Cravath’s London Office Moves to 100 Cheapside
Cravath partner Mark I. Greene spoke at Stanford Law School’s 26th Annual Directors’ College, which was hosted virtually from June 21‑24, 2021. The annual program provides a premier executive education program for directors and senior executives of publicly traded firms, and Mark spoke as part of the “Mergers & Acquisitions” session, discussing best practices for corporations in M&A strategy and implementation as both buyers and sellers. The session explored current at‑market bidding practices, a director’s fiduciary responsibilities in M&A transactions, implications of shareholder activism, the importance of Delaware’s reliance on independent committees and majority of minority approval in M&A and how boards can build a record to withstand litigation scrutiny.
Deals & Cases
March 19, 2021
On March 19, 2021, Corteva, Inc. announced an agreement with Starboard Value LP and its affiliates (“Starboard”), pursuant to which three new independent directors proposed by Starboard will join Corteva’s Board of Directors (the “Board”), effective immediately, each with terms expiring at the company’s upcoming 2021 Annual Meeting of Stockholders (“2021 Annual Meeting”), currently scheduled to be held on May 7, 2021. The company has also agreed to nominate the three new independent directors for election as directors at the 2021 Annual Meeting. As a result of the agreement between Starboard and Corteva, Starboard will withdraw its director nominations previously submitted to Corteva and will support the Board’s full slate of directors at the 2021 Annual Meeting. Starboard also agreed to abide by customary standstill provisions and voting commitments. Cravath is representing Corteva in connection with the agreement.
Deals & Cases
March 18, 2021
On March 18, 2021, National Grid plc (“National Grid”) announced that it has agreed to acquire Western Power Distribution, the UK’s largest electricity distribution business, from PPL Corporation (“PPL”) for an equity value of £7.8 billion, and that National Grid has agreed to sell The Narragansett Electric Company, Rhode Island’s largest electricity transmission and distribution service provider, to PPL for an equity value of $3.8 billion. Cravath is representing National Grid in connection with the transactions.
Deals & Cases
March 10, 2021
On March 10, 2021, AerCap Holdings N.V. (“AerCap”), a global leader in aircraft leasing, announced that it has entered into a definitive agreement with General Electric (“GE”) under which AerCap will acquire 100% of GE Capital Aviation Services, a GE business. Under the terms of the agreement, which has been unanimously approved by the boards of directors of AerCap and GE, GE will receive 111.5 million newly issued AerCap shares, $24 billion of cash and $1 billion of AerCap notes and/or cash. Cravath is representing AerCap in connection with the transaction.
Deals & Cases
February 25, 2021
Cravath represented Robinhood in connection with its $3.4 billion capital raise in the first quarter of 2021, which Robinhood used to continue to invest in customer growth. Robinhood’s mission is to democratize finance for all, and it offers commission‑free investing and other financial services.
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