In response to a pair of competing takeover bids, Linklaters won the mandate to advise the target Bovis Homes, taking the role from regular adviser Freshfields Bruckhaus Deringer.
CMS Cameron McKenna advised prospective buyer Galliford Try, while Slaughter and May won a place acting for rival bidder Redrow.
FTSE 250 housebuilder Bovis picked Linklaters, with a team led by partners Nick Garland and Iain Fenn, despite its usual role as the lead adviser on corporate matters for Redrow, which chose Slaughters to advise it on its takeover bid.
Slaughters’ team was led by Martin Hattrell with support from Sally Wokes, Ed Fife, Bertrand Louveaux, Dominic Robertson and newly-promoted partner Kerry O’Connell.
Camerons head of equity capital markets Gary Green and corporate partner James Parkes advised Galliford in its takeover attempt, which would have created a UK housebuilder with a market value of £2.5bn.
The firm has advised Galliford on several key mandates, including a £125m rights issue in 2009, its £245m takeover of Linden Homes in 2007, and the acquisitions of Chartdale and Morrison Construction.
Bovis confirmed on 12 March that it had received written preliminary merger proposals from Galliford and Redrow, but had rejected both.
A deadline was set of 9 April for further bids, however Redrow did not proceed with a further offer and Galliford pulled out of talks.
On the adviser switch, one City partner close to the deal told Legal Business: ‘The reality was intriguing. It’s odd that Linklaters moved from Redrow.
‘I don’t know if there will be more consolidation among housebuilders. It was seen as opportunistic. Bovis was without its chief executive and unable to make returns.’
Bovis had seen a profits dive earlier in the year and issued a warning to shareholders. The company is also set to pay out £7m to repair poorly-built homes sold to customers.
The last major residential real estate deal in the UK saw George Wimpey and Taylor Woodrow agree to merge in 2007, creating a UK housebuilder worth £5bn.
Freshfields declined to comment.
matthew.field@legalease.co.uk