The US Court of Federal Claims awarded damages of more than $206 million to Plaintiffs/applicants in a case with respect to the cash grant under Section 1603 of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5). In its opinion, which was unsealed on Monday, October 31, the court held that the US
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US and EU Requirements for Pre-Merger Notification of an Acquisition of a Minority Shareholding Interest
By Bilal Sayyed & Lionel Lesur
In May, the Federal Trade Commission (FTC) required Hikma Pharmaceuticals PLC to divest its 23 percent interest in Unimark Remedies, Ltd. and its US marketing rights to a generic drug under manufacture by Unimark as a condition to allowing Hikma to complete its acquisition of Roxane Laboratories. The FTC was concerned that Hikma’s continued holding…
The Concept of Full-Function Joint Venture in the EU
In the European Union (EU), at the inception of a joint venture (JV), parent companies must determine whether the newly created structure presents a full-functionality nature, which depends on its degree of autonomy. The answer to this question will determine the legal framework applicable to it.
Price Discrimination Markets Lead Antitrust Enforcers to Increased Success
By Jon B. Dubrow & Ryan Leske
In the last two years, the Federal Trade Commission (FTC) and the Antitrust Division of the US Department of Justice (DOJ) brought, and won, several litigated merger cases by establishing narrow markets comprised of a subset of customers for a product. This narrow market theory, known as price discrimination market definition, allowed the agencies to…
Recent Enforcement Trends in Divestiture Packages
The Federal Trade Commission (FTC) and US Department of Justice’s (DOJ) Antitrust Division have been actively challenging mergers and acquisitions (M&A) across a variety of industries where there is not a viable or acceptable remedy to mitigate the agencies’ competitive concerns. Parties to M&A transactions that the FTC or the DOJ believe are likely to…
Inside M&A – October 2015
McDermott Will & Emery has released the October 2015 issue of Inside M&A, which focuses on current issues surrounding special-purpose acquisition companies. Articles in this issue include:
Overview of SPACs and Latest Trends
A number of recent successful business combination transactions involving special-purpose acquisition companies (SPACs) led by prominent sponsors have driven a resurgence in the…
Has Private Equity Lost Its Appetite for Buyouts?
The latest analysis by PitchBook would indicate buyout activity is trending down as deal volume and values continue to slide from recent quarters. In the latest report, the triggers for the current market is discussed covering EBITA multiples, debt levels and valuations, as well as where opportunities exist based on the transactional activities of private…
Global M&A Activity in 3Q 2015
From PitchBook, the analysis of global M&A activity in the third quarter for 2015 has been released. Around the world M&A activity, in comparison, is below 2014 YTD and 3Q saw the fewest deals completed in a quarter since 2Q 2013.
To learn more and see the infographic on 3Q activity, here.
International News: Focus on Private Equity
McDermott Will & Emery recently published its latest issue of International News, which covers a range of legal developments of interest to those operating internationally. This issue focuses on Private Equity.
Focus on Private Equity
Independent Contractor and Exempt Employee Classification Review Should Include Joint-Employer Status
Private equity often looks to control costs in its portfolio companies through the utilization of joint employees. This On The Subject provides tips and guidelines for private equity firms and their operating companies during a review of its employee classification.