Slaughters, Travers and Simpson Thacher land roles on three-way tussle for retailer
Raft of firms acting in battle for French electrical retailer Darty, which is being pursued by South Africa's Steinhoff and French company Fnac
April 21, 2016 at 07:03 PM
2 minute read
A host of firms including Slaughter and May, Travers Smith, Linklaters and Simpson Thacher & Bartlett are lining up in a bidding war for French electrical retailer Darty.
London-listed Darty is the target of rival bids from South African furniture conglomerate Steinhoff and French retail giant Fnac.
In November Fnac tabled a bid to buy Darty for £585m, which the company's management recommended shareholders accept.
But in March Steinhoff made a competing offer of £662m, at which point Darty withdrew its recommendation of Fnac's bid to shareholders.
On Wednesday, Steinhoff raised its offer to £742m but Fnac countered yesterday with a bid of £779m.
Slaughters is advising London-listed Darty, with a team led by corporate partner Martin Hattrell. He is being supported by competition partner Philippe Chappatte.
Fnac is being advised by Simpson Thacher with a team led by London corporate partner Adam Signy.
Travers is the lead adviser to Steinhoff, with Linklaters acting as international counsel.
The Travers team is being led by corporate partners Andrew Gillen and Philip Cheveley.
Linklaters' lead lawyer on the deal is corporate partner Charlie Jacobs.
Norton Rose Fulbright is acting for Steinhoff's banks, HSBC and Citi, with corporate partner Paul Whitelock leading.
Gleiss Lutz is acting on the financing of Steinhoff's bid with a team led by corporate partner Eva Reudelhuber.
Steinhoff has a longstanding relationship with Linklaters, with corporate partner Jacobs acting as relationship partner.
However, with Linklaters advising Home Retail Group in connection with Sainsbury's and Steinhoff's tussle for Argos, which Sainsburys won, Linklaters was conflicted out of acting for Steinhoff.
Steinhoff turned to Travers on that deal and has stuck with the firm for its Darty bid.
The latest deal follows a busy few months in the retail space with the Sainsbury's purchase of Argos and Australian retailer Wesfarmers acquiring Homebase.
On the Homebase deal Herbert Smith Freehills advised Wesfarmers and Linklaters acted for Home Retail Group.
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