The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Clifford Chance and Slaughter and May are acting for the winning bidder for McCarthy & Stone, though rival groups are still circling the retirement home developer.
Last week, the board of McCarthy recommended the offer from Mars Bidco, the bid vehicle for Permira and Barclays Capital, which offered 1,000p per share. The deal values the company at £1.028bn.
A rival consortium led by HBOS has offered 1,030p per share. However, McCarthy has agreed to pay Permira and Barclays Capital a £9.4m break-fee if a rival bid succeeds. The break-fee could potentially be a severe handicap to the HBOS consortium.
Although the Mars price has been recommended by the board, the bid has been made through a scheme of arrangement and will need 75 per cent shareholder approval.
Slaughters is representing Mars on the acquisition, led by partners Robert Stern and Hywel Davies. It is thought that Slaughters won the work through its relationship with Barclays Capital. Clifford Chance partners Mark Campbell and James Butters have won the mandate to advise Citigroup and Dresdner Kleinwort, Mars' financial advisers.
Travers Smith is acting for longstanding client McCarthy & Stone, led by partners Oliver Barnes and Neal Watson.