Your daily dose of financial news - The Brief – 8.22.16

by Robins Kaplan LLP
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Pfizer’s reportedly reached an agreement to purchase Medivation—a biotech firm known for its prostate-cancer drug Xtandi—in what’s anticipated to be a $14 billion deal – WSJ and Bloomberg

Valeant’s hiring Zoetis’ Paul Herendeen as its new CFO as part of a continued effort to get back on track under the watchful eye of Bill Ackman – WSJ and NYTimes

So here’s a little reversal of our normal  M&A story: Lyft wants someone to buy it [hey GM, hint, hint], but no one’s taking the bait – NYTimes

Buckle up folks, because the Fed’s doing its part to signal markets that a 2016 rate hike is definitely on the table – Bloomberg and Marketwatch

Rent-to-own homes are the latest attempt to open the housing market to the typically subprime set, and their “as is” status has left more than a few tenants holding the bag for major repairs – NYTimes

JPMorgan is set to receive a $645 million payout from the FDIC to resolve indemnification claims concerning JPM’s 2008 purchase of WaMu – Law360

The SEC’s opened an inquiry into Hampton Creek in response to a Bloomberg report that the Just Mayo maker used undercover contractors to purchase its non-egg mayonnaise product in bulk not long before HC raised $90 million from VCs and other private investors – NYTimes

Bank debt as a security?  That’s part of the dicta in a bankruptcy court holding in the General Motors preference litigation that could have wide-reaching effects in the industry.  Some [slightly insider] analysis here – Law360

ChemChina’s $43 billion bid to acquire Syngenta has received an official stamp of approval [or at least, acquiescence] from US regulators – NYTimes and WSJ

Here’s a pretty nifty recap of the just-closed Rio games, including a certain current that seemed to run through just about all of its top stories – NYTimes

Shinzo as Mario didn’t make it, by the way.  But it definitely merits its own entry – WSJ

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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