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Paul, Weiss, Rifkind, Wharton & Garrison, a top law firm on Wall Street, has hired Jim Langston, a prominent deal lawyer, from Cleary Gottlieb Steen & Hamilton. Langston will join Paul Weiss's mergers-and-acquisitions practice, focusing on public and private deals, shareholder-activism defense, and corporate governance. This move is part of Paul Weiss's effort to expand its business and compete with other elite law firms. The firm has recently made a push to hire partners specializing in private equity and antitrust, and has advised on several major deals in recent months. [Extracted from the article]

Peloton CEO Barry McCarthy is stepping down as the company plans to cut 15% of its staff, or about 400 employees. McCarthy, a former executive at Netflix and Spotify, joined Peloton two years ago and attempted to transform the company into a subscription-based business. However, Peloton is still facing financial challenges, including losses, a decline in paying subscribers, and significant debt. The company is now searching for a new leader and is actively working on a refinancing strategy. [Extracted from the article]

Goldman Sachs has promoted Dan Blank, one of its partners, to co-chair of the investment bank's Global M&A group. Blank, who joined Goldman in 2021, previously led Morgan Stanley's North American Industrials Investment Banking business. The promotion aims to help drive dealmaking efforts as Goldman Sachs strives to maintain its position as the top investment-banking adviser globally. [Extracted from the article]

Regulators have seized Republic First Bancorp, a troubled Philadelphia bank, and sold it to regional lender Fulton Financial. This is the fourth high-profile bank failure since last spring. Republic First faced similar problems as the three regional banks that failed last year, including paper losses on bonds and high proportions of uninsured deposits. Fulton Financial's acquisition of Republic First will nearly double its size in the Philadelphia market. The failure of Republic First is not expected to spark a wider crisis in confidence, but regional banks are still on shaky ground due to higher interest rates and potential regulatory requirements. [Extracted from the article]

IBM is reportedly nearing a deal to acquire cloud-software provider HashiCorp. The deal, which could be finalized in the coming days, would likely value HashiCorp at a premium above its current market value of $4.9 billion. HashiCorp's software helps companies set up their infrastructure in the cloud and it partners with several tech companies. This acquisition would align with IBM's focus on hybrid-cloud and artificial intelligence businesses as part of its ongoing transformation. The deal would be relatively small for IBM, which has a market capitalization of about $170 billion. [Extracted from the article]

Talks between Salesforce and data-management software firm Informatica have ended without an agreement on terms, according to sources. Salesforce had been considering a deal to acquire Informatica for around $10 billion, which would have been one of its largest acquisitions. However, after the news broke, Salesforce's stock fell 7.3%, erasing more market value than the potential deal. Informatica's stock also dropped, as it had been trading higher than the price Salesforce was willing to pay. Salesforce specializes in cloud-based software for managing customer relationships, while Informatica helps companies manage their data across different systems. [Extracted from the article]

Schneider Electric, a French industrial company, is in talks to take control of engineering-software company Bentley Systems in a deal that could be worth over $15 billion. The two companies are discussing potentially merging Schneider's software business with Bentley, with Bentley remaining a public company. Bentley, which has a market value of $15.6 billion, specializes in software used by structural and civil engineers for infrastructure projects. Schneider Electric has previously made acquisitions to strengthen its industrial-software business. [Extracted from the article]

The Nordstrom family, founders of the department-store chain, is considering taking the company private due to the struggles faced by department stores and pressure on rival Macy's to sell itself. Nordstrom's CEO and president have expressed their interest in exploring a deal, prompting the formation of a special committee to evaluate their proposal and others. Nordstrom's shares have dropped by 50% over the past five years, and the company has previously explored going private in 2017. The family insiders control around 30% of the company's shares, and another significant owner is El Puerto de Liverpool SAB. Nordstrom is focused on increasing online sales and expanding its Nordstrom Rack locations. [Extracted from the article]

Nelson Peltz, an activist investor, recently lost a proxy fight at Disney, which could make it harder for him to recover from a period of lackluster returns and investor exodus at his hedge fund, Trian Partners. Peltz's unsuccessful bid for board seats at Disney resulted in a loss of support from big index funds, and his controversial comments about Disney's movies with diverse casts further alienated decision makers. Trian's assets under management have been shrinking, but their biggest bet on Unilever may still offer a chance for success. Peltz has hinted at a new target and has expressed admiration for Elon Musk, leading some to speculate about a potential collaboration. [Extracted from the article]

Salesforce, a San Francisco-based cloud-based software company, is in advanced talks to acquire Informatica, a data-management software provider based in Redwood City, California. Informatica has seen a significant increase in its market capitalization this year, making it an attractive target for acquisition. Salesforce has a history of making large acquisitions, with Informatica potentially being one of its largest deals to date. Informatica helps companies manage their data across different systems and has recently launched new tools with artificial intelligence capabilities. Salesforce's approach to dealmaking has drawn the attention of activist investors, but the company has taken steps to address their concerns. The potential acquisition of Informatica, along with the prospect of AI enhancing its product offerings, has contributed to a rebound in Salesforce's stock. [Extracted from the article]

This article discusses the recent shareholder vote at Disney, where activist investor Nelson Peltz and his firm Trian Fund Management sought to gain seats on the company's board of directors. Ultimately, Disney and CEO Robert Iger were able to defeat Peltz's campaign, with the majority of shareholders supporting the company's slate of directors. The article also highlights Disney's plans for large-scale investments in its theme parks and its efforts to expand into the world of video games and streaming. The top internal candidates to succeed Iger as CEO are mentioned, including Dana Walden, Alan Bergman, Josh D'Amaro, and Jimmy Pitaro. [Extracted from the article]

Activist investor Quentin Koffey's hedge fund, Politan Capital Management, is planning a proxy fight to gain two more seats on the board of medical-device maker Masimo. Masimo, which has a market value of around $7.1 billion, supplies monitoring technologies to hospitals. Politan currently holds a 9% stake in Masimo and won two board seats last year. The company's stock took a hit in 2022 after acquiring a consumer-technology company, but Masimo's founder and CEO, Joe Kiani, has proposed separating the consumer business to focus on professional healthcare and telehealth products. Politan supports the review of the consumer business but is concerned about poor corporate governance and the treatment of its directors by Kiani. Masimo has stated its commitment to conducting a comprehensive review of the separation and has included Koffey in discussions. Politan's candidates for the board are William Jellison, former CFO of Stryker, and Darlene Solomon, former CTO of Agilent Technologies. [Extracted from the article]

Proxy-advisory firm Institutional Shareholder Services (ISS) has recommended that Disney shareholders vote to add activist investor Nelson Peltz to the company's board. ISS also recommended voting against three nominees put forth by another activist investor, Blackwells Capital. The other major proxy adviser, Glass Lewis, has come out in favor of all of Disney's nominees. The outcome of the proxy fight will be determined at Disney's annual shareholder meeting on April 3. Peltz's Trian Partners argues that it can help improve Disney's financial results and chief-executive succession plans. Disney disagrees with ISS's recommendation. [Extracted from the article]

Canadian payments processor Nuvei, backed by Ryan Reynolds, is in advanced talks with private-equity firm Advent International for a buyout deal. Nuvei's technology enables online retailers, sports-betting apps, and crypto exchanges to accept various forms of payment. The potential deal comes at a time when private-equity activity is subdued due to higher interest rates and other factors. Nuvei recently completed the acquisition of payment platform Paya Holdings and was founded by Philip Fayer, who holds a significant stake in the company. [Extracted from the article]

Activist investor Jonathan Litt, through his firm Land & Buildings Investment Management, is urging office-building owner Equity Commonwealth to liquidate and return cash to investors. Litt argues that the company has underperformed other real-estate investment trusts and that office asset values are unlikely to recover soon. Equity Commonwealth has a market value of $2 billion, which is less than the $2.2 billion of cash it holds. Litt threatens to take matters directly to shareholders if the company does not comply. [Extracted from the article]

EQT Corp. has reached a $5.5 billion deal to acquire Equitrans Midstream in an all-stock transaction. The goal of the deal is to create a vertically integrated natural-gas provider. Each outstanding share of Equitrans common stock will be exchanged for 0.3504 share of EQT stock, with the combined company expected to be valued at over $35 billion. The merger will allow EQT to reduce costs and deliver cheaper, more reliable, and cleaner energy. The headquarters of the combined company will be in Pittsburgh. [Extracted from the article]

Advance Auto Parts, an auto-parts maker, has reached a settlement with activist hedge fund Third Point, led by Dan Loeb. As part of the settlement, three new directors will be added to Advance Auto Parts' board. The company has been underperforming compared to its peers, AutoZone and O'Reilly Automotive, with its shares down around 40% over the past year. Third Point approached Advance Auto Parts to add directors with industry experience to its board, and the fund supports the company's CEO, Shane O'Kelly. Advance Auto Parts operates thousands of stores and branches and had previously reached a settlement with activist investor Starboard Value in 2015. [Extracted from the article]

Investor group Arkhouse Management and Brigade Capital Management have increased their bid to acquire Macy's stock to $24 per share, or $6.6 billion. This offer represents a 33% premium to Macy's closing share price on Friday. Macy's, which had previously rejected a lower bid, confirmed that it received the new proposal and will review it. The investors already have a significant stake in Macy's and have nominated candidates to the company's board. Macy's, like other department-store chains, has faced challenges from competition and changing consumer behavior. The company is currently undergoing a transformation under its new CEO, Tony Spring, who plans to close underperforming stores and upgrade remaining locations. However, analysts remain skeptical about the company's ability to overcome these challenges, with concerns about competition from e-commerce giant Amazon and off-price retailers. While a takeover is not guaranteed, Arkhouse and Brigade have secured financing for the deal and are open to increasing their bid further. [Extracted from the article]

Investment firm MNC Capital Partners has made an unsolicited bid to acquire sporting goods and ammunition maker Vista Outdoor for $2.9 billion, including debt. The bid, which values Vista at $35 per share in cash, is being reviewed by Vista's board. MNC Capital Partners believes its offer is superior to Vista's previously announced plans to sell its sporting goods business to Czech defense company Czechoslovak Group. The investment firm's proposal aims to keep the sporting products business and national security assets under U.S. ownership, eliminating the need for a Cfius review. [Extracted from the article]

Boeing is in talks to acquire Spirit AeroSystems, a troubled supplier that manufactures fuselages for the 737 MAX jets. Spirit has been dealing with production issues that have affected Boeing's production. The company has hired bankers to explore strategic options and has had preliminary discussions with Boeing. Spirit is also considering selling its operations in Ireland that make parts for Airbus. The potential deal between Boeing and Spirit could strengthen aviation safety and improve quality. Spirit's share price has dropped significantly in recent years, but it jumped 15% after news of the merger discussions. Boeing and Spirit have faced pressure from airline customers and regulators to address quality issues. Boeing CEO Dave Calhoun has softened his stance on acquiring Spirit, and a deal would be a strategic reversal for Boeing. Spirit has struggled financially and received a cash infusion from Boeing last year. Acquiring Spirit would require Boeing to address its own quality-control systems, which have been questioned by regulators. [Extracted from the article]

Cox Enterprises is acquiring OpenGov, a software provider for cities and state agencies, in a deal worth $1.8 billion. OpenGov's software platform helps with budgeting, accounting, asset management, and other local-government needs. Cox, a family-owned communications and automotive services provider, already held a minority stake in OpenGov and will now own the rest of the company. OpenGov's management and employees will continue to lead the company under Cox's ownership. The acquisition will enable OpenGov to accelerate product development, make more acquisitions, and address challenges such as cyber attacks and a talent gap in the workforce. [Extracted from the article]

Norfolk Southern, a major railroad operator in North America, is seeking to defend itself against a shareholder-activist group that is attempting to shake up the company's board and replace the CEO. The company has proposed two new director candidates, including the former CEO of Amtrak and Delta Air Lines, in response to the investor group's campaign. Norfolk Southern believes that the activist group's strategy is shortsighted and could jeopardize recent progress made by the company. The battle at Norfolk Southern is one of several proxy fights happening this spring as activists target various companies. [Extracted from the article]

Ted Miller, the co-founder and former CEO of Crown Castle, is seeking board seats at the company. He has nominated himself and three others, including his son-in-law, for the positions. Crown Castle is a major owner of wireless-communications towers and rents them out to wireless carriers. Miller, who left the company in 2002, hopes to return as executive chairman and wants the company to sell its fiber business. This move comes after activist investor Elliott Investment Management called for changes at Crown Castle, resulting in the resignation of the CEO and the addition of new directors. [Extracted from the article]

Two activist hedge funds, Trian Fund Management and Blackwells Capital, are engaged in a shareholder fight with Walt Disney to gain spots on its board and challenge the strategy of CEO Bob Iger. The three parties could spend over $70 million ahead of an April 3 shareholder vote, with the high costs attributed to the large number of individual investors who own a significant portion of Disney's stock. The proxy fight centers around disagreements over Disney's strategy and how to improve the company's stock price. The outcome of the fight will also test the newly implemented universal proxy card, which allows shareholders to mix and match candidates. [Extracted from the article]

Diamondback Energy and Endeavor Energy Resources are finalizing a merger that would create an oil-and-gas company worth over $50 billion. Diamondback, based in Midland, Texas, is expected to announce the deal with Endeavor soon. The merger would value Endeavor at around $25 billion, and Diamondback shareholders would own the majority of the combined company. This consolidation in the energy sector is driven by higher oil prices and a rush to acquire prime acreage. The Permian Basin, where Endeavor operates, is the largest oil patch in the US. [Extracted from the article]

Activist investor Barington Capital has acquired a stake in Mattel and is urging the toymaker to make changes to improve its stock performance. Barington is calling for strategic alternatives for Mattel's Fisher-Price and American Girl businesses, a halt to excessive stock-based compensation, and a $2 billion share-buyback plan. The investor also wants Mattel to separate the CEO and chairman roles. Mattel is reviewing Barington's letter and has stated that it looks forward to engaging with the investor. There is no guarantee that Barington's campaign will be successful. [Extracted from the article]

An investor group led by Ancora Holdings has acquired a $1 billion stake in Norfolk Southern, a railroad operator, and plans to launch a proxy fight to overhaul the company's board and replace its CEO, Alan Shaw. The group has nominated a majority slate of directors, including former Ohio Gov. John Kasich, to take control of the board and make changes to boost the company's stock, which has declined in recent years. Norfolk Southern has faced challenges such as declining demand and safety concerns, and other hedge funds have also been building stakes in the company. Ancora Holdings has a track record of successful boardroom battles and has previously won board seats at other companies. [Extracted from the article]

Swiss building-materials company Holcim has announced plans to separate its North America business, which is valued at over $30 billion. The company aims to take its North American business public in the US in the first half of 2025, allowing investors to value the operation separately from the parent company's divisions in other regions. Holcim also plans to increase annual sales of the North America business from $11 billion to over $20 billion by 2030. The decision to separate the business comes as increased government spending on infrastructure in the US has boosted companies in the building-products sector. [Extracted from the article]

Willscot Mobile Mini Holdings is planning a cash-and-stock deal to acquire McGrath RentCorp in a deal worth over $3 billion. Willscot Mobile Mini leases out portable buildings and storage containers, while McGrath rents and sells modular buildings. The deal is expected to be announced soon and would allow Willscot Mobile Mini to take advantage of the growing demand for rental units. This acquisition is part of a trend of consolidation in the industrial sector driven by increased infrastructure spending. [Extracted from the article]

An investor group, Arkhouse Management and Brigade Capital Management, has threatened to take its $5.8 billion bid to buy Macy's to shareholders if deal talks with the department-store chain do not progress. The group submitted a proposal to acquire all outstanding Macy's common stock for $21 a share. Macy's stock initially surged but has since declined. Macy's rejected the offer, stating that it does not provide compelling value to shareholders. Arkhouse has expressed its willingness to increase its proposal and engage directly with stockholders to achieve its goal of acquiring Macy's. The window for shareholder nominations at Macy's is open until February 19. Macy's is expected to provide more details on its new strategy under incoming Chief Executive Tony Spring in the coming weeks. [Extracted from the article]

France's national lottery operator, La Francaise des Jeux (FDJ), has agreed to acquire Kindred Group, a Swedish online gambling company, for $2.7 billion. The deal will create one of Europe's largest online gambling companies and will accelerate FDJ's plans for international expansion. Kindred oversees nine gambling brands, including Unibet, and the acquisition will expand FDJ's operations in several European markets, as well as in Australia. The deal was supported by major shareholders, including Corvex Management, which had called for the possible sale of Kindred. [Extracted from the article]

Novartis, a Swiss pharmaceutical company, has decided to back away from its pursuit of Cytokinetics, a heart-drug developer based in South San Francisco. Novartis had been expected to reach an agreement to purchase Cytokinetics, but the deal fell through in the past day or two. Cytokinetics, which focuses on muscle activators and inhibitors for treating debilitating diseases, had seen a surge in its stock value after successful data for its experimental heart drug. Novartis faces declining revenue in the future and is primarily focused on acquiring assets worth less than $5 billion. [Extracted from the article]

Elliott Investment Management has acquired a $1 billion stake in Match Group, the parent company of popular dating platforms Tinder and Hinge. Elliott plans to meet with Match to discuss strategies for improving the company's performance. Match's stock has been struggling recently due to a decline in paying customers and other factors. Elliott is known for its activism in the tech industry and has previously pushed for changes at companies like Salesforce and Pinterest. [Extracted from the article]

Novartis, a Swiss pharmaceutical company, is in advanced talks to acquire Cytokinetics, a biotech company based in South San Francisco. The acquisition, valued at over $10 billion, could be completed as early as this week. Cytokinetics specializes in muscle activators and inhibitors for the treatment of debilitating diseases. The potential purchase comes as pharmaceutical giants seek to replenish their pipelines by acquiring fast-growing biotech companies. Novartis, facing declining revenue in the future, sees Cytokinetics' cardiomyopathy therapy as a complement to its existing drugs. This deal is part of a recent trend of merger activity in the pharmaceutical industry. [Extracted from the article]

Hewlett Packard Enterprise (HPE) is in advanced talks to acquire Juniper Networks for approximately $13 billion. The deal, which could be announced this week, aims to position HPE, a cloud-services provider, better in the era of artificial intelligence. Juniper, based in Sunnyvale, California, sells communications-network services and equipment and operates an artificial intelligence business called Mist AI. If the deal goes through, it would be one of the largest recent technology takeovers. [Extracted from the article]

Southwestern Energy and Chesapeake Energy are close to finalizing a merger that would create a $17 billion company, making it one of the largest natural-gas producers in the U.S. The deal could be completed as early as next week. Chesapeake, which filed for bankruptcy in 2020, has been focused on reducing debt and solidifying its position in the Haynesville Shale. A merger with Southwestern would strengthen Chesapeake's existing positions in the U.S. Northeast and Louisiana and support its strategy of exporting liquefied natural gas from the Gulf Coast. [Extracted from the article]

Software company Synopsys is in advanced talks to acquire Ansys in a stock-and-cash deal worth around $35 billion. The two companies are in exclusive negotiations, and a deal could be reached as early as next week. Ansys, based in Pennsylvania, develops software used in industries such as aerospace and healthcare, while Synopsys, based in California, creates software for designing and testing silicon chips. This acquisition would allow Synopsys to offer certain solutions around simulation and analysis that it previously couldn't provide. [Extracted from the article]

Advent International is reportedly in talks to acquire Fisher Investments, a money-management firm founded by billionaire Ken Fisher. However, Fisher Investments has denied these reports, stating that they are not being bought by Advent International or anyone else. Fisher Investments currently manages $205 billion in assets and serves a variety of clients, including pension funds, governments, and college endowments. The firm faced controversy in 2019 when Fisher made inappropriate comments at a conference, leading some clients to withdraw their investments. Advent International, a Boston-based firm, had $92 billion in assets under management as of June 30, 2023. Private equity deal activity has seen a decline in recent years, but industry insiders are hopeful for a rebound in 2024. [Extracted from the article]