DLA wins BoS-Reuben role on £1.1bn McCarthy & Stone offer

DLA Piper Rudnick Gray Cary is acting for Mother Bidco, the consortium which has pushed aside a rival bidder to place recommended offer for retirement home developer McCarthy & Stone.

Manchester corporate partners Paul Rimmer and Jonathan Watkins are advising the consortium which consists of Bank of Scotland, the Reuben brothers and Sir Tom Hunter.

Ashurst corporate partners Adrian Clark and Eavan Sanders represented Rothschild as financial advisers to Mother Bidco.

Last week Mother Bidco made an £1.1bn offer (1,075 per share) for McCarthy & Stone. It trumped the recommended offer from a Permira and Barclays Capital vehicle, Mars Bidco, which offered £1.028bn (1,000p per share) for the retirement homes builder.

It was thought that any rival bid would falter because McCarthy agreed to pay Permira and Barclays Capital a £9.4m break-fee if a rival bid succeeded.

As first reported by The Lawyer (17 July) Slaughter and May, led by partners Robert Stern and Hywel Davies, represented Mars on the bid.

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.