Deal Watch: One Skadden Client Ousts Another in Duel for Salix
Our latest roundup of transactions sees Skadden client Valeant Pharmaceuticals International prevail over fellow firm client Endo International in its bid for Salix Pharmaceuticals, while Latham & Watkins, Ropes & Gray and Simpson Thacher & Bartlett advise several private equity clients on their proposed acquisitions of Chicago's Willis Tower and Life Time Fitness.
March 19, 2015 at 03:18 PM
4 minute read
The week in billion-dollar deals began with a pair of billion-dollar hostile bids that failed to win over their targets. Endo International lost out to Valeant Pharmaceuticals International's new deal for Salix Pharmaceuticals, while Simon Property Group's $22.4 billion offer for retail real estate investment trust Macerich Co. was simply too low.
The Am Law Daily noted a week ago Skadden, Arps, Slate, Meagher & Flom's roles representing Endo and Valeant on their competing bids for Salix, a dual representation that The Wall Street Journal and Reuters subsequently took note of, which now concludes with Valeant the victor after upping its purchase price for Salix. The amended deal is expected to close April 1.
SPG's unsolicited mega bid for Macerich, which included $6.4 billion in debt, also didn't meet the mark, as the target adopted a poison pill this week and rejected the offer. The Am Law Daily reported last week on Kirkland & Ellis' role representing Macerich, noting that the firm had previously faced off on opposite sides of another hostile bid that fell apart. (Editor's note: SPG submitted a final bid Friday for Macerich.)
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