M&A News

Latest M&A News:

  • 01/24/25: TikTok Ban and Trump Executive Order Lead to Tech Company Dilemma
    The federal law banning TikTok has revealed a major schism among American tech companies: Some are willing to flout the law — and some, including Apple and Google, are not. - Source: NYT > Mergers, Acquisitions and Divestitures
  • 01/23/25: Korea Zinc Shareholder Meeting Takes a Dramatic Turn
    An eventful shareholder meeting provided the latest twist in the dispute between the families whose deceased patriarchs founded the company 50 years ago. - Source: NYT > Mergers, Acquisitions and Divestitures
  • 01/23/25: Divvy Homes, Once Valued at $2 Billion, Is Sold for Half That Price
    The company, backed by high-flying Silicon Valley investors like Andreessen Horowitz, had promised it would reinvent the rent-to-own model and make it more consumer friendly. High interest rates and mortgage rates thwarted those plans. - Source: NYT > Mergers, Acquisitions and Divestitures
  • 01/22/25: Cooley’s 2024 Life Sciences M&A Year in Review: M&A Slims Down in 2024, but Will Appetites Grow in 2025?
    With every new year comes reflection and resolutions. But as we go to press well into January, it is worth a reminder that studies show nearly 90% of New Year’s resolutions will have already failed by the end of the month. Fortunately, for those with the ever common resolution to slim down, the life sciences […] - Source: Cooley M&A
  • 01/21/25: Why Oil Industry Jobs Are Down, Even With Production Up
    The industry is pumping ever more oil and natural gas, but it is doing so with only about three-quarters as many workers as it employed a decade ago. - Source: NYT > Mergers, Acquisitions and Divestitures
  • 01/19/25: What We Know About the TikTok Ban
    The popular video app went dark in the United States late Saturday and then came back around noon on Sunday, even as a law banning it took effect. - Source: NYT > Mergers, Acquisitions and Divestitures
  • 01/19/25: How TikTok Evaded a Ban Again and Again, Until Now
    After a decisive loss at the Supreme Court, the app is set to be blocked in the U.S. starting Sunday, ending its streak of Houdini-like escapes. - Source: NYT > Mergers, Acquisitions and Divestitures
  • 01/17/25: TikTok Makes Last-Minute Push as Supreme Court Is Poised to Rule on Ban
    With the court signaling it will release a decision on Friday, lobbyists for the app pushed lawmakers to shift course. - Source: NYT > Mergers, Acquisitions and Divestitures
  • 01/17/25: U.S. Ban of TikTok Is Set to Deal a Major Blow to ByteDance, Its Chinese Owner
    While TikTok remains hugely popular in Brazil, Indonesia and other markets, its 170 million users in the United States are its most valuable. - Source: NYT > Mergers, Acquisitions and Divestitures
  • 01/15/25: S.E.C. Sues Elon Musk Over Twitter-Related Securities Violations
    Regulators filed a lawsuit in federal court stemming from Mr. Musk’s $44 billion purchase of the social media company now called X. - Source: NYT > Mergers, Acquisitions and Divestitures
  • 01/14/25: Will China Let Elon Musk Buy TikTok?
    As the popular video app faces a ban in the United States, Chinese officials are said to be weighing options to save it — including a sale to the tech mogul. - Source: NYT > Mergers, Acquisitions and Divestitures
  • 01/13/25: GSK to buy US cancer drug firm IDRx for up to $1.15bn

    Massachusetts-based company is working on new treatments for gastrointestinal cancers

    GSK has struck a deal worth up to $1.15bn (£950m) to acquire a Massachusetts-based developer of rare cancer therapies, in an attempt to bolster its expanding oncology business.

    GSK, Britain’s second-biggest drugmaker behind AstraZeneca, said the acquisition of IDRx, based in Plymouth near Boston, would help it target a “major gap in the current standard of care” related to gastrointestinal cancers.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 01/05/25: New year, new deal: the buyout boom poised to take over City lawyers’ lives

    Around-the-clock work will be commonplace to tackle an M&A surge fuelled by tax changes, activist investors … and the Trump factor

    Whether they’re on skis or a sunlounger, there is no beach, mountain or fireside that can spare lawyers from the urgent calls of zealous, dealmaking executives and private equity bosses. After a breathless 2024, the City’s army of corporate lawyers are set for another year of masking their poolside backgrounds on video calls, braced for an even busier 2025.

    “Sadly, we were incredibly busy in July and August. We were both on holiday and working up to 14 hours a day,” says Patrick Sarch, partner at law firm White & Case and head of its public mergers and acquisitions (M&A) division. He and Sonica Tolani, another partner at the same firm, specialise in advising activist investors.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 01/03/25: Laura Ashley bought by US owner of Ben Sherman

    British clothing and home furnishings brand sold by Gordon Brothers to Marquee Brands

    Laura Ashley has been acquired by New York-based Marquee Brands, the owner of 17 businesses including Ben Sherman and Martha Stewart.

    The clothing and home furnishings brand, best known for its floaty floral frocks, has been sold by Gordon Brothers.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 12/23/24: Aviva to buy Direct Line in £3.7bn deal, putting 2,300 jobs at risk

    Insurance takeover is likely to cast a pall of uncertainty over Christmas for many staff of combined group

    Aviva has agreed to buy the rival insurer Direct Line for £3.7bn, with up to 2,300 job cuts planned as the companies aim for at least £125m in cost savings.

    Aviva, a FTSE 100 member and the UK’s largest insurance firm, said on Monday it would offer the equivalent of £2.75 in cash and stock for each Direct Line share.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 12/18/24: Nissan’s mooted merger with Honda may be best answer to industry’s EV problem

    Potential deal sounds more like a credible plan for crisis-hit carmaker as its troubled alliance with Renault hits a dead end

    Until recently, the plan at crisis-hit Nissan was to muddle through somehow. About 9,000 job losses were announced last month out of a global workforce of 130,000. Production capacity was cut by 20%. There was some muttering about seeking a new anchor investor because the troubled 25-year alliance with Renault of France was heading up a dead end. None of it appeared to be a sufficiently radical response to a self-described “severe situation” and a plunge in Nissan’s stock market value to a clapped-out $8bn (£6.3bn).

    It seems its management now agrees. The new game is talks with Honda on a full-blown merger, which should probably be viewed as a takeover given that the would-be partner is worth four times as much. Either way, the potential deal sounds more like a credible plan: full consolidation creates the possibility of far deeper cost-cuts at what would be the world’s third largest car company producing 8m vehicles a year if Mitsubishi (where Nissan is a large shareholder) is also thrown into the mix.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 12/18/24: Honda and Nissan to start talks on potential mega-merger

    Japanese car firms embark on negotiations to combat competition from bigger EV manufacturers

    Japanese carmakers Honda and Nissan will begin negotiations over a potential merger, according to reports.

    The Nikkei financial newspaper said on Tuesday that the two Japanese companies would start talks to help combat the increased global competition from bigger electric vehicle makers.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 12/16/24: Labour’s gamble with Royal Mail may go horribly wrong | Nils Pratley

    Past talk of renationalisation gives way to approval of takeover in which price of first-class stamp could be set from Prague

    Two general elections ago, Labour was promising to renationalise Royal Mail. Now, in office, it is happy to see the ancient institution fall to a leveraged takeover bid from a private equity-style company that will have the power to set the price of a first-class stamp from Prague.

    The decision is an outright gamble. Many European countries have privatised their postal services but there is a good reason why none have allowed ownership to pass overseas. Even in a digital age, businesses such as Royal Mail provide critical national infrastructure that has a social value on top.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 12/16/24: Who is Daniel Křetínský, the new boss of Royal Mail?

    The lowdown on the Czech billionaire and how the takeover will affect the British postal service

    The UK government has waved through the historic takeover of Royal Mail’s owner by the Czech billionaire Daniel Křetínský.

    Here is what you need to know about the businessman and the takeover.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 12/16/24: Royal Mail takeover by Czech billionaire Daniel Křetínský approved

    UK government to retain ‘golden share’ in parent company International Distribution Services

    The sale of Royal Mail’s parent company to the Czech billionaire Daniel Křetínský has been approved by the UK government after a review under national security laws.

    The £3.6bn takeover of International Distribution Services (IDS) – the owner of the 508-year-old Royal Mail – by Křetínský’s EP Group was confirmed on Monday morning.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 12/13/24: Navigating the New European Commission’s M&A Landscape: What In-House Counsel Need To Know
    As the new European Commission (EC) assumes office for the 2024 – 2029 term, in-house legal counsel across industries must brace for an evolving regulatory environment that promises to influence the landscape of mergers and acquisitions (M&A). With significant shifts in priorities – from sustainability to strategic autonomy – and a new College of Commissioners, […] - Source: Cooley M&A
  • 12/10/24: EU’s new competition chief signals reform of anti-trust and state aid rules

    Teresa Ribera says changes are needed to make it easier for innovative firms to merge and spur the green transition

    The EU’s new competition chief has signalled a shake-up of anti-trust rules to make it easier for innovative companies to merge, as well as a relaxation of state aid policy to spur the green transition.

    In her first major speech since taking office last week, Teresa Ribera said EU merger and anti-trust rules needed to “take full account of innovation and future competition”, signalling a move towards the reform agenda laid out by the former Italian prime minister Mario Draghi in a widely feted report.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 12/09/24: Boohoo wins influential adviser’s support in battle with Mike Ashley

    ISS reportedly tells fast-fashion firm that Frasers Group approach is ‘superficial’ and ‘offers no plans for change’

    Fast-fashion retailer Boohoo has won the support of an influential shareholder adviser in its battle to prevent Sports Direct founder Mike Ashley wresting control of the company.

    Boohoo on Monday published the recommendation of Institutional Shareholder Services (ISS) that investors vote against Ashley and another associate joining its board at a meeting on 20 December.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 12/08/24: ITV faces a hard sell to tempt suitors despite Carolyn McCall’s best efforts

    CEO has fared well in an embattled sector, turning around the UK’s biggest commercial public broadcaster despite the stubbornly low share price

    As Carolyn McCall enters her eighth year as boss of ITV she might be forgiven for wondering if maybe she shouldn’t have turned down a chance to run Marks & Spencer instead.

    McCall revealed the approach back in 2016 while quashing speculation she was poised to leave easyJet, where her reputation soared having turned around the fortunes of the budget airline.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 12/06/24: Direct Line accepts £3.6bn takeover after rival insurer Aviva raises bid

    Preliminary agreement reached after third offer, which values Direct Line at 275p a share

    The insurance company Direct Line has accepted an improved offer from its bigger UK rival Aviva, in a deal valuing the business at £3.6bn.

    Aviva, the UK’s largest insurer, has succeeded in reaching a preliminary agreement to take over Direct Line after submitting a third cash and shares bid valuing London-listed Direct Line at 275p a share.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 12/04/24: Duolingo backer in £802m raid on London-listed training company

    US private equity firm General Atlantic swoops on Learning Technologies Group as exodus from London stock exchange continues

    An educational training company is joining the exodus from the London stock exchange after agreeing to an £802m takeover by US private equity firm General Atlantic.

    General Atlantic, which has a stake in the language-learning app Duolingo, is buying Learning Technologies Group (LTG) for £802.4m in a gamble on rising training requirements for large corporations as they adapt to artificial intelligence.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 12/01/24: Boss of takeover target Direct Line wants time to turn around insurer

    New management at struggling firm, which rejected £3.3bn bid from Aviva, ‘making excellent progress’, says CEO

    The Direct Line chief executive, Adam Winslow, has appealed to shareholders to give his team more time to turn around the struggling insurer, faced with an unsolicited £3.3bn offer from Aviva, while its bigger rival is trying hard to drum up support from investors for the takeover.

    The two companies – the UK’s biggest insurer, Aviva, and the Churchill owner, Direct Line, known for motor cover and its red phone on wheels mascot – are facing off in a takeover tussle that has sent the Direct Line share price soaring, amid speculation that Aviva could raise its offer or launch a hostile bid, or face a counterbid.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 11/29/24: UK car parts firm TI Fluid Systems bought by Canadian rival in latest overseas takeover

    Up to 2,700 jobs worldwide likely to be cut at London-listed company, including at its base in Oxford

    The car parts maker TI Fluid Systems has become the latest London-listed firm to succumb to an overseas takeover, in a £1bn deal.

    The takeover by Canada’s ABC Technologies includes cutting as many as 2,700 staff globally, 10% of its workforce, with staff levels at its headquarters in Oxford being reduced by a third.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 11/29/24: Royal Mail fails to deliver about a quarter of first-class post on time

    Deterioration in delivery times adds further pressure on bosses just as takeover deal nears completion

    Royal Mail failed to deliver about a quarter of first-class post on time in recent months, marking a worsening in its recent delivery performance, when it is already under investigation for missing delivery targets.

    The company that owns Royal Mail, International Distribution Services (IDS), said about 76% of first-class mail arrived within one working day in the three months to 29 September, lower than the 79% achieved in the previous quarter. It added that 92% of first-class post arrived within two days.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 11/29/24: TSB appoints Marc Armengol as new CEO amid uncertainty over bank’s future

    Armengol to replace Robin Bulloch in 2025 but owner Sabadell faces $13bn hostile takeover bid by BBVA

    TSB has appointed the former executive Marc Armengol as its new chief executive as the bank faces uncertainty over its future, with its parent company facing a hostile $13bn (£10.2bn) takeover bid.

    Armengol, a former strategy director at TSB who has served on the board since 2022, originally joined the UK bank’s Spanish owner Sabadell in 2002. He will take over as CEO at the start of 2025.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 11/28/24: The market is not sentimental. Direct Line’s days of independence look numbered | Nils Pratley

    Aviva offer looks to be opening shot in a negotiation – and Direct Line knows there will be a price at which it has to roll over

    Prepare for the dance. Aviva is a big grown-up FTSE 100 insurer with a respected chief executive who doesn’t launch takeover offers on a whim; Amanda Blanc will have a strategy to go the distance. Direct Line, on the other hand, is a troubled FTSE 250 insurer with a new-ish chief executive, Adam Winslow, whose turnaround plan has not been applauded wildly by the stock market.

    Aviva’s 250p-a-share, or £3.3bn, offer for Direct Line therefore looks to be the opening shot in a negotiation. The target’s board spouted the standard form of words – “highly opportunistic” and a “substantial” undervaluation – but will also know there will be a price at which it will be obliged by its own shareholders to roll over and talk terms. This tussle looks to be about where that price lies. Within a 270p-290p range, one suspects. Aviva starts as a heavy favourite to prevail.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 11/28/24: Aviva could make higher offer for Direct Line amid flurry of takeovers in London

    Direct Line shares soar by more than 40% after initial 250p-a-share offer was rebuffed as ‘highly opportunistic’

    Direct Line shares soared by more than 40% amid speculation rival Aviva could return with an even higher takeover offer, as a flurry of deals lit up the London market.

    Aviva’s rebuffed £3.3bn approach, which was revealed on Wednesday night, was the third rejected by Direct Line this year, with the company having snubbed two previous bids by the Belgian insurer Ageas that culminated in a £3.2bn offer in March.

    Continue reading... - Source: Mergers and acquisitions | The Guardian
  • 10/24/24: Learning Old Lessons From Recent Life Sciences Earnout Disputes: Above All Else, Words Matter
    There’s an old saying – “Sticks and stones may break my bones, but words will never hurt me.” While this mantra may help bruised egos on the playground, it’s of no use in M&A disputes. Three recent Delaware Court of Chancery rulings on earnout disputes demonstrate that the contractual post-closing obligations of the buyer (along […] - Source: Cooley M&A
  • 10/22/24: Key Considerations as FTC, DOJ Significantly Change HSR Premerger Notification Requirements
    On October 10, 2024, the Federal Trade Commission (FTC) announced a unanimous 5-0 vote to finalize changes to the Hart-Scott-Rodino (HSR) premerger notification program, including changes to the HSR form and associated instructions, with the Department of Justice (DOJ) concurring with the final rule. Under the HSR Act, parties to transactions are required to notify the FTC […] - Source: Cooley M&A
  • 09/25/24: As CFIUS Announces Significant Penalties, Companies and Investors Confront a Shift in CFIUS Filing Cost-Benefit Dynamics
    On the heels of releasing its 2023 Annual Report to Congress, the Committee on Foreign Investment in the United States (CFIUS) publicly announced six new penalties on parties that failed to comply with CFIUS requirements in connection with cross-border transactions. The penalties range from $100,000 to a staggering $60 million fine for T-Mobile’s alleged violation of the terms of […] - Source: Cooley M&A
  • 09/19/24: Not the Show They Wanted: DOJ Hits Venue Services Group With $3.5 Million HSR Gun-Jumping Penalty
    The US Department of Justice (DOJ) filed a complaint and proposed consent decree alleging that Legends Hospitality Parent Holdings prematurely acquired beneficial ownership – often referred to as “gun jumping” – in connection with its proposed acquisition of ASM Global. The proposed final judgment requires Legends, a global venue services company providing food and beverage services in stadiums and […] - Source: Cooley M&A
  • 09/16/24: 13 Top Considerations for Tackling a Merger of Equals Transaction Like a Mastermind
    Just like the romantic union of global pop superstar Taylor Swift and Super Bowl champion Travis Kelce, in the business world, combinations of similarly sized companies – or so-called mergers of equals – can yield positive benefits if executed with care[1]. Successful mergers of equals transactions prove the age-old saying that the whole is greater […] - Source: Cooley M&A
  • 07/16/24: Will A Bump-Up Exclusion Bar Coverage of an M&A Settlement? It Depends.
    Public company insurance policyholders beware: In recent years, insurance carriers have increasingly invoked the “bump-up” exclusion, which is a carve out provision typically found in directors and officers (D&O) insurance policies. In many public company M&A deals, the shareholders of the target or acquired company will file a lawsuit challenging the deal, generally alleging that […] - Source: Cooley M&A
  • 07/10/24: 4 Tips for Drafting Earnouts To Avoid Disputes
    Amid a somewhat sluggish mergers and acquisitions market, and as buyers seek to scoop up companies at a discount while sellers long for the sky-high valuations of 2020 and 2021, the earnout is having a moment. To learn more about tips on drafting earnouts to avoid disputes please see the client alert authored by Cooley’s […] - Source: Cooley M&A
  • 06/12/24: Recent Release of Updated Procedures for Section 355 Private Letter Rulings
    The US Department of the Treasury (Treasury Department) and the IRS recently released Revenue Procedure 2024-24 (Revenue Procedure) and Notice 2024-38 (Notice) establishing revised standards and procedures for taxpayers seeking private letter rulings for spin-offs intended to qualify for tax-free treatment under Section 355 of the Internal Revenue Code (Code). Much of the Revenue Procedure and Notice revolve around […] - Source: Cooley M&A
  • 06/10/24: Beyond Borders: A Guide for Navigating the European Regulatory Landscape
    The heightened scrutiny M&A deals are encountering from various regulatory agencies in the US represents only part of the global regulatory regimes that cross-border dealmakers must navigate. European regulators have enacted – and aggressively pursued – a web of regulatory review tools, including merger control, foreign direct investment (FDI) and foreign subsidies control. The proliferation […] - Source: Cooley M&A
  • 05/23/24: Representation and Warranty Insurance for M&A Deals: Cooling Market and Emerging Trends
    While representation and warranty (R&W) insurance continues to be used across a broad range of M&A transactions, its use has cooled as dealmakers navigate challenging market conditions. Even for deals that are getting done, a smaller percentage of private deals have included R&W insurance than in recent, more robust M&A markets. The American Bar Association’s […] - Source: Cooley M&A
  • 05/01/24: IRS Publishes Proposed Regulations on Stock Buyback Excise Tax
    On April 12, 2024, the US Department of the Treasury and the IRS published proposed regulations (89 FR 25980 and 89 FR 25829, the “Proposed Regulations”) on the application of Section 4501,1 which imposes a 1% excise tax2 on certain repurchases of stock of publicly traded US corporations (the “Excise Tax”). The Proposed Regulations generally follow the same approach […] - Source: Cooley M&A
  • 04/17/24: Delaware Supreme Court applies MFW framework to other conflicted transactions
    In In re Match Group, Inc. Derivative Litigation, the Delaware Supreme Court answered some important questions about the standard of review applicable to conflicted transactions under Delaware law.  The first question relates to the application of the model used in Kahn v. M & F Worldwide Corp., commonly referred to as the “MFW framework.” In that 2014 case, the Delaware Supreme […] - Source: Cooley M&A
  • 04/05/24: Delaware Double Whammy Casts Doubt on M&A Practices
    Delaware courts recently issued important decisions that impact M&A dealmakers and lawyers. In this post, we dive into two cases that serve as a reminder that Delaware grounds review of corporate actions in statutory requirements and not market practice, no matter how prevalent. In response, legislation to resolve the ambiguity created by these decisions has […] - Source: Cooley M&A
  • 02/08/24: New Hart-Scott-Rodino Act Filing Thresholds, Filing Fees and Interlocking Directorate Thresholds Announced
    The Hart-Scott-Rodino (HSR) Act thresholds that govern which mergers & acquisitions must be reported to the US Department of Justice (DOJ) and Federal Trade Commission (FTC) will increase slightly more than 7% in March 2024. To learn more about the changes to the Hart-Scott-Rodino (HSR) Act please see the recent client alert published by Cooley’s […] - Source: Cooley M&A
  • 02/01/24: Cooley’s 2023 Tech M&A Year in Review: An AI-Generated Glass Half Full
    2023’s much-discussed downturn in mergers & acquisitions – with global M&A volume and value down 6% and 17%, respectively, from 2022 – was largely driven by the slowdown in the tech sector, with global tech M&A volumes down 51% year over year, while other sectors saw marked increases.[1] The headwinds in the tech M&A sector […] - Source: Cooley M&A
  • 01/30/24: Cooley’s 2023 Activism Year in Review: Wolf Packs at the Gate
    As we look ahead to the 2024 proxy season (and beyond), let’s review the key 2023 trends and developments from activism playbooks, with a sharp focus on the ever-changing landscape in the technology and healthcare sectors. Momentum building for 2024? Globally, 229 campaigns launched in 2023, just under 2022 campaign levels, ushering in the most […] - Source: Cooley M&A
  • 01/25/24: Cooley’s 2023 Cross-Border M&A Year in Review: Navigating Choppy Waters Into a More Buoyant 2024
    Cross-border M&A activity in 2023 was impacted by heightened geopolitical conflicts, high inflation and interest rates, and increased regulatory pressures as the global economy remained clouded by looming recession fears. Deal financing became more difficult and expensive, placing more emphasis on alternative funding and value creation. In such an environment, global M&A activity experienced a […] - Source: Cooley M&A
  • 01/23/24: Cooley’s 2023 Life Sciences M&A Year in Review: Potent Mix of Creativity and Resilience Spurs Activity Heading Into 2024
    In a subdued year for global M&A, dealmaking in the life sciences industry came in waves, with a busy fourth quarter generating cautious optimism heading into 2024. While the year saw an overall decline in M&A activity (down 17% from 2022), total pharmaceuticals and life sciences deal value in 2023 increased by approximately 50% compared […] - Source: Cooley M&A

 

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