The Federal Trade Commission moved on Monday to block a planned $8.5 billion deal for the parent company of Coach and Kate Spade to purchase the owner of designer brands Michael Kors and Jimmy Choo.
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Mergers & Acquisitions
TUESDAY, APRIL 23, 2024 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

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FTC Moves To Block $8.5B Designer Fashion Deal

By Matthew Perlman

The Federal Trade Commission moved on Monday to block a planned $8.5 billion deal for the parent company of Coach and Kate Spade to purchase the owner of designer brands Michael Kors and Jimmy Choo.

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DOJ Antitrust Concerns Topple $960M Insulation Biz Merger

By Henrik Nilsson

Insulation and building material provider TopBuild Corp. said Monday it has terminated its $960 million agreement to buy mechanical insulation provider Specialty Products & Insulation from private equity firm Incline Equity Partners, saying it was unable to reach a deal with the U.S. Department of Justice over antitrust concerns.

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Vista Outdoors Nudges MNC Capital To Bolster $3B Bid

By Al Barbarino

Vista Outdoor Inc. on Monday urged investment firm MNC Capital to increase its prior $3 billion buyout offer, as Vista weighs MNC's proposals against an already inked merger agreement to sell its ammunition brands off to Czechoslovak Group.

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Latham-Led CoStar To Buy Matterport In $1.6B Deal

By Al Barbarino

Latham & Watkins LLP-advised CoStar Group said Monday it has agreed to buy 3D spacial-capture technology company Matterport at an estimated enterprise value of $1.6 billion, in a deal that will add its virtual property tour technology to CoStar's existing real estate information and analytics offerings. 

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Analysis

What We've Learned From Biden-Era Merger Remedies

By Bryan Koenig

Amid the Biden administration's uniquely aggressive merger regime, companies making deals face much higher hurdles convincing competition enforcers to accept divestitures, licensing deals or other remedies designed to address antitrust concerns. However, officials have provided a few clues about what settlements they'll accept and when.

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DELAWARE

Agiliti Faces Another Chancery Suit Over $2.5B Squeeze-Out

By Leslie A. Pappas

A shareholder of Agiliti sued the medical equipment management company Monday in Delaware's Chancery Court for more details surrounding events leading up to an impending $2.5 billion squeeze-out merger with an affiliate of Thomas H. Lee Partners, its largest and controlling stockholder, echoing a similar lawsuit filed in late March.

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MERGER REVIEW

Kroger, Albertsons Expand Divestiture Plan

By Nadia Dreid

Supermarket giants Kroger and Albertsons are willing to let go of an extra 166 stores in the hopes of swaying federal and state regulators to drop their opposition to the $25 billion grocer union, they said Monday.

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DEALS

Mueller Industries To Buy Nehring Electrical For Up To $600M

By Jade Martinez-Pogue

Machinery industry company Mueller Industries Inc. on Monday unveiled plans to buy Nehring Electrical Works Co. and some of its affiliates for up to $600 million in a deal that will provide Mueller with a platform for long-term growth in the electrical and power infrastructure space.

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TotalEnergies To Take Over Malaysian Gas Biz For $530M

By Tom Fish

TotalEnergies SE said on Monday it has agreed to buy Sapura Upstream Assets Sdn Bhd's 50% interest in Malaysian gas producer and operator SapuraOMV Upstream Sdn for $530 million, a move by the French energy giant to boost its output.

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Fund Administrator Eyes $21M Deal For JPMorgan Chase Biz

By Irene Madongo

Jersey-based fund administrator JTC PLC said Monday it has offered to buy a trust administration business owned by JP Morgan Chase Bank NA for $21 million, a move it believes will strengthen its presence in the U.S.

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Travers Smith Steers Doormaker's £788M Bid For UK Rival

By Dawood Fakhir

Quanex Building Products Corp. has offered to buy all the shares of door and windows company Tyman PLC for £788 million ($971 million), the companies said Monday, in a deal guided by Travers Smith LLP, Foley & Lardner LLP and Latham & Watkins LLP.

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PEOPLE

Steptoe & Johnson Adds Securities Duo In Oklahoma

By Adrian Cruz

Steptoe & Johnson PLLC has announced the hiring of two experienced securities attorneys from regional firm Conner & Winters LLP to its corporate and mergers and acquisitions practice in its Oklahoma City office.

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EXPERT ANALYSIS

Behind Indiana's Broad New Healthcare Transactions Law

The high materiality threshold in Indiana's recently passed healthcare transaction law, coupled with the inclusion of private equity in its definition of healthcare entities, makes it one of the broadest state review regulations to date, say attorneys at DLA Piper.

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Ensuring Nonpublic Info Stays Private Amid SEC Crackdown

Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.

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LEGAL INDUSTRY

Unemployment Rate For Recent Law Grads Improves, ABA Finds

By Kevin Penton

Fewer recent law school graduates were unemployed in March than in the previous year, as the negative effects of the COVID-19 pandemic further recede into memory, according to data released Monday by the American Bar Association.

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Justices To Mull Atty Fees For Preliminary Injunctions

By Ryan Boysen

The U.S. Supreme Court on Monday agreed to hear a case that could determine whether litigants can receive attorney fees for "prevailing" in a case by winning a preliminary injunction, despite never securing a final judgment.

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Justices Skip How Mid-Litigation Changes Affect Standing

By Katie Buehler

The U.S. Supreme Court on Monday left in place a Third Circuit ruling that plaintiffs must reestablish standing when defendants cause circumstances to change mid-litigation, ending a Pennsylvania attorney's challenge to the state's new anti-bias and harassment professional conduct rule.

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Morgan Lewis Atty Aims ERISA Suit At Firm's Plan, Unum

By Hailey Konnath

A Morgan Lewis & Bockius LLP lawyer has lodged an Employee Retirement Income Security Act suit against the firm's benefit plan, claiming the plan illegally and abruptly terminated her long-term disability benefits after seemingly applying criteria irrelevant to her work.

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Walden Macht Launches Securities Group With Ex-Sidley Atty

By Emma Cueto

White collar boutique Walden Macht & Haran LLP announced Monday that it has launched a securities enforcement defense practice headed by a recent arrival from Sidley Austin LLP in New York.

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Analysis

As DA Aims High, Trump Defense Gets 'Down And Dirty'

By Phillip Bantz

Donald Trump lifted the curtain Monday on his strategy to win over jurors in his New York criminal hush-money trial, as a lawyer for the former president hammered the state's "liar" star witness and rejected the prosecution's quixotic framing of the case, experts observed.

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Trump Led Plot To Undermine 2016 Election, NY Jury Told

By Stewart Bishop

A prosecutor told a Manhattan jury on Monday that Donald Trump was the head of a conspiracy to undermine the integrity of the 2016 election through hush-money payments, kicking off the first criminal trial of a former president.

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Coverage Recap: Day 1 Of Trump's NY Hush Money Trial

By Frank Runyeon and Stewart Bishop

Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments to adult film actress Stormy Daniels ahead of the 2016 election. Here's a full recap from day one.

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Trump, NY AG Reach Deal To OK $175M Fraud Appeal Bond

By Rachel Scharf

Donald Trump's lawyers agreed Monday to bond conditions requiring the former president to give up control of his $175 million cash deposit pending appeal of a $465 million civil fraud judgment, staving off scrutiny from both the New York attorney general and the judge who entered the award.

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11 State AGs Urge Senate To Confirm Mangi For 3rd Circ.

By Courtney Bublé

A group of 11 attorneys general is calling on the Senate to confirm Adeel Mangi, nominee for the Third Circuit, who would be the first federal Muslim appellate judge if confirmed, condemning allegations that he is antisemitic or anti-law enforcement.

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Senate OKs Permanent Status For 10 Fed. District Judgeships

By Lynn LaRowe

The U.S. Senate has unanimously passed a bill put forth by a bipartisan group of lawmakers that would transition 10 previously temporary district court judgeships in 10 states to permanent posts, including in Texas, California and Florida.

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DOJ Legal Counsel Must Disclose Interagency Rulings: Judge

By Adrian Cruz

Opinions from the U.S. Department of Justice's Office of Legal Counsel on interagency disputes should be made available for public review, a judge has found, siding with an open government watchdog in a long-running records dispute.

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Congress Urged To Fund Attys For Immigrants In Removal

By Britain Eakin

A coalition of more than 100 immigrant rights groups and several local governments urged congressional appropriators on Monday to allocate funds next fiscal year to increase legal representation for individuals in removal proceedings to protect their due process rights.

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Ex-US Atty's Stepson Says He Has None Of Docs Gov't Seeks

By Anna Scott Farrell

The stepson of a former Nevada U.S. attorney convicted of failing to pay taxes told a Nevada federal court that he doesn't have the financial documents the federal government has demanded in its $1.3 million tax suit against his stepfather.

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LAW FIRMS IN TODAY'S NEWS

Allen & Overy

Arnold & Porter

Axinn Veltrop

Baker & Hostetler

Bartlett LLP

Bingham McCutchen

Bressler Amery

Clifford Chance

Conner & Winters

Continental PLLC

Covington & Burling

Cravath Swaine

DLA Piper

Debevoise & Plimpton

Dechert LLP

Foley & Lardner

Ford O'Brien

Freshfields

Gibson Dunn

Habba Madaio

Hamilton Lincoln Law Institute

Hunton Andrews

Jones Day

Kahn Swick

Katten Muchin

Kirkland & Ellis

Latham & Watkins

Lewis Baach

Lowenstein Sandler

McDermott Will & Emery

McGuireWoods

Morgan Lewis

NechelesLaw

Nelson Mullins

Patterson Belknap

Pisanelli Bice

Robert & Robert PLLC

Salmanson Goldshaw

Sidley Austin

Simpson Thacher

Steptoe & Johnson PLLC

Travers Smith

Walden Macht

Williams & Connolly

COMPANIES IN TODAY'S NEWS

American Bar Association

American Media Inc.

Amgen Inc.

Assa Abloy AB

BP PLC

CamelBak

Capri Holdings Ltd.

CoStar Group Inc.

Cornell University

Costco Wholesale Corp.

Euronext Amsterdam NV

HSBC Holdings PLC

Haggen Holdings LLC

Horizon Therapeutics PLC

Illumina Inc.

Incline Equity Partners

Irving Place Capital

JPMorgan Chase & Co.

Jimmy Choo Ltd.

Kate Spade & Co.

LSB Industries Inc.

Legal Aid Justice Center

LinkedIn Corp.

London Stock Exchange Group PLC

Michael Kors Holdings Ltd.

Mitsui & Co. Ltd.

Moelis & Co.

Morgan Stanley

Mueller Industries Inc.

New York University

OMV AG

Petronas

Qatalyst Partners LP

Quanex Building Products Corporation

Sapura Energy Bhd.

Scotiabank Global Banking and Markets

Spectrum Brands Inc.

Stuart Weitzman Inc.

Tapestry Inc.

The Charles Schwab Corp.

Thomas H. Lee Partners LP

TopBuild Corp.

TotalEnergies SE

TravelCenters of America Inc.

Trump Organization Inc.

Universal Hospital Services Inc.

Unum Group

Vera Institute of Justice Inc.

Vista Outdoor Inc.

Walmart Inc.

GOVERNMENT AGENCIES IN TODAY'S NEWS

Bureau of Labor Statistics

Committee on Foreign Investment in the United States

Delaware Court of Chancery

Federal Trade Commission

Judicial Conference of the United States

Manhattan District Attorney's Office

New York Attorney General's Office

U.S. Department of Justice

U.S. District Court for the District of Columbia

U.S. District Court for the Eastern District of Pennsylvania

U.S. District Court for the Southern District of New York

U.S. Environmental Protection Agency

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Supreme Court

United States District Court for the District of Nevada

Virginia Attorney General's Office

Virginia Department of Motor Vehicles