British miner Anglo American PLC rejected a last-minute request from BHP Group to extend takeover talks on Wednesday, even though the Australian rival has offered concessions to help sweeten its latest offer of £38.6 billion ($49.3 billion).
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Anglo American Rejects Extension To £38.6B BHP Offer

By Najiyya Budaly

British miner Anglo American PLC rejected a last-minute request from BHP Group to extend takeover talks on Wednesday, even though the Australian rival has offered concessions to help sweeten its latest offer of £38.6 billion ($49.3 billion).

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Royal Mail Owner Accepts £3.6B Bid From Czech Tycoon

By Tom Fish

The owner of Royal Mail, the British national postal service, said on Wednesday that it has agreed to a £3.57 billion ($4.52 billion) cash buyout offer by a conglomerate controlled by Czech billionaire Daniel Křetínský.

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Revolution Bar Chain Schedules Vote For Restructuring Plans

By Najiyya Budaly

Troubled nightlife chain Revolution Bars said on Wednesday that it has scheduled a general meeting for June to allow shareholders to vote on raising £12.5 million ($16 million) in funds so it can move forward with its restructuring plans.

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Goldman Sachs Raises Over $20B For Direct Lending Strategy

By Jade Martinez-Pogue

Goldman Sachs Alternatives, advised by Fried Frank Harris Shriver & Jacobson LLP, revealed Wednesday that it clinched its latest senior direct lending fund after securing $13.1 billion from investors, and that together with other money raised for associated vehicles it has over $20 billion in fresh capital to put toward its direct lending strategy.

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LITIGATION

Italian Airline's Chair Hits Back At €50M 'Revenge' Claim

By Sophia Dourou

The chair of Aeroitalia has urged a London court to throw out a €50 million ($54 million) claim over the Italian airline, arguing he had not agreed to transfer most of his stake in the business to a company claiming to have links with aviation magnate German Efromovich.

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Microsoft's Post-Merger Layoffs Cited In I-Told-You-So Appeal

By Jared Foretek

A private group of gamers is pointing to Microsoft's recent layoffs of 1,900 Activision and XBox employees as evidence of market harms stemming from Microsoft Corp.'s acquisition of Activision Blizzard Inc., as the group seeks to revive a private antitrust suit challenging the merger in the Ninth Circuit.

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Autonomy Founder Pushed Sales Team Hard, Jury Hears

By Bonnie Eslinger

A federal prosecutor cross-examining ex-Autonomy CEO Michael Lynch on Wednesday in a criminal fraud trial over claims the British tech tycoon conned HP into overpaying billions for his software company sought to portray Lynch as an overbearing leader who put intense pressure on his team to generate "revenue revenue revenue."

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M&A

Gibson Dunn, Skadden Guide $3B Merck-EyeBio Deal

By Al Barbarino

Gibson Dunn-led Merck said Wednesday it has agreed to purchase ophthalmology-focused biotech company Eyebiotech Ltd., or EyeBio, which is represented by Skadden, for up to $3 billion.

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Dickson Minto-Led Averon To Pay £167M For Forestry Investor

By Tom Fish

Averon Park Ltd. said Wednesday that its subsidiary has agreed to buy Foresight Sustainable Forestry, a U.K. investment company, for £167 million ($213 million), as the infrastructure owner looks to further diversify its portfolio.

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Hughes Hubbard Steers Publisher On $83M Acquisition Deal

By Irene Madongo

Bloomsbury Publishing PLC said on Wednesday that it has purchased academic publishing business of Rowman & Littlefield, which is based in the U.S., for up to $83 million, advised by Hughes Hubbard & Reed LLP.

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PENSION DEALS

Clifford Chance Guides L&G's £20M Nortel Pension Buyout

By Martin Croucher

The U.K. pension liabilities of defunct Canadian telecom company Nortel Networks Corp., worth £2.5 billion ($3.2 billion), have now been offloaded fully to Legal & General Assurance Society Ltd., the insurer said Tuesday, after a final transaction steered by Travers Smith LLP, Pinsent Masons LLP, Hogan Lovells and Clifford Chance LLP.

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HSF Guides £204M Pension Deal For Telcoms Biz Arqiva

By Joel Poultney

Pension Insurance Corporation PLC said Wednesday it has completed a £204 million ($259.8 million) full buy-in of a retirement savings plan sponsored by telecommunications company Arqiva Ltd., in a deal guided by Herbert Smith Freehills LLP.

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PEOPLE

McDermott Hires Senior Restructuring Pro For London Office

By Tom Fish

McDermott Will & Emery LLP has added a senior consultant to its transactions practice as the firm looks to bolster its ability to advise on cross-border companies in financial distress.

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LAW FIRMS IN TODAY'S NEWS

Alioto Law Firm

Alston & Bird

Baker McKenzie

Bird Marella

Clifford Chance

DLA Piper

Dickson Minto

Erskine Chambers

Fried Frank

Gibson Dunn

Gowling WLG

Herbert Smith Freehills

Hogan Lovells

Hughes Hubbard

James & Reynolds

Joseph Saveri Law Firm

Kirkland & Ellis

Linklaters LLP

McDermott Will & Emery

Paul Weiss

Penningtons Manches

Pinsent Masons

Proskauer Rose

Scott & Corley

Skadden Arps

Slaughter and May

Steptoe LLP

Travers Smith

Weil Gotshal

COMPANIES IN TODAY'S NEWS

Activision Blizzard Inc.

Amazon.com Inc.

Anglo American PLC

Arqiva Ltd.

BHP Group PLC

Deutsche Post

Getty Images Holdings Inc.

HP Inc.

Hewlett Packard Enterprise Co.

JSE Limited

Lloyds Bank PLC

London Stock Exchange Group PLC

Microsoft Corp.

Nortel Networks Corporation

Royal Mail Group PLC

Samsara Inc.

Stifel Financial Corp.

The Goldman Sachs Group Inc.

United Parcel Service Inc.

Willis Towers Watson PLC

GOVERNMENT AGENCIES IN TODAY'S NEWS

Federal Trade Commission

U.S. Attorney's Office for the Northern District of California

U.S. Court of Appeals for the Ninth Circuit

U.S. Department of Justice

U.S. District Court for the Northern District of California