Mergers & Acquisitions : Law360 : Legal News & Analysis (2024)

Chancery Approves $36M Sirius XM Settlement, $9.6M Atty Fee

Sirius XM Holding Inc. stockholders who sued in Delaware's Court of Chancery over an alleged ongoing squeeze-out by Liberty Media Corp. won court approval Monday of a $36 million settlement to end their litigation, along with a $9.6 million payout for their attorneys and $50,000 for the lead plaintiff.

McConnell Expresses Support For TikTok Divestiture Bill

Senate Minority Leader Mitch McConnell, R-Ky., on Monday stressed the need for the House-passed bill to clamp down on TikTok, citing vast national security concerns.

Judge Urged To Reject UnitedHealth's Antitrust Deal Qualms

Patients who cut a $55 million antitrust settlement with NorthShore University HealthSystem are urging an Illinois federal court to reject objections by United Healthcare Services, arguing that the insurer has no standing to derail the deal and that its challenge to the agreement could dilute their recovery.

Czech Firm Says Its Vista Deal Offers Benefits Over Rival Bid

Czechoslovak Group A.S. on Monday reaffirmed its commitment to its planned $1.9 billion acquisition of Vista Outdoor's sporting products business, which is also being pursued by rival bidder MNC Capital, noting that it has fully committed financing and has already received antitrust clearance from the Federal Trade Commission.

PE Firm Calls FTC's Antitrust Claims 'Many Yesterdays' Old

A Texas anesthesiology company and the private equity firm that created it told a Houston federal judge Monday that the Federal Trade Commission has gone back "many yesterdays ago" in making its antitrust case, arguing that there's no imminent threat of a monopoly in an attempt to get the case dismissed.

McMahon Sells Millions More In TKO Stock Amid Abuse Suit

WWE's disgraced founder Vince McMahon, who was recently accused of trafficking a former employee, continues to loosen his grip on the wrestling company he founded, most recently selling $311 million worth of stock in WWE's parent, according to a Monday securities filing.

Catching Up With Delaware's Chancery Court

Last week, a much-watched Chancery Court Match.com decision got reversed, a Philip Morris motion got stubbed out, and a long-frozen Blue Bell Creameries suit started churning again. Delaware's Court of Chancery also saw new suits filed for legal fees, arguments over multibillion-dollar pay packages, and a judge flummoxed over Truth Social.

Tradeweb Pays $785M For Investment Tech Firm ICD

Tradeweb Markets Inc., advised by Fried Frank Harris Shriver & Jacobson LLP, on Monday announced that it has agreed to buy institutional investment technology provider Institutional Cash Distributors LLC, advised by Kirkland & Ellis LLP, for $785 million.

Plot Holes Doom JPMorgan 'Fraud' Narrative, Frank Exec Says

The founder of a startup meant to help college students apply for financial aid said an indictment claiming she duped JPMorgan Chase & Co. into a buyout should be dismissed because it fails to identify her alleged co-conspirators or fraudulent statements.

Schumer Seeks More Data, Details About Capital One Deal

Senate Majority LeaderChuck Schumer said Monday that he has requested more information about Capital One andDiscover Financial Services' planned $35.3 billion merger, including data on the interest rates they charge and details about any potential layoffs that could stem from the deal.

3 Firms Build $2.3B Hospitality Biz SPAC Merger

Singapore-headquartered Hotel101 Global Pte Ltd., a hotel prop-tech operator pioneering a standardized "condotel" business model, announced Monday that it plans to go public through a merger with blank-check company JVSPAC Acquisition Corp. in a deal built by three firms that will give it an equity value of $2.3 billion post-closing.

Kirkland-Led Vista Buying Medtech Co. 'Model N' For $1.25B

Kirkland & Ellis LLP-led Vista Equity Partners has agreed to buy Fenwick & West LLP-advised Model N, a provider of revenue optimization and compliance tools for healthcare tech companies, in a take-private transaction valued at approximately $1.25 billion, the companies said Monday.

Simpson Reps Blackstone On $10B AIR Communities Buy

Blackstone has agreed to purchase Apartment Income REIT Corp. in a take-private transaction valued at approximately $10 billion, with Simpson Thacher & Bartlett LLP and Skadden Arps Slate Meagher & Flom LLP serving as legal counsel, respectively, the firms said Monday.

Meta Looks To Nix FTC's Antitrust Case Over Acquisitions

Meta Platforms urged a D.C. federal court on Friday to toss the Federal Trade Commission's antitrust case against it, saying the agency has found no evidence showing its acquisitions of Instagram and WhatsApp hurt competition or consumers.

Jury Finds Pharma Exec 'Shadow Traded' With Inside Info

A California federal jury found Friday that a former Medivation executive is liable for using inside information from his company when he purchased stock in rival pharmaceutical maker Incyte, in a novel civil "shadow trading" case brought by the U.S. Securities and Exchange Commission.

L3Harris To Sell Antenna Business To Kanders For $200M

Florida-based single-family investment officer Kanders & Co. Inc., advised by Ropes & Gray LLP, announced on Friday that it will buy and combine the antenna and related businesses from aerospace and defense company L3Harris Technologies for $200 million.

Allianz Selling Mid-Size, Entertainment Holdings In $1.4B Deal

Allianz Group said Friday that its corporate and specialty insurance unit is selling off its U.S. insurance business for midsize corporations and entertainment businessesfor $450 million in cash toArch Insurance North America.

Nixon Peabody Adds 2 Attys From Hinckley Allen In Boston

A pair of attorneys have jumped to Nixon Peabody LLP in Boston after spending more than a decade working at Hinckley Allen & Snyder LLP.

Off The Bench: ACC Drama, Football Firing Suits Intensify

In this week's Off The Bench, Florida State University cannot escape an ACC lawsuit that may enforce a nine-figure penalty against the school if it should leave the conference, while both Northwestern University and the Arizona Cardinals face more legal headaches over their decisions to fire key personnel.

US Gas Cos. Delay $7.4B Deal Closing Date Amid FTC Scrutiny

A month after a group of 50 lawmakers urged the Federal Trade Commission to investigate a recent string of mergers and acquisitions in the oil industry, the regulatory agency is putting Chesapeake Energy and Southwestern Energy's planned $7.4 billion merger under the microscope.

Allens-Guided Experian To Acquire Peer Illion For $540M

Experian PLC has agreed to buy Australasian rival credit analyst illion for up to $820 million Australian dollars ($540 million), as the Ireland-based global financial data specialist moves to bolster its presence in the region's growing credit reporting market.

Freshfields Bruckhaus Deringer-led Johnson & Johnson has agreed to buy Fenwick & West-advised Shockwave Medical Inc., a provider of a cardiovascular blood flow treatment, at an enterprise value of $13.1 billion, the companies said Friday.

PE Firms Finding Novel Way To Grow: Merging With Peers

The first months of 2024 rang in with multiple megadeals between private equity firms and asset managers, including BlackRock's $12.5 billion Global Infrastructure Partners buy and General Atlantic's combination with Actis, highlighting a growing trend as PE firms strive to diversify their offerings to compete for limited partner dollars.

US Food Processor JBT Preps €3.5B Bid For Icelandic Rival

Food-processing technology giant JBT Corp. said on Friday that it plans to make a recommended €3.5 billion ($3.8 billion) offer for Icelandic rival Marel HF in May.

Pump Co. Ch. 7 Trustee's $59.7M Case Could Go Before Jury

A Chapter 7 trustee and the owners of a Connecticut pump manufacturer will square off in federal district court over claims that executives raided $59.7 million from the Nash Engineering Co.'s coffers, lined its stockholders' pockets and plunged the entity into bankruptcy to avoid paying asbestos injury claims.