompliance ahead of the rules' January implementation, say attorneys at Gunderson Dettmer.
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Lights, Camera, Real Estate: Preparing For Film Facility M&A
As the entertainment industry struggles to recover from multiple strikes and a decline in production, certain aspects of selling or acquiring production facilities may become important to consider, as these assets are valued very differently from typical commercial real estate properties, say attorneys at Olshan Frome.
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Think Like A Lawyer: 1 Type Of Case Complexity Stands Out
In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.
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Back To The Future? Antitrust Enforcement Under Trump 2.0
While the transition to the second Trump administration's antitrust policy should be accompanied by less uncertainty, we're unlikely to get a full sense of the true focus and tenor of competition enforcement under Trump 2.0 before late next year, say attorneys at Simpson Thacher.
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Think Like A Lawyer: Note 3 Simple Types Of Legal Complexity
Cases can appear complex for several reasons — due to the number of issues, the volume of factual and evidentiary sources, and the sophistication of those sources — but the same basic technique can help lawyers tame their arguments into a simple and persuasive message, says Luke Andrews at Poole Huffman.
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Antitrust in Retail: Handbag Ruling Won't Go Out Of Fashion
Although a New York federal court’s recent decision to enjoin a proposed $8.5 billion merger between the owners of Michael Kors and Coach applied noncontroversial antitrust interpretations, several notable aspects of the opinion stand out as likely candidates for further discussion in future merger litigation, say attorneys at Holland & Knight.
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Takeaways From DOJ's Intervention On Pricing Algorithm Use
A recent U.S. Justice Department amicus brief arguing that a Nevada federal judge wrongly focused on the nonbinding aspect of software company Cendyn Group's pricing algorithm underscores the growing challenge of determining when, if ever, pricing algorithms are legal, say attorneys at Rule Garza.
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Equitable Mootness Insights From Greenlit Ch. 11 Plan Appeal
A Texas federal court recently allowed a challenge to ConvergeOne's Chapter 11 bankruptcy plan to proceed because it wouldn't disrupt the IT company's confirmed plan or harm creditors, reinforcing the importance of judicial restraint in applying equitable mootness where limited relief is possible, say attorneys at Parkins & Rubio.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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Expect More State Scrutiny Of PE In Healthcare M&A
While a California bill that called for increased antitrust scrutiny of many healthcare private equity transactions was recently vetoed by the governor, state legislatures are likely to continue introducing similar laws, particularly if the Trump administration eases federal enforcement, say attorneys at Morgan Lewis.
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3 Changes Community Banks Should Expect Under Trump
A second Trump administration promises a sea change for regional and community banks, including shifts in the regulatory environment, Community Reinvestment Act rules and the M&A landscape, say attorneys at Manatt.
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How CFIUS' Updated Framework Affects Global Investors
The recent change to the monitoring and enforcement regulations governing the Committee on Foreign Investment in the United States will broaden administrative practices around nonnotified transaction investigations, increase the scope of information demands from the committee and accelerate its ability to impose mitigation on parties, say attorneys at Simpson Thacher.