Simpson Thacher Represents the Special Committee of the Board of Directors of Clearwire in its Recently Increased $5.00 Per Share Merger Agreement with Sprint

Thursday, June 27, 2013

The Firm is representing the Special Committee of the Board of Directors of Clearwire Corporation (NASDAQ: CLWR) in connection with the Special Committee’s review of strategic alternatives available to the Company, including a recently increased proposal from Sprint Nextel Corporation (NYSE: S) to acquire the remaining shares of Clearwire that Sprint does not already own, which has resulted in an amended merger agreement between Clearwire and Sprint providing for the acquisition by Sprint of such Clearwire shares for $5.00 per share, or approximately $3.9 billion for such stake.  The revised transaction values Clearwire at more than $14 billion. This increased merger consideration represents a 14 percent premium to the $4.40 per share DISH Network (“DISH”) tender offer and a 47 percent premium to Sprint’s previous agreement at $3.40 per share announced on May 21, 2013.  The transaction is subject to customary closing conditions, including regulatory approvals and the approval of Clearwire’s stockholders, including the approval of a majority of Clearwire stockholders not affiliated with Sprint or SoftBank.  The closing of the transaction is also contingent on the consummation of Sprint’s previously announced transaction with SoftBank.

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Tags:  Simpson Thacher & Bartlett LLP | New York

Bird & Bird Strengthens International Finance Practice

Thursday, June 27, 2013

Bird & Bird is pleased to announce that it has appointed Bernhard Gemmel as a partner within its international Banking and Finance practice group. He will join the Frankfurt office on 1st July 2013. Bernhard was previously a partner at Dentons  in Frankfurt; before joining Dentons, Bernhard was a partner at Shearman & Sterling and Beiten Burkhardt.

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Tags:  Bird & Bird LLP

Baker & McKenzie Advises McCormick on Its Acquisition of Wuhan Asia-Pacific Condiments for US$147 Million

Wednesday, June 26, 2013

Baker & McKenzie’s M&A team recently advised McCormick & Company, Incorporated (“McCormick”), a global leader in flavor, on its agreement to purchase 100% of the assets of Wuhan Asia-Pacific Condiments Co., Ltd. (“WAPC”), a privately held company based in China, for approximately RMB900 million (US$147 million).

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Tags:  Baker McKenzie | Shanghai

Paul Hastings Represents Capita Asset Services as Servicer of EUR2 Billion Secured Loan

Wednesday, June 26, 2013

Paul Hastings LLP, a leading global law firm, announced today that the firm represented Capita Asset Services (Ireland) Limited and Capita Asset Services (UK) Limited (together, “Capita Asset Services”) as servicer and special servicer of the loan in relation to the securitisation of a EUR1.99 billion loan secured on multifamily residential properties located in Germany.

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Tags:  Paul Hastings, LLP

Jenner & Block Represents GM in $1.7 Billion Public Secondary Sale of Common Stock by the U.S. Treasury and a VEBA Trust

Wednesday, June 26, 2013

Jenner & Block recently represented General Motors in a $1.7 billion underwritten secondary offering of GM common stock by the U.S. Department of the Treasury and the UAW Retiree Medical Benefits Trust (VEBA).  In the offering, the U.S. Treasury sold 30 million shares of GM common stock and received proceeds of approximately $1.03 billion, and the VEBA sold 20 million shares of GM common stock and received proceeds of approximately $688 million.  The offering priced on June 6, 2013 and was completed on June 12, 2013, with the timing of the pricing coinciding with the addition of GM to the S&P 500®index.

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Tags:  Jenner & Block, LLP