Fri.Jul 12, 2024

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The Supreme Court’s Business Docket: October Term 2023 in Review

Harvard Corporate Governance

Posted by John Savarese, Kevin Schwartz and Noah Yavitz, Wachtell, Lipton, Rosen & Katz, on Friday, July 12, 2024 Editor's Note: John Savarese , Kevin Schwartz and Noah Yavitz are Partners at Wachtell, Lipton, Rosen & Katz. This post is based on a Wachtell Lipton memorandum by Mr. Savarese, Mr. Schwartz, Mr. Yavitz, Adam Goodman , and Akua Abu.

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Offshore wind: Strategies for uncertain times

Mckinsey and Company

The offshore wind industry is facing macroeconomic pressures that are halting growth and profitability. Developers can embrace four key actions to help navigate this changing environment.

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FTC Eyes $23B ConocoPhillips Deal Amid Mass Consolidation

Law 360 M&A

ConocoPhillips said in a Friday securities filing that the Federal Trade Commission has issued a second request regarding the top independent oil producer's late May agreement to acquire Marathon Oil for $22.5 billion, the latest sign that the rapid consolidation rippling through the oil and gas industry features prominently on the regulator's radar.

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Where procurement is going next

Mckinsey and Company

Our latest procurement benchmarking data reveals the tools, capabilities, and ways of working that are helping leading companies protect their profits in turbulent times.

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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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British chipmaker Graphcore bought by Japan’s SoftBank

The Guardian M&A

Deal for undisclosed sum secures Bristol-based company’s future after ‘material uncertainty’ in 2023 Graphcore, a British chipmaker once seen as a potential competitor to Nvidia, has been bought by Japan’s SoftBank in a deal that secures the company’s future. The Bristol-based startup’s products are focused on artificial intelligence and it has been acquired by the powerful Japanese tech investor for an undisclosed sum.

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Comment on Automatic Review of Photos in Appraisal Reports by Pray Hard

Appraisers Blog

In reply to Spencer Paul. We can’t say “clean and orderly” any longer or “church” or “master bedroom” or “master bath” or “school district” or the subdivision name if it has a flagged word or phrase or much of anything else that’s actually descriptive. Are any of you kids old enough to remember when “master bedroom/bath” were nothing but builder marketing terms?

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Comment on Automatic Review of Photos in Appraisal Reports by Pray Hard

Appraisers Blog

I’ve just about stopped bidding on AMC jobs. By the time I bid an “acceptable” fee and take the cost approach fee out and the send fee out, I’m making less than I was making 25 years ago. It would take a fee of $750 to $1,500 per house appraisal currently to have kept up with inflation, especially given the extra “expectations and requirements” we’re told are mandatory.

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Gen AI and beyond: Where else to focus now

Mckinsey and Company

Yes, gen AI can be dazzling. But to deliver value, leaders will have to look beyond center stage.

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Private: Carter Smith Featured in Food & Beverage Magazine

Butcher Joseph & Co.

The Secret Ingredient to Staying Private: How an ESOP Can Preserve and Enhance Your Brand Legacy. The post Private: Carter Smith Featured in Food & Beverage Magazine appeared first on ButcherJoseph & Co.

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Author Talks: How Stoic thinking could help you play to win

Mckinsey and Company

Do your goals overshadow your desire for happiness? Olympic gold medalist Mark Tuitert shares how you can separate the two and discover what it means to live a great life.

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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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Digital Realty Acquires Data Center Campus in Slough

Benzinga

To capitalize digital transformations, Digital Realty (NYSE: DLR ) recently announced the acquisition of a colocation data center in the Slough Trading Estate for $200 million. The purchase signifies the company's entry into the west London submarket and enhances current colocation services in the City and Docklands. It comes as a part of the DLR's efforts to improve its global data center platform, PlatformDIGITAL.

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Staveley to sell Newcastle United stake to PIF and Reuben Brothers

Financial Times M&A

Top shareholders strengthen their grip on Premier League club with buyout of British dealmaker

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Greenberg Traurig Taps M&A Atty To Head UAE Corp. Team

Law 360 M&A

Greenberg Traurig LLP has named a former Clyde & Co. partner with extensive experience in the Middle East as a shareholder and head of its United Arab Emirates corporate practice, working out of the firm's UAE and Saudi Arabia outposts.

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RIA M&A Update: Q2 2024

Auto Dealer Valuation Insights

Following a year where deal volume in the RIA industry nearly matched the all-time high of 2022, RIA M&A activity has cooled in 2024. Fidelity’s May 2024 Wealth Management M&A Transaction Report (most recent available data) listed 86 deals through May 2024, down 17% from the 103 deals executed during the same period in 2023.

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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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Apollo Seeks Chancery Toss of Stockholder Pact Challenge

Law 360 M&A

Pointing in part to a pending Delaware law that would allow corporate directors to cede some board powers to big stockholders, Apollo Global Management Inc. has asked a Delaware vice chancellor to dismiss a suit challenging its own stockholder pact.

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Comment on Death Grip on Trainees Loosening by Retired Appraiser

Appraisers Blog

How could you even begin to train a newby in this crap profession…seriously? Learning valuation is difficult enough on its own. Appraisers are now faced with ever evolving 75 page forms, software, and USPAP manuals. Not enough? How about a 2,000 manual on acceptable use of your native language (which changes on a weekly basis). When I think of appraising today I think of living in Hell and being charged rent to reside there.

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5 Firms Steer Chinese EV Co.'s $1B SPAC Merger

Law 360 M&A

Chinese electric vehicle maker Huture Ltd. plans to go public at an estimated $1 billion value through a merger with special purpose acquisition company Aquaron Acquisition Corp., both parties announced Friday, in a deal steered by five law firms.

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June 2024 SAAR

Auto Dealer Valuation Insights

The June 2024 SAAR came in at 15.3 million, a 4.0% drop from last month and a 4.8% drop from June 2023. According to Wards Intelligence, the CDK cyberattack caused a 50,000-unit deficit during June 2024; however, second-quarter sales were still relatively flat (-0.4%) from the second quarter of 2023 as only 11 of 91 days were impacted in the quarter.

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Mitigating Risks Amid 10-Year Sanctions Enforcement Window

Law 360 M&A

In response to recent legislation, which doubles the statute of limitations for actions related to certain U.S. sanctions and provides regulators greater opportunity to investigate possible violations, companies should take specific steps to account for the increased civil and criminal enforcement risk, say attorneys at Freshfields.

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Sanofi's $20B Consumer Health Unit Sale: Goldman Sachs, Morgan Stanley Line Up $6.5B Financing

Benzinga

Goldman Sachs Group Inc. (NYSE: GS ) and Morgan Stanley (NYSE: MS ) are reportedly preparing to arrange more than $6.5 billion (6 billion euros) in debt financing for potential buyers interested in acquiring Sanofi SA’s (NASDAQ: SNY ) consumer health division. This move highlights banks’ strong interest in supporting leveraged buyouts through pre-arranged financing.

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Retired MSU Law Profs' Fraud Claims Get Tossed

Law 360 M&A

Two ex-law professors can't sue their former employer for allegedly not honoring a benefits agreement because the law school ceased to exist when it merged with Michigan State University, a Michigan Court of Appeals panel ruled Thursday.

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Just Released | 2Q24 Exploration & Production Newsletter

Auto Dealer Valuation Insights

Mercer Capital’s Value Focus: Exploration & Production newsletter provides an overview of the industry through supply and demand analysis, commodity pricing, and public market performance. In addition, each issue of this quarterly newsletter focuses on a region, including Eagle Ford, Permian, Appalachia, and Haynesville, examining general economic and industry trends.

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US Trustee Decries Fisker EV Fleet 'Fire Sale'

Law 360 M&A

The U.S. Trustee's Office urged a Delaware bankruptcy judge to block electric-vehicle maker Fisker's proposed $46.25 million sale of its inventory, saying the fleet is being sold at "fire sale prices" the debtor can't show are fair.

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KKR Shares Trade Higher On Heels Of Axel Springer Talks: Politico, Business Insider In Focus

Benzinga

KKR & Co. Inc. (NYSE: KKR ) shares are trading higher Friday by 0.86%, less than 24 hours after news broke that the private equity group is discussing whether to split media conglomerate Axel Springer. What Happened : KKR is reportedly in talks with German billionaire and Axel Springer CEO Mathias Döpfner about separating its media assets from the digital classifieds business.

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Chancery Approves $19.5M Convey-TPG Settlement

Law 360 M&A

Former shareholders of Convey Health Solutions Inc. won Delaware Chancery Court approval Friday of a $19.5 million cash settlement to resolve a class challenge to the healthcare technology company's $1.1 billion take-private acquisition by TPG Inc., with $3.88 million going to class attorneys after expenses.

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ConocoPhillips-Marathon Merger Hits Hurdle: FTC Requests More Info, Delays Deal

Benzinga

On Thursday, ConocoPhillips (NYSE: COP ) and Marathon Oil Corporation (NYSE: MRO ) received a Second Request from the Federal Trade Commission (FTC) to extend the Hart-Scott-Rodino waiting period. The merger will proceed after the FTC review and fulfillment of other conditions in the merger agreement. ConocoPhillips and Marathon are working with the FTC on its review and expect the merger to be completed in the fourth quarter of 2024, pending regulatory approvals and Marathon stockholder approva

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Biggest Illinois Decisions Of 2024: A Midyear Report

Law 360 M&A

State and federal courts have handed down rulings so far this year that limited the reach of a federal bribery law commonly used to prosecute Illinois corruption, laid out a framework to challenge so-called mootness fees and clarified the scope of Illinois defamation and antitrust law. Here's a look at some of the biggest Illinois decisions in the first half of 2024.

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SBA Loans for Convenience Stores

Peak Business Valuation

With a good location and an appealing product mix, operating a convenience store can be very rewarding. However, the costs of starting, buying, or expanding a convenience store can be significant. Fortunately, the Small Business Administration (SBA) offers various financing options to help navigate financial challenges. With SBA loans for convenience stores, you can overcome the financial challenges associated with running a convenience store.

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VW Supplier's Antitrust Suit Belongs In Germany, Not Texas

Law 360 M&A

A Texas federal judge has dismissed an antitrust lawsuit filed by an auto parts maker against Volkswagen after finding that the German judicial system rather than the U.S. district courts would be the best place for these claims to be litigated.

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How leaders can deploy AI and boost skills for the new future of work

Mckinsey and Company

The deployment of AI and generative AI along with other economic and business shifts is redefining work in Europe and the United States, writes Kweilin Ellingrud in Forbes.

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Taxation With Representation: Ropes & Gray, Cravath, Latham

Law 360 M&A

In this Week's Taxation with Representation, Paramount Global merges with Skydance Media, Devon Energy acquires Grayson Mill Energy's Williston Basin oil and gas business, Ryan acquires Altus Group Ltd.'s property tax business, and Bain Capital buys Envestnet Inc.

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Canna-Global Acquisition Corp. Announces Signing a Letter of Intent for a Merger with Invest Inc.

Benzinga

MARINA DEL REY, Calif. and CHEYENNE, Wyo., July 12, 2024 (GLOBE NEWSWIRE) -- Canna-Global Acquisition Corp. ("Canna-Global") (OTC: CNGL ) announced today that it has entered into a letter of intent (LOI) for a proposed business combination agreement (the "Transaction") that will result in Canna-Global acquiring 100% of the outstanding equity of Invest Inc, a Wyoming corporation (the "Company").

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FTC Says Abandoned Novant Deal Moots Lower Court Loss

Law 360 M&A

The Federal Trade Commission is looking to unravel a North Carolina federal judge's order allowing Novant's planned $320 million hospital merger to advance after it subsequently abandoned the deal, telling the Fourth Circuit the appeal is moot and the order should be vacated.

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Quanex Building Products' Acquisition of Tyman Approved by Each Companies' Shareholders

Benzinga

HOUSTON, July 12, 2024 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE: NX ) ("Quanex" or the "Company") today announced that shareholders of both Quanex and Tyman plc (LSE:TYMN) ("Tyman") have approved Quanex's proposed acquisition of Tyman. "On behalf of our Board of Directors and executive management team, I would like to thank Quanex and Tyman shareholders for their support as we move swiftly towards completing the transaction and creating a comprehensive solution