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Ashurst and Clifford Chance have retained their position as preferred legal advisers for Stanley Leisure and Genting respectively, taking lead roles in Genting’s £484m bid for Britain’s top casino operator.
Stanley Leisure, which runs 45 casinos, retained a corporate team at Ashurst under its client relationship partner, Bruce Hanton, with associate Mark Sperotto.
Genting, which already owns 19.8 percent of Stanley, turned to a team led by Guy Norman at Clifford Chance, aided by Karen Davies and Sarah Williams. Genting’s relationship partner at the firm, Adam Signy, was away when the bid was announced.
The deal would give Stanley an overall value of £639m. Malaysian-based Genting made an all-cash bid at 860p a share, in what is seen as an unsurprising move for the company given its summer acquisition of a significant stake in London Clubs International (LCI), Stanley’s direct rival.
Last week, LCI accepted a £279.3m offer from Harrah’s, the world’s biggest casino group. Linklaters led for Harrah’s and Skadden Arps Slate Meagher & Flom advised LCI in that deal (see www.thelawyer.com on September 11). Genting retains its smaller stake.
The bid is funded by Genting’s cash resources with debt from Citigroup and HSBC. The banks, who are also Genting’s joint financial advisers, are both instructing Allen & Overy. JPMorgan Cazenove is the financial adviser and corporate broker to Stanley and has not instructed a firm.