Tag: M&A

A Sticking Point in Paramount and Skydance Talks: Who Pays For a Lawsuit? – The New York Times

Paramount and Skydance have haggled for months over an ambitious merger that would usher in a new ruler of a sprawling media kingdom that includes CBS, MTV and the film studio behind “Top Gun.” The talks reached an even greater intensity in the past week, but at least one major sticking point has emerged between Shari Redstone, Paramount’s controlling shareholder,…

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Wachtell taps outside law firm in Musk fight over $90 mln Twitter fee | Reuters

Elite law firm Wachtell, Lipton, Rosen & Katz has turned to a law firm that has previously represented Elon Musk’s Tesla to fight Musk’s lawsuit over $90 million in legal fees Wachtell earned in forcing the billionaire to consummate his buyout of Twitter. Two Morrison & Foerster partners, Jordan Eth and Ragesh Tangri, were identified as representing Wachtell in court…

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Galaxy Digital’s Termination of $1.2B Acquisition of Crypto Custodian BitGo Upheld by Federal Judge

A federal judge has sided with Galaxy Digital (GLXY.TO) – the crypto merchant bank led by Mike Novogratz – in its decision to terminate its $1.2 billion acquisition of crypto custodian BitGo. Delaware Chancery Court Vice Cchancellor James Laster ruled last week that Galaxy had a “valid basis” to end the deal because BitGo provided Galaxy with “non-compliant” documents pertaining…

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Elon Has a New Bot Excuse – Bloomberg

But in the merger agreement, there are also covenants, promises that Musk and Twitter make to each other about what they will do going forward, between the signing of the merger agreement and the closing. If Twitter breaches a representation, Musk still has to close unless the breach causes a material adverse effect. 3  But if Twitter breaches a covenant, Musk can walk…

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Someone Hacked a Merger – Bloomberg

If you are a criminal mastermind, one thing you could do is go to law school, get good grades, get hired at a big M&A law firm, work 100-hour weeks on big deals, and eventually try wiring yourself the money that was meant to pay for a merger. There are many downsides to this approach, including that when you are…

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Morgan Stanley confirms to acquire ETrade in $13 billion all-stock deal – MarketWatch

Morgan Stanley MS, -3.32% confirmed Thursday that is acquiring E*Trade Financial Corp. ETFC, +25.06% in an all-stock deal valued at $13 billion. Morgan Stanley will pay 1.0432 of its shares for each E*Trade share, equal to $58.74 based on its closing price Feb. 19. The deal “will significantly increase the scale and breadth of Morgan Stanley’s Wealth Management franchise, and…

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Is There a First-Drafter Advantage in M&A?

Does the party that provides the first draft of a merger agreement get better terms as a result? There is considerable lore among transactional lawyers on this question, yet it has never been examined empirically. In a recent article, Is There a First-Drafter Advantage in M&A?, we develop a novel dataset of drafting practices in large M&A transactions involving U.S.…

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ANKURA AGREES TO ACQUIRE NAVIGANT’S DFLT SEGMENT AND TAS PRACTICE – Ankura

Navigant (NYSE: NCI) and Ankura today announced a definitive agreement under which Navigant will sell its Disputes, Forensics and Legal Technology (DFLT) segment and its Transaction Advisory Services (TAS) practice to Ankura Consulting Group, LLC (Ankura), a leading business advisory and expert services firm. The transaction is valued at $470 million, and is expected to close during the third quarter,…

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