Milbank gets in on the action in LSE bidding war
Legal Week Reports
December 14, 2005 at 07:03 PM
2 minute read
Milbank Tweed Hadley & McCloy is the latest firm to win a role in the bidding war for the London Stock Exchange (LSE), it has emerged.
The New York firm's London arm is advising Macquarie's financial adviser, Goldman Sachs, on the bid, with ex-Freshfields Bruckhaus Deringer M&A partner Tim Emmerson leading the team.
Milbank, a regular adviser to the US investment bank, is under-stood to have been involved on the transaction for about two months. The top 50 US firm secured a similar trophy role last year on Philip Green's unsuccessful bid for Marks & Spencer.
Milbank joins Macquarie's team of advisers, which includes Baker & McKenzie and Linklaters. The two firms are respectively advising on corporate and financing issues.
The Australian bank has until 5pm today (Thursday) to make a formal offer for the LSE under Takeover Panel rules after its indicative cash offer of 580p per share was last week rejected by the exchange as "derisory".
The protracted bidding war for the world-famous exchange, which was effectively launched last December when Deutsche Boerse and Euronext confirmed their interest in bidding, has generated roles for many of the UK's top corporate advisers.
Freshfields is advising the LSE, Slaughter and May and Cleary Gottlieb Steen & Hamilton are acting for Euronext, Ashurst is representing Deutsche Boerse and Clifford Chance is advising LCH Clearnet, the LSE's prime clearing house.
Deutsche Boerse and Euronext have both been given a conditional go-ahead to bid for the LSE. Nordic exchange OMX and the New York Stock Exchange are also viewed as potential bidders.
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