Skadden, Arps, Slate, Meagher & Flom

Swords to Plowshares Hosts 27th Annual Veterans Day Celebration

Retrieved on: 
Tuesday, November 7, 2023

“The Veterans Day Celebration provides an opportunity for us to reflect on our work.

Key Points: 
  • “The Veterans Day Celebration provides an opportunity for us to reflect on our work.
  • This year we have a lot to celebrate – we expanded our supportive services to target the needs of aging veterans and opened a new housing site for previously unhoused veterans,” said Michael Blecker, Executive Director of Swords to Plowshares.
  • “On this 2023 Veterans Day, we extend our gratitude to our veterans who have indispensable qualities and skills that benefit all of our communities throughout California," stated Secretary Sin, a U.S. Navy veteran.
  • This is what motivates CalVet staff every single day of the year, and we are glad to partner with Swords to Plowshares in this vital work.”
    Swords to Plowshares is proud to honor Jessie Kohgadai with this year’s Profiles of Courage Award.

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Myovant Sciences, Ltd. - MYOV

Retrieved on: 
Sunday, November 5, 2023

NEW YORK, Nov. 05, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Myovant Sciences, Ltd. (“Myovant” or the “Company”) (NASDAQ: MYOV).

Key Points: 
  • NEW YORK, Nov. 05, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Myovant Sciences, Ltd. (“Myovant” or the “Company”) (NASDAQ: MYOV).
  • Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext.
  • The investigation concerns whether Myovant and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
  • Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions.

Core Specialty to Acquire American Surety Company

Retrieved on: 
Wednesday, November 1, 2023

Core Specialty to establish a new Bond, Credit & Guarantee subsegment, including the recently announced Mortgage Reinsurance Division

Key Points: 
  • Core Specialty to establish a new Bond, Credit & Guarantee subsegment, including the recently announced Mortgage Reinsurance Division
    CINCINNATI, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) and Eighth Amendment Holdings, Inc. (the parent company of American Surety Company (“ASC”) and Underwriters Surety, Inc. (“USI” and, together with ASC, “American Surety”), announced today the signing of a purchase agreement whereby Core Specialty will acquire American Surety in a stock and cash transaction.
  • American Surety will bring Core Specialty over 30 years of surety expertise, as well as a Treasury-listing providing access to additional bonding opportunities.
  • Upon closing, American Surety will become the new Core Specialty Surety Division with two initial product lines: bail bonds and commercial surety bonds.
  • American Surety shareholders will receive a combination of cash at closing, plus an opportunity to earn shares of Core Specialty.

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Myovant Sciences, Ltd. - MYOV

Retrieved on: 
Friday, October 27, 2023

NEW YORK, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Myovant Sciences, Ltd. (“Myovant” or the “Company”) (NASDAQ: MYOV).

Key Points: 
  • NEW YORK, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Myovant Sciences, Ltd. (“Myovant” or the “Company”) (NASDAQ: MYOV).
  • Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext.
  • The investigation concerns whether Myovant and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
  • Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions.

Orum Therapeutics Announces Acquisition of ORM-6151 Program by Bristol Myers Squibb

Retrieved on: 
Monday, November 6, 2023

Orum Therapeutics (“Orum”), a clinical-stage private biotechnology company pioneering Dual-Precision Targeted Protein Degradation (TPD² ™) and Targeted Protein Stabilization (TPS² ™), today announced that they have entered into a definitive agreement under which Bristol Myers Squibb has acquired Orum’s ORM-6151 program.

Key Points: 
  • Orum Therapeutics (“Orum”), a clinical-stage private biotechnology company pioneering Dual-Precision Targeted Protein Degradation (TPD² ™) and Targeted Protein Stabilization (TPS² ™), today announced that they have entered into a definitive agreement under which Bristol Myers Squibb has acquired Orum’s ORM-6151 program.
  • ORM-6151 is a first-in-class, anti-CD33 antibody-enabled GSPT1 degrader that has received the FDA’s clearance for Phase 1 for the treatment of patients with acute myeloid leukemia or high-risk myelodysplastic syndromes.
  • “We are excited that Bristol Myers Squibb has acquired our ORM-6151 program with proprietary GSPT1 degraders, first-in-class targeted protein degraders with the potential to make an impact for patients with cancer.”
    Under this transaction, Bristol Myers Squibb has acquired Orum’s ORM-6151 program for an upfront payment of $100 million, and Orum Therapeutics is eligible to receive milestone payments for a total deal value of $180 million.
  • Perella Weinberg Partners acted as financial advisor, and Sterne Kessler Goldstein & Fox, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Orum Therapeutics.

Travelers to Acquire Corvus Insurance

Retrieved on: 
Friday, November 3, 2023

The Travelers Companies, Inc. (NYSE: TRV ) today announced that it has agreed to acquire Corvus Insurance Holdings, Inc. for approximately $435 million.

Key Points: 
  • The Travelers Companies, Inc. (NYSE: TRV ) today announced that it has agreed to acquire Corvus Insurance Holdings, Inc. for approximately $435 million.
  • Founded in 2017, Corvus is an industry-leading cyber insurance managing general underwriter, powered by proprietary technology.
  • “Corvus’ expertise in excess and surplus lines for cyber, along with our industry-leading distribution position in the admitted markets, is a powerful combination,” said Jeff Klenk, Executive Vice President and President of Bond & Specialty Insurance at Travelers.
  • We have a strong working relationship with the Corvus team through our existing cyber capacity arrangements in the United States and Europe, and we are thrilled to have them join the Travelers family.”
    Madhu Tadikonda, Chief Executive Officer of Corvus, said, “At Corvus we have been building a safer world through cyber insurance products and digital tools that reduce risk and improve resilience for policyholders.

Western Digital to Form Two Independent Public Companies Focused on Data Storage Growth in HDD and Flash Markets

Retrieved on: 
Monday, October 30, 2023

Western Digital Corp. (NASDAQ: WDC) (“Western Digital” or “the Company”) today announced its Board of Directors has unanimously approved a plan to separate its HDD and Flash businesses.

Key Points: 
  • Western Digital Corp. (NASDAQ: WDC) (“Western Digital” or “the Company”) today announced its Board of Directors has unanimously approved a plan to separate its HDD and Flash businesses.
  • The separation is intended to be structured in a tax-free manner and is targeted for the second half of calendar year 2024.
  • “Our HDD and Flash businesses are both well positioned to capitalize on the data storage industry’s significant market dynamics, and as separate companies, each will have the strategic focus and resources to pursue opportunities in their respective markets.
  • Importantly, separating these franchises will unlock significant value for Western Digital shareholders, allowing them to participate in the upside of two industry leaders with distinct growth and investment profiles,” said David Goeckeler, CEO, Western Digital.

IFF Announces Clariant Has Agreed to Purchase IFF’s Cosmetic Ingredients Business Unit

Retrieved on: 
Monday, October 30, 2023

IFF (NYSE: IFF) today announced that Clariant—a sustainably focused specialty chemical company—has agreed to purchase IFF’s Cosmetic Ingredients business unit for $810 million.

Key Points: 
  • IFF (NYSE: IFF) today announced that Clariant—a sustainably focused specialty chemical company—has agreed to purchase IFF’s Cosmetic Ingredients business unit for $810 million.
  • Reporting through IFF’s Scent division, IFF’s Cosmetic Ingredients business unit develops, manufactures and markets innovative ingredients for the cosmetic and personal care industry, including active ingredients, functional ingredients and delivery systems, primarily through the Lucas Meyer Cosmetics brand.
  • “Aligned with our best-owner mindset, the proposed sale of our Cosmetic Ingredients business to Clariant will allow us to focus on our core businesses, maximizing growth and returns.
  • We are convinced that Clariant is the best owner for the Cosmetic Ingredients business and with an ability to invest, will offer the business and our colleagues a bright future.”
    IFF’s Cosmetic Ingredients business unit includes the Lucas Meyers Cosmetics and IBR brands and operates six research and development and/or production sites globally.

Rithm Capital Corp. Enters into Amended Merger Agreement to Acquire Sculptor Capital Management For $12.70 Per Sculptor Class A Share

Retrieved on: 
Friday, October 27, 2023

Rithm Capital Corp. (NYSE: RITM; “Rithm”) and Sculptor Capital Management Inc. (NYSE: SCU; “Sculptor”) today announced they have amended the terms of their previously announced definitive merger agreement (the “Amended Agreement”), pursuant to which Rithm will acquire Sculptor.

Key Points: 
  • Rithm Capital Corp. (NYSE: RITM; “Rithm”) and Sculptor Capital Management Inc. (NYSE: SCU; “Sculptor”) today announced they have amended the terms of their previously announced definitive merger agreement (the “Amended Agreement”), pursuant to which Rithm will acquire Sculptor.
  • The Transaction represents a premium of 49.4% over the unaffected November 17, 2022, closing Class A share price of $8.50.
  • Michael Nierenberg, Chairman, Chief Executive Officer and President of Rithm stated, “We remain thrilled to partner with Sculptor and thank Dan and the other founders for their support of Rithm’s amended agreement.
  • J.P. Morgan Securities LLC acted as financial advisor and Ropes & Gray LLP acted as legal counsel to Sculptor.

Apollo to provide up to EUR 1.5 billion High Grade Capital Solution to an Air France-KLM operating affiliate supported by commercial partner contracts of its Flying Blue loyalty program

Retrieved on: 
Thursday, October 26, 2023

Air France-KLM has committed to spend €100 million in sustainable aviation fuel over the next four years.

Key Points: 
  • Air France-KLM has committed to spend €100 million in sustainable aviation fuel over the next four years.
  • The inaugural European loyalty program financing transaction will provide Air France-KLM with a capital solution to further strengthen its balance sheet and enhance Flying Blue’s scalability and growth prospects.
  • This financing is the third transaction between Apollo and Air France-KLM within the last 18 months.
  • Apollo Partner Jamshid Ehsani said, “Apollo is pleased to continue to serve as a capital partner to Air France-KLM.