Legal News

Key Takeaways - - Foreign Direct Investment (FDI) controls are proliferating around the globe. Since the pandemic, “health” has become a particular focus.  - Several countries have adapted their existing FDI rules, or introduced new ones, to address concerns about national autonomy and supply chain disruption. Some of these changes are general, but some are specific to healthcare.  - Plans for cross-border M&A in the healthcare sector should take close account of potential FDI screening...B...

....The Dechert Antitrust Merger Investigation Timing Tracker (DAMITT) is a quarterly release from Dechert LLP reporting on trends in significant merger control investigations in the United States (U.S.) and European Union (EU). In the U.S., “significant” merger investigations include Hart-Scott-Rodino (HSR) Act reportable transactions for which the result of the investigation by the Federal Trade Commission (FTC) or the Antitrust Division of the Department of Justice (DOJ) is a consent order...

The final Vertical Merger Guidelines issued on June 30, 2020 provide guidance to the business and legal communities on how the Department of Justice (“DOJ”) and Federal Trade Commission (“FTC”) currently analyze the competitive impact of vertical mergers. The new guidelines apply to strictly vertical mergers (combinations of firms or assets at different stages of the same supply chain), “diagonal” mergers (combinations of firms or assets at different stages of competing supply chains), and...

In 2020, the defense side ended a 15-year drought in litigating the fix. When the U.S. antitrust authorities seek to block a proposed merger, they must obtain an injunction in federal court. One strategy the defense can employ to defeat a merger challenge is to proactively agree to divest assets to a third-party buyer and…...By: Dechert LLP

Key Takeaways - The COVID-19 economic crisis has increased the risk of investment disputes in the banking and financial sector, as the economic effects of the crisis spiral and as governments introduce responsive measures....By: Dechert LLP

On May 21, 2020, the U.S. Securities and Exchange Commission (the “SEC”) announced adoption of updates to the financial disclosure requirements of Regulation S-X and related rules applicable to the acquisition and disposition of businesses, including...By: Dechert LLP

Key Takeaways - On May 19, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), published its Annual Report to Congress on all notices filed with CFIUS in 2018, the...By: Dechert LLP

President Trump signed into law the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) on August 13, 2018, which made several substantial changes to the CFIUS process and expanded the scope of the Committee’s jurisdiction. FIRRMA’s...By: Dechert LLP

The EU Foreign Direct Investment Regulation will be in full force from October 11, 2020. We expect it will radically alter the dynamics of foreign investment review in Europe. Any non-EU investor and any EU target company that is the subject of an...By: Dechert LLP

In a decision of interest to private equity investors, the Delaware Court of Chancery (the “Court”) adopted a new framework for determining whether minority stockholders are part of a control group with a separately controlling stockholder for...By: Dechert LLP