CC faces A&O on Staples' €1.5bn hostile Dutch bid
Magic circle duo Clifford Chance (CC) and Allen & Overy have taken lead roles on the €1.5bn (£1.19bn) hostile takeover approach by US office supply giant Staples for Dutch supplier Corporate Express, writes The American Lawyer. CC is advising Staples on Dutch aspects of the bid, alongside a team from Wilmer Cutler Pickering Hale and Dorr, which is advising on US law. The WilmerHale team is being led by Boston-based corporate partners Jay Bothwick, Mark Borden and Wendell Taylor.
May 21, 2008 at 06:48 AM
2 minute read
Magic circle duo Clifford Chance (CC) and Allen & Overy have taken lead roles on the €1.5bn (£1.19bn) hostile takeover approach by US office supply giant Staples for Dutch supplier Corporate Express, writes The American Lawyer.
CC is advising Staples on Dutch aspects of the bid, alongside a team from Wilmer Cutler Pickering Hale and Dorr, which is advising on US law. The WilmerHale team is being led by Boston-based corporate partners Jay Bothwick, Mark Borden and Wendell Taylor.
New York leader Weil Gotshal & Manges has also picked up a role on the bid, advising Staples on antitrust aspects of its approach. Antitrust partners Steven Bernstein and Steven Newborn, both of whom are based in Washington DC, led the team for Weil advising Staples.
A&O, meanwhile, is acting on behalf of Corporate Express, a company spokesman said, alongside De Brauw Blackstone Westbroek. Corporate partner Japp Winter is leading the team for the elite Dutch firm.
Corporate Express has already rejected two separate offers from Staples, leading the US office retailer to go directly to Corporate Express shareholders on Monday (19 May). Late last week, Staples bumped up its initial offer to €8 per share. Corporate Express officials rejected the offer, saying the company is worth more.
"At this point, we're going to let the shareholders decide if €8 [per share] is a fair price," Staples chairman and chief executive Ron Sargent said in a statement.
Staples has been pursuing a takeover since at least October, says Laurel Lefebvre, head of investor relations.
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