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Recently in Mergers & Acquisitions Category

For in house and general counsel, mergers and acquisitions can be really big deals, and not just in the literal sense that the process requires stacks of paper and money that could fill a large room.

During 2018, there were some really big mergers and a few really big merger fails. Below you can check out three of the biggest fails and wins.

Nexstar Offers to Buy Chicago's Tribune Media for More Than $4B

Nexstar Media Group has offered to buy Tribune Media Co. for $4.1 billion, a cash deal that will make Nexstar the biggest owner of local television stations in the United States.

Of course, the proposed acquisition must be approved by regulators who chased off Tribune's last suitor. The company withdrew from merging with Sinclair Broadcast Group in August after the Federal Communications Commission put too much regulatory pressure on the businesses.

It may work out better for Tribune in the end, however. In the three months since the Sinclair deal fell apart, the company got a Nexstar offer worth about $200 million more.

MGM Resorts Eyes Merger With Caesars Entertainment

When MGM Resorts hired law firm Weil, Gotshal & Magnes, investors at Caesars Entertainment were ready to gamble.

Caesars had rejected a merger offer from Golden Nugget Casinos last year, and then announced its chief executive officer was stepping down this February. Now the lawyers are in the house.

It means that either the casinos are in trouble, or they are going to double down on a new deal. Investors are betting on a merger.

DOJ Approves CVS-Aetna Merger, but Major Hurdles Remain

Approval of the CVS-Aetna merger should have been good news for the companies; then CVS abruptly lost $6 billion in market capital.

Investors were apparently concerned about potential earnings and efficiency in the merged companies, but there was a bigger problem. The stock market itself crashed, falling to its lowest start for an October in ten years.

They say timing is everything, and these are rough times for the CVS-Aetna merger. Federal regulators have approved the deal, but there are major hurdles ahead.

The $3.9 Billion Acquisition That Couldn't

Maybe there will be a meme someday about how Sinclair Broadcast Group tried to buy Tribune Media.

If the $3.9 billion offer had succeeded, it reportedly would have created a broadcast group with access to 72 percent of U.S. households. Sinclair was a freight train on a mission.

But it takes more than wishful thinking to get somewhere in mergers and acquisitions. In this case, the Federal Communications Commission threw down an impassable barrier on the Sinclair railroad.

Comcast Backs Off Fox, Disney Closes In

Comcast has pulled out of bidding for 21st Century Fox, leaving Disney to close on its offer to buy the media properties for $71.3 billion in cash and stock.

Comcast had last offered $65 million in cash, but Fox moved forward with the Disney deal. Shareholders are set to meet on July 27 to vote on it.

There are details to work out, but the Justice Department has already approved the merger. If this were an auction, the gavel would becoming down about now.

Fox Shareholder Sues Over Disney Merger

A 21st Century Fox shareholder filed suit to stop Disney's purchase of the company's studio assets, alleging false financial projections about the proposed acquisition.

In a putative class-action filed in Delaware, Robert Weiss claims a proxy statement omits or misrepresents financials and valuations in the deal. His complaint focuses on projections for Hulu and earnings for European broadcaster Sky.

In the meantime, Fox shareholders are set to meet on whether to accept Disney's offer. With $71.3 billion on the table, it should have been an easy decision.

Fox Sets Date to Vote on Merger With Disney

Wait, what? Fox is merging with Disney?

Does that mean there will be an animated movie featuring Donald Trump and Sean Hannity? Who will be the voice-actors? Will it be rated P-13?

Lighten up, everybody, it's Friday somewhere. Besides, some of the rumors about the deal are true.

CVS to Buy Aetna for $69 Billion

If you thought you saw this movie before, it was actually in a different universe.

A long time ago in a galaxy far, far away, Aetna announced that it bought Humana for about $37 billion. That was before a black-robed judge shot the deal down.

Now CVS is buying Aetna in a $69 billion merger. That's what's playing now, and it's probably not a sequel.

Trump Administration Sues to Block Time Warner Merger

Did you see the photobomb behind the AT&T-Time Warner deal?

President Trump tweeted it earlier this year. The fake video shows him pouncing on a CNN-faced victim at a wrestling event.

Strangely, it's the backstory to the proposed merger and is more interesting than the news. The Department of Justice has filed a lawsuit to block the deal, and CNN is being dragged into the fight.