Corporate Team of the Year
For this award, consideration will be given to mergers and acquisitions work, as well as disposals, joint ventures and equity capital markets listings. It is not the value of the deal that will concern judges as much as evidence of outstanding transactional advice and commitment to the client in the context of one exceptional deal.
Advising Lavendon Group on an unsolicited takeover approach from the Belgian company TVH. This led to a takeover battle with rival French group Loxam, which saw the initial bid of 205p a share rise to Loxam’s final successful bid of 270p a share (£427m in total). The firm facilitated each competing offer.
Slaughter and May - HIGHLY COMMENDED
Jonathan Marks, Paul Mudie, Roland Turnill
Slaughter and May advised Standard Life on its £11bn merger with Aberdeen Asset Management, the largest European asset management deal of 2017. The timeline of the merger, given its scale, was one major challenge - Standard Life announced its offer on 6 March and the deal was closed on 14 August, following regulatory approval in 27 jurisdictions.
Freshfields Bruckhaus Deringer
Advising Henderson Group, on its all-share merger with Janus Capital. The transatlantic nature of the deal, with Henderson listed on the LSE and Janus listed on the NYSE, as well as the fact that Janus’ largest shareholder was the Japanese life insurance company Dai-ichi, required an integrated global approach.
Advising IP Group on its hostile takeover of its AIM-listed rival, Touchstone Innovations. Three major Touchstone shareholders wanted to pursue the offer, which resulted in the £490m hostile takeover. Pinsents successfully navigated its client through extensive negotiations with remaining shareholders, while ensuring that a mandatory bid was not triggered while the negotiations were underway.
Skadden, Arps, Slate, Meagher & Flom
Lorenzo Corte, Scott Simpson
Representing Konecranes on its $1.5bn acquisition of Terex Corporation’s material handling and port solutions business. A merger of equals was initially agreed in 2015, but was delayed following a competing bid from Chinese state-owned crane company Zoomlion. This triggered a Force-the-Vote clause in the original merger deal, highlighting US national security and funding risks from the Chinese bid.
Sullivan & Cromwell
Tim Emmerson, Ben Perry, Olivier de Vilmorin
Advising French-listed Elis on its $2.76bn takeover of UK-listed rival Berendsen, which was undergoing an extensive operational restructuring at the time. The transaction was initially announced as a hostile takeover, but after some negotiation, Elis upped its bid and the deal was structured as a scheme of arrangement.