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.
Freshfields Bruckhaus Deringer has scooped an instruction to advise EMI as its larger rival Warner Music launches a counter-bid for the UK music company.
Known as the Pac-Man defence, Warner Music, which received a bid approach from EMI on 3 May, launched a bid for its smaller rival on 14 June.
Warner Music’s initial alternative proposal to buy EMI for 315p a share was unanimously rejected by EMI’s board as “wholly unacceptable.”
EMI then hit back and on 23 June made second takeover approach for Warner Music at $31 per share in cash. Subsequently, on the evening of 27 June, Warner Music submitted to EMI a revised pre-conditional offer to take over the UK company at 320p per share. The revised offer was immediately rejected by the EMI board.
The Pac-Man defence, which shares the same name as the popular 1980s computer game, is a very risky takeover tactic. The strategy failed the last time it was used in the UK when regional brewer Martson Thompson & Evershed used it against rival Wolverhampton & Dudley Breweries.
It is understood that Warner Music is being advised by Herbert Smith. Herbert Smith was unavailable for comment.