Kirkland & Ellis

International Top 30 position: 10
Asia-Pacific International 50 rank: 38

Break-up fees — picking your number

During the course of negotiations of every public company deal, inevitably the conversation will turn to the amount of the break-up fee payable by a target company to a buyer if the deal is terminated under certain circumstances. Because US corporate law generally requires a target company to retain the ability to consider post-signing superior proposals, a break-up fee is an important element of the suite of deal-protection devices (including ‘no-shop’ restrictions, matching rights and so on) that an initial buyer implements to seek to protect its position as the favored suitor.

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Overview

30 St Mary Axe
London
EC3A 8AF
UK

Firmwide revenue 2011 ($m): 1,750
Global lawyers 2011: 1,457
No. of lawyers (Asia Pacific): 54
Offices (Asia Pacific): 2