Ashurst and Clifford Chance have retained their positions as preferred legal advisers for Stanley Leisure and Genting Group respectively, taking lead roles in the latter’s £484m bid for the UK’s top casino operator.
Stanley, which runs 45 casinos, has instructed a team at Ashurst led by client relationship partner Bruce Hanton and associate Mark Sperotto.
Genting, which already owns 19.8 per cent 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.
Earlier this month LCI accepted a £279.3m offer from Harrah’s, the world’s largest casino group. Linklaters led for Harrah’s and Skadden Arps Slate Meagher & Flom advised LCI in that deal (www.thelawyer.com, 11 September). Genting retains its smaller stake.