A&O's hot streak in Holland continues
Allen & Overy (A&O) has picked up another big-ticket European mandate advising car navigation system maker Garmin on its E2.3bn (£1.6bn) hostile bid for Tele Atlas. Amsterdam corporate partners Jan Louis Burggraaf and Tim Stevens are advising the new client, alongside Cleary Gottlieb Steen & Hamilton.
November 07, 2007 at 10:49 PM
2 minute read
Allen & Overy (A&O) has picked up another big-ticket European mandate advising car navigation system maker Garmin on its E2.3bn (£1.6bn) hostile bid for Tele Atlas.
Amsterdam corporate partners Jan Louis Burggraaf and Tim Stevens are advising the new client, alongside Cleary Gottlieb Steen & Hamilton.
US firm Cleary is advising on both US and competition issues with London-based corporate partner Sebastian Sperber playing a lead role.
The bid trumps a E1.8bn (£1.3bn) offer by rival TomTom, which is being advised by Herbert Smith ally Stibbe.
Corporate partners Derk Lemstra and Heleen Kersten are leading the Stibbe team. Analysts say it is likely TomTom will come back with a fresh counter-bid.
Meanwhile, the target has called in Dutch independent Houthoff Buruma and New York leader Skadden Arps Slate Meagher & Flom.
The deal is the latest in a string of big-ticket deals for A&O's Amsterdam arm. Last month, A&O advised French electronics supplier Sonepar on its E2.5bn (£1.7bn) bid for Dutch rival Hagemeyer. A&O advised on the Dutch aspect of the deal with Slaughter and May ally Bredin Prat advising on the French aspects.
Burggraaf commented: "The credit crunch has [scuppered] a lot of the large Netherlands private equity deals, but the strategic buyers are very active, so the deal market is still robust."
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