Law Firm News

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Law Firm News

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Greenberg Traurig, LLP

Greenberg Traurig's Christopher Neumann Awarded Prestigious Marshall Memorial Fellowship
Chris Neumann, shareholder in the Denver office of international law firm Greenberg Traurig LLP, has been selected as an American Marshall Memorial Fellow. Neumann is one of 57 individuals chosen nationwide for this exclusive program which aims to provide these American leaders in the public and private sectors with firsthand experience of European institutions, culture, and society. As an American Marshall Memorial Fellow, Neumann will travel to Europe this fall for a three-week expedition designed to deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans and Europeans.

The Fellowship Program was instituted in 1982 by the German Marshall Fund of the U.S. Its goal is to educate the next generation of American and European leaders on the importance of the transatlantic relationship and to encourage them to work collaboratively on a range of international and domestic policy challenges. Fellows are selected through a competitive nationwide process and come from government, media, business, and the non-profit sector.

Throughout his extensive tour of Europe, Neumann will take part in a variety of discussions, meetings and site visits designed to paint a detailed picture of the economic, political and social issues facing Europe today. Upon his return to the United States, Neumann will join a network of more than 800 European and American alumni who continue to actively participate in various programs sponsored by the German Marshall Fund.

"Greenberg Traurig is very pleased with Chris's appointment,” said David Palmer, Managing Shareholder of the Denver office. "The MMF program brings together the best and the brightest from across the United States, and gives them a unique opportunity to explore Europe and the challenges of the transatlantic relationship. I am confident his active participation as an alumni of the program will provide ongoing opportunities to make a difference in this arena.

04-05-2007

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Thacher Proffitt & Wood LLP

Thacher Proffitt Represented First Morris Bank & Trust
Charles R. Berman, Christian H. Chandler, Matthew Dyckman, Cynthia D. Mann, Katrina G. Wilson
Thacher Proffitt was mentioned in a news listing regarding Provident Finanical Services acquiring First Morris Bank & Trust in a $124 million stock and cash transaction. Thacher Proffitt advised First Morris.

04-05-2007

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Simpson, Thacher & Bartlett, LLP

Simpson Thacher Represents ENEL S.p.A. in Unsolicited Bid for 100% of the Share Capital of Endesa, S.A. Valued at over €43.4 Billion ($57.9 Billion)
The firm is representing ENEL S.p.A., Italy’s largest power company, in connection with its unsolicited joint bid with Acciona, S.A., a Spanish infrastructure and construction company, for 100% of the share capital of Endesa, S.A., Spain’s largest power company. On April 3, 2007, ENEL and Acciona agreed with E.ON AG, Germany’s largest power company, E.ON’s withdrawal from the 18-month takeover contest for Endesa. This agreement with E.ON contemplates a joint tender offer by ENEL and Acciona for 100% of the share capital of Endesa at no less than €41 per share, which values Endesa at more than €43.4 billion ($57.9 billion). The shares of Endesa are listed on the Spanish, Chilean and New York stock exchanges.

The Simpson Thacher team includes Michael Wolfson, Alan Klein, Todd Crider, Álvaro Membrillera and Jenny Marsh (corporate), and Mark Cunha, James Gamble, David Elbaum, William Regan, Sara Ricciardi, Tinuade Awe, Sun Choi, Amy Machado and Marisa Sarig (litigation).

04-05-2007

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Simpson, Thacher & Bartlett, LLP

Simpson Thacher Advising KKR in $29 Billion Acquisition of First Data
Simpson Thacher is representing Kohlberg Kravis Roberts & Co. in connection with its proposed acquisition of First Data Corporation in a transaction valued at approximately $29 billion. First Data is a leading provider of electronic commerce and payment solutions for businesses worldwide. Under the terms of the deal, First Data shareholders will receive $34 in cash for each share of First Data common stock they hold. This is among the top five announced LBO transactions to date.

The Simpson Thacher team working on this deal includes: Gary Horowitz, Lee Meyerson, Sean Rodgers, Chris May, Ian Ho and Rhett Van Syoc (M&A); James Cross, Melissa Hutson and Sean Murphy (Credit); Richard Fenyes (Capital Markets); Steve Todrys and Shari Silverman (Tax); Andrea Wahlquist, Andy O'Brien and Beth Understahl (Employee Benefits); and Joe Tringali, Michael Naughton and Jonathan Parker (Antitrust).

04-05-2007

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Proskauer & Rose, LLP

Proskauer Rose Wins Important Decision for MetLife Granting Securities Firms Absolute Privilege on U-5 Forms
Proskauer Rose LLP, an international law firm with over 700 lawyers worldwide, has won an important victory in the New York Court of Appeals on behalf of client MetLife, Inc. In its decision in Rosenberg v. MetLife, Inc., the Court held that statements made by a securities firm on a Uniform Termination Notice for Securities Industry Registration (U-5 form) are subject to an absolute privilege and therefore cannot be the subject of a suit for defamation brought by the terminated employee. The case was brought against MetLife by a former insurance salesman who alleged defamation, among other charges, based on statements made by MetLife on his U-5 form.

"New York employers in the securities sector no longer need to fear the costly defamation litigation that often accompanies the filing of a U-5 form," said Steven E. Obus, partner in Proskauer's Litigation and Dispute Resolution Department, who served as lead attorney on the case. "The U-5 form is central to the National Association of Securities Dealers' enforcement process and this decision will encourage candor among securities firms."

In oral argument before the New York Court of Appeals on February 13, Mr. Obus argued on behalf of MetLife that statements in a U-5 form are made in the context of a quasi-judicial proceeding and therefore subject to absolute privilege. In addition, the firm argued that the application of an absolute privilege ensures full and accurate disclosure, thus serving the significant public interest of protecting investors from potentially unscrupulous brokers. The Court agreed, ruling that the interest in ensuring accurate reporting of the reasons for the termination of registered representatives justifies the need for the application of an absolute - as opposed to qualified - privilege.

Proskauer's victory in this case demonstrates the strength of the firm's interdisciplinary approach. By bringing together strong capabilities in securities litigation and labor and employment law, the team representing MetLife, which included Mr. Obus, Steven Yarusinsky, Steven H. Holinstat, and Patrick J. Lamparello, was able to secure a favorable result in this important matter.

Proskauer's Litigation and Dispute Resolution Department is comprised of over 200 lawyers and its Labor and Employment Department is comprised of nearly 175 lawyers, all practicing from the firm's offices in New York City, Los Angeles, Washington, Boston, Boca Raton, Newark, New Orleans and Paris. Proskauer practices in a wide range of forums across the nation and abroad including federal and state courts, administrative and regulatory agencies, and national and international arbitral tribunals.

04-05-2007

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Morrison & Foerster, LLP

Morrison & Foerster Advises African Lakes in Sale of African Online Limited
A team of lawyers from the London office of Morrison & Foerster has advised The African Lakes Corporation (“ALC”), one of the oldest trading companies in Africa, in relation to the disposal of subsidiary Africa Online Limited (“AFOL”) to Telkom SA Limited (“Telekom”).

The sale is the culmination of a complex and politically-charged hostile takeover, which raised several questions relating to the interpretation of the Takeover Code.

Initial interest in purchasing ALC, which was de-listed from the London Stock Exchange in 2003 and therefore still subject to the Takeover Code, came from the African Telecoms Company Limited (ATC), a Kenyan company. The takeover became hostile after ATC’s formal announcement to the London Stock Exchange of its intention to make a cash offer to acquire ALC was rejected by the board of ALC. ALC’s board resisted the offer in a formal announcement to shareholders stating that there was another potential bidder and it was possible that discussions with this bidder might lead to the announcement of an offer which would generate a better return to ALC shareholders.

The competing bidder was South Africa’s incumbent Telkom who made a proposal to the board of ALC relating only to the purchase of AFOL.

After the completion of the disposal on February 23, 2007, lawyers from Morrison & Foerster are continuing to advise ALC in relation to the company’s voluntary liquidation.

Partner Ed Lukins, who led the transaction for Morrison & Foerster commented, “The deal process lasted over 5 months with several interested parties making offers. In the end we were left with an offer for ALC and an offer to buy out the principal operating subsidiaries [AFOL]. The Company was also subject to a company voluntary arrangement and accordingly the creditors were a very interested party. Evaluating competing but disparate offers in a situation such as this is never an easy matter, particularly with the City Code providing an additional regulatory framework. Despite the deal looking as if it could have gone either way, shareholders would appear to have secured the best financial return by allowing the sale of AFOL to proceed.

04-05-2007

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McDermott Will & Emery

McDermott Ranks Among Top 20 Legal Advisors for M&A Deal Volume
McDermott Will & Emery ranked among the top 20 M&A legal advisors in several first quarter deal tables, including Bloomberg (Global Legal M&A and Global Financial M&A), Thomson Financial (Worldwide Rankings for M&A/Legal Advisors and Americas Rankings for M&A/Legal Advisors) and Mergermarket (Global M&A, North American M&A, Global Top Deals and North America Top Deals). The legal advisers ranking is based on aggregated deal volume of announced transactions from January 1, 2007 to March 31, 2007.

Among the deals announced, McDermott represented Morgan Stanley & Co. Incorporated in March with respect to its equity commitment in connection with the proposed $45 billion leveraged buy out acquisition of TXU Corp., the Texas energy company. The transaction represents the largest leveraged buyout in history, and put McDermott among the top 10 legal advisors for global utility deals and private equity deals for the first quarter as well.
These rankings reflect the continued momentum of McDermott's M&A practice which for all 2006 was among the top 20 most active practices in the U.S. according to both Bloomberg and Mergermarket.

McDermott Will & Emery's Mergers & Acquisitions Practice Group is a globally integrated team of corporate lawyers providing high-end M&A services to a broad range of clients around the world. We represent clients in both friendly and contested public company acquisitions, proxy contests, stock and asset acquisitions and divestitures and joint ventures. We have extensive experience in complex cross-border transactions and work closely with members of our tax, antitrust and other key practice groups.

04-05-2007

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