Allen & Overy and Sullivan lead on $62bn Bayer bid for Monsanto
The $62bn deal will create the largest farm chemicals and genetically modified crop company in the world
May 23, 2016 at 09:45 AM
2 minute read
Allen & Overy and Sullivan & Cromwell are advising on life sciences company Bayer's $62bn (£42.7bn) offer to buy agricultural company Monsanto.
Germany-headquartered Bayer has mandated the magic circle firm on the financial aspects of the offer, with Sullivan advising on the M&A areas of the prospective deal.
The Allen & Overy team is being led by Frankfurt banking partner Neil Weiand and includes fellow Frankfurt finance partner Thomas Neubaum and capital markets partner Oliver Seiler.
The team also comprises London banking and finance partners Nicholas Clark and George Link and corporate partner Stephen Mathews. The firm's Duesseldorf team on the deal includes Hans Diekmann and Marcus Helios.
Sullivan & Cromwell's team includes corporate partners Matthew Hurd and Eric Krautheimer, in New York and Los Angeles respectively, as well as antitrust partners Steven Holley and Juan Rodriguez, in New York and London.
The company's bid, made on 10 May 2016 and publicly confirmed today, is an all-cash offer for the entirety of Monsanto's issued and outstanding shares at $122 (£84) a share. The deal is expected to be financed via a combination of debt and equity – raised primarily via a rights offering.
Bank of America Merrill Lynch and Credit Suisse are acting as lead financial advisers to Bayer.
In a statement on 18 May 2016, Monsanto confirmed it had received the unsolicited offer and has turned to Wachtell Lipton Rosen & Katz as its legal adviser on the proposal.
Morgan Stanley and Ducera Partners are acting as financial advisers.
If accepted, the deal will create the world's biggest farm chemicals and genetically modified crops company, with the expected financial benefit of the merger to reach $1.5bn (£1.03bn) annually after three years.
In 2014, Bayer turned to Sullivan & Cromwell for advice on its $14.2bn (£8.4bn) acquisition of US rival Merck's consumer care business.
Merck instructed both Fried Frank and Morgan Lewis in connection with the transaction.
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