Fri.Jul 05, 2024

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Disney’s Victory in 2024 Proxy Contest: Lessons for Boards and Practitioners

Harvard Corporate Governance

Posted by Martha McGarry, Andrew Noreuil, and Camila Panama, Mayer Brown LLP, on Friday, July 5, 2024 Editor's Note: Martha McGarry , Andrew Noreuil , and Camila Panama are Partners at Mayer Brown LLP. This post is based on a Mayer Brown memorandum by Ms. McGarry , Mr. Noreuli, Ms. Panama, and Alexander Dussault. On April 3, 2024, The Walt Disney Company (“Disney”) successfully won a proxy contest launched by Nelson Peltz’s Trian Fund Management LP (“Trian”) and Blackwells Onshore I LLC and affi

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Do shareholder activists create lasting value?

Mckinsey and Company

Activist investors seek to maximize their own returns—which can lift a company’s share price when activists hold shares. But what happens a few years after an activist exits its position?

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The Funniest Moments Of The Supreme Court's Term

Law 360 M&A

In a U.S. Supreme Court term teeming with serious showdowns, the august air at oral arguments filled with laughter after an attorney mentioned her plastic surgeon and a justice seemed to diss his colleagues, to cite just two of the term's mirthful moments. Here, we look at the funniest moments of the term.

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Comment on How Many Fees Are Needed for One Appraisal Order? by PJTC

Appraisers Blog

In reply to Kimberly DeFilippis. Valid questions. I’m not a pessimist and would like to read the response but crickets so far unlike the initial response. Erring to the side of caution of those bearing gifts is a pretty safe bet when trying to reinvent the wheel especially in the present environment.

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How to Leverage Intent Data for Better Outcomes

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

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The Sharpest Dissents From The Supreme Court Term

Law 360 M&A

The U.S. Supreme Court's session ended with a series of blockbuster cases that granted the president broad immunity, changed federal gun policy and kneecapped administrative agencies. And many of the biggest decisions fell along partisan lines.

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IBM Enhances AI Scalability With Twin Buyouts: Should You Buy?

Benzinga

International Business Machines Corporation (NYSE: IBM ) recently completed the twin acquisitions of StreamSets and webMethods to augment its AI platform and automation capabilities. The buyouts will offer comprehensive application and data integration platforms in the industry and help business enterprises undergo rapid digital transformation by embracing generative AI.

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Canadian Regulators OK Glencore, Teck Resources Deal: Future M&A Sanctions Need 'Exceptional Circumstances'

Benzinga

The Canadian government approved Glencore ‘s (OTCPK: GLCNF) acquisition of Teck Resources (NYSE: TECK ) metallurgical coal business Elk Valley Resources (EVR) for more than $6.93 billion. The deal is expected to close on July 11, with Glencore acquiring a 77% stake in the British Columbia-based company. After that, the Swiss multinational miner could explore a spinoff of its coal business.

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High Court Flexes Muscle To Limit Administrative State

Law 360 M&A

The U.S. Supreme Court's dismantling of a 40-year-old judicial deference doctrine, coupled with rulings stripping federal agencies of certain enforcement powers and exposing them to additional litigation, has established the October 2023 term as likely the most consequential in administrative law history.

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Quest Diagnostics to Expand in Canada With LifeLabs Buyout

Benzinga

Quest Diagnostics (NYSE: DGX ) has entered into a definitive agreement with OMERS to acquire LifeLabs, a prominent Canadian provider of community laboratory tests. The deal, valued at approximately CAN $1.35 billion ($985 million), underscores DGX's strategy to expand its footprint in Canada's healthcare diagnostics market. By integrating LifeLabs into its operations, Quest Diagnostics aims to enhance the accessibility and quality of diagnostic services for Canadians.

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How To Clean Up Your Generative AI-Produced Legal Drafts

Law 360 M&A

As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.

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Statement of Cash Flows vs. Cash Flow Statement

Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker

The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l

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What's Going On With Department Store Major Macy's Shares On Friday?

Benzinga

Shares of department store chain Macy’s Inc (NYSE: M ) are rising in premarket today. An investor group aiming to purchase Macy’s has reportedly increased its bid for the second time after previous offers failed. Arkhouse Management and Brigade Capital Management recently raised their proposal by approximately $300 million, reported The Wall Street Journal.

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How Reshaped Circuit Courts Are Faring At The High Court

Law 360 M&A

Seminal rulings from the U.S. Supreme Court's latest term will reshape many facets of American society in the coming years. Already, however, the rulings offer glimpses of how the justices view specific circuit courts, which have themselves been reshaped by an abundance of new judges.

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Navigating Uncertainties: A Business Owner’s Guide to Mergers and Acquisitions

Sun Acquisitions

In the ever-evolving business landscape, mergers and acquisitions (M&A) have become expected growth, expansion, and consolidation strategies. However, beneath the surface of these deals lies a complex web of uncertainties that can make or break the success of such endeavors. While M&A transactions offer promising opportunities, they also present significant risks and challenges that demand careful navigation.

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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants

Law 360 M&A

The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, says Lisa Bugni and Benjamin Lee at King & Spalding.

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Mastering Intent Data: Understanding its Importance & Best Practices

Speaker: Joe Apfelbaum, CEO of Ajax Union

In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.

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Business Valuation for Buying an Auto Mechanic Shop

Peak Business Valuation

Are you considering purchasing an auto mechanic shop ? As cars become more advanced, the demand for skilled mechanics is increasing. Owning a mechanic shop not only provides a valuable service but also taps into a steady stream of customers who need reliable vehicle maintenance and repairs. A valuation for buying a mechanic shop is essential for breaking into this industry.

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Breaking Down The Vote: The High Court Term In Review

Law 360 M&A

The U.S. Supreme Court's lethargic pace of decision-making this term left the justices to issue a slew of highly anticipated and controversial rulings during the term's final week — rulings that put the court's ideological divisions on vivid display. Here, Law360 takes a data dive into the numbers behind this court term.

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RIA Market Update: Q2 2024

Auto Dealer Valuation Insights

RIAs underperformed in the second quarter of 2024, with even the largest asset managers facing a decline in stock price in spite of a stronger asset base on which to collect revenue. Despite the price drop, all groups examined experienced growth in fundamentals year-over-year. We explore further in our Q2 2024 Market Update.

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UpHealth Says $110M Glocal Award Can Be Enforced

Law 360 M&A

Bankrupt medical tech company UpHealth has urged an Illinois court to enforce a $110 million arbitral award against Indian digital healthcare services platform Glocal Healthcare in a bitter feud over an ill-fated merger, saying the court should reject Glocal's argument that the tribunal exceeded its powers.

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Why Is Karaoke Products Maker Singing Machine's Stock Gaining Today?

Benzinga

On Friday, The Singing Machine Company, Inc. (NASDAQ: MICS ) completed the acquisition of SemiCab, an artificial intelligence technology company in the global logistics space. The transaction was structured as an asset purchase/sale. At closing, Singing Machine will issue to SemiCab 641,806 shares of its common stock, which represents approximately 10% of the company’s issued and outstanding common stock as of July 3, 2024, and the assumption of approximately $2.6 million in liabilities as

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FTC Gears Up For Busy 2024 Merger Summer & Fall

Law 360 M&A

U.S. antitrust enforcers at the Justice Department and the Federal Trade Commission are gearing up for busy months ahead against multibillion-dollar mergers in the grocery and luxury handbags spaces, while also adjusting to a hospital loss turnaround and bracing for an important airlines deal appellate ruling.

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Europe’s airlines need Lufthansa-Ita to beget more deals

Financial Times M&A

EU decision not to throttle deal is good news for other legacy flag carriers seeking consolidation

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$125M Deal To End Discovery-AT&T Merger Suit In Chancery

Law 360 M&A

A $125 million settlement is in the works for a nearly two-year-old, now-consolidated Delaware Court of Chancery suit filed by former Discovery Inc. stockholders challenging the company's $43 billion merger with AT&T in April 2022, according to a court filing Friday.

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Generative AI Market Projected to Surpass USD 521.51 Billion by 2031, Witnessing 46.45% CAGR Growth

Benzinga

Westford, USA, July 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Generative AI Market will attain a value of USD 521.51 Billion by 2031, with a CAGR of 46.45% over the forecast period (2024-2031). Continuous developments in AI technology are opening new avenues for producing high-caliber, human-like material in a variety of sectors. These include natural language processing (NLP), computer vision, and generative adversarial networks (GANs).

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Mayer Brown Study Shows Firms Are Playing AI Catch-Up

Law 360 M&A

A recent Mayer Brown LLP report shows that leaders at financial and investment firms see mergers and acquisitions as a key method to expand their artificial intelligence platforms, but they also think their firms aren't getting up to speed fast enough.

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Liquid Biopsy Market to Surpass USD 24.14 Billion by 2031, Witnessing 11.21% CAGR Growth | SkyQuest Technology

Benzinga

Westford, USA, July 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the liquid biopsy market will attain a value of USD 24.14 billion by 2031, with a CAGR of 11.21% during the forecast period (2024-2031). This market has received great momentum due to increased incidence of cancer on a global scale, alongside the greater need for fast and minimally invasive modalities of diagnosis.

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SEC Issues Guidance On Confidential IPOs

Law 360 M&A

The U.S. Securities and Exchange Commission's Corporation Finance Division has issued updated guidance explaining how companies can file confidential registration statements when preparing go-public transactions such as initial public offerings and blank check company mergers.

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Edge Computing Market to Reach USD 192.40 Billion by 2031, Growing at 37.09% CAGR | SkyQuest Technology

Benzinga

Westford, USA, July 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the edge computing market will attain a value of USD 192.40 billion by 2031, with a CAGR of 37.09% during the forecast period (2024-2031). The widespread usage and adoption of IoT is leading to overload on cloud foundation is the driving factor of the edge computing market. Due to the COVID-19 pandemic there is seen a surge in the adoption of edge computing and data centres.

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Record PE Dry Powder Shows Slowed Exit Activity, Attys Say

Law 360 M&A

Optimism that private equity deal making will take off in 2024 is fading, and while activity has increased, the record amount of dry powder floating around the private equity space signals that fund managers may still be hesitant to transact.

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Smart Home Market Set for 28.02% CAGR Surge, Reaching USD 734.75 Billion by 2031 | SkyQuest Technology

Benzinga

Westford, USA, July 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the smart home market will attain a value of USD 734.75 billion by 2031, with a CAGR of 28.02% during the forecast period (2024-2031). Increasing adoptions of AI in all types of home appliances for smart features is more likely to drive the sales of the product. The latest features of these digital assistants, such as Bluetooth speakers and hands-free channel changing features, are driving the sales of these smart home app

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Willkie Advising Saks Fifth Avenue On $2.65B Neiman Deal

Law 360 M&A

Willkie Farr & Gallagher LLP is advising Saks Fifth Avenue's parent company on its freshly inked deal to buy the Neiman Marcus Group, advised by Sullivan & Cromwell LLP, at an enterprise value of $2.65 billion.

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Antitrust: FTC Alums Push Back on “Drop a Dime on Roll-ups” Initiative

John Jenkins

Last week, I blogged about the FTC & DOJ’s “Request for Information” (RFI) asking the public to provide information to help the agencies “identify serial acquisitions and roll-up strategies throughout the economy that have led to consolidation that has harmed competition.

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The Firms That Won Big At The Supreme Court

Law 360 M&A

This U.S. Supreme Court term featured high-stakes oral arguments on issues including gerrymandering, abortion and federal agency authority, and a hot bench ever more willing to engage in a lengthy back-and-forth with advocates. Here's a look at the law firms that argued the most cases and how they fared.

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Elliott-owned Avant Homes makes all-share approach to Crest Nicholson

Financial Times M&A

FTSE 250 housebuilder has already rebuffed an offer from rival Bellway

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FTC Wants Second Look At $1.6B CoStar, Matterport Deal

Law 360 M&A

The Federal Trade Commission has requested more information from CoStar Group and Matterport on a planned $1.6 billion merger that would round out CoStar's real estate analytics offerings with the latter company's virtual property tour platform.

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