Press Release

Morrison & Foerster's Global Corporate Finance Practice Marks Strong First Quarter With More Than $21.5 Billion in Securities and M&A Transactions

5/16/2006

San Francisco, May 16, 2006 – Morrison & Foerster’s corporate finance practice enjoyed a strong first quarter in deal activity, representing clients in securities and M&A transactions internationally totaling more than $21.5 billion.

Overall, Morrison & Foerster served as legal counsel on the following Q1 transactions in 2006:

  • 50 debt offerings valued at more than $6.5 billion
  • 40 M&A representations (announced or closed) valued at more than $14.7 billion
  • 25 equity transactions valued at more than $700 million, including 6 IPOs valued at more than $300 million

M&A activity was especially robust for the quarter and well-dispersed by industry. The firm represented clients in 16 separate technology deals, along with 11 engagements involving biotechnology/pharmaceutical/medical device companies, as well as transactions in consumer products, financial services, real estate, motion picture and TV, oil and gas, sports and entertainment and other professional services. In addition to U.S. deals, the firm worked on transactions in Japan, China, Guam, the UK, Belgium, Germany and Israel.

Among publicly announced and closed deals, the firm’s representation included:

  • Sankyo Pharma Inc. and assistance to both Sankyo Company, Ltd. and Daiichi Pharmaceutical Co., Ltd. – two of Japan’s largest pharmaceutical companies - on the merger of their U.S. subsidiaries in multi-billion dollar transactions;
  • TransMontaigne Inc. in its pending merger with SemGroup, L.P., valued at more than $800 million;
  • Del Monte Foods in its pending $580 million acquisition of Kraft’s Milk-Bone business;
  • KuDOS Pharmaceuticals Ltd.’s shareholders in the company’s $210 million acquisition by AstraZeneca;
  • Cecile in its $175 million business tie-up with Livedoor;  
  • ACON Laboratories in its $175 million acquisition by Inverness Medical Innovations;
  • Terumo Corp. in its acquisition of MicroVention;
  • Thomson in its $110 million acquisition of Japan-based Canopus;
  • Warburg Pincus in its $125 million investment in GOME Electrical Appliances.

Morrison & Foerster also managed key public and private offerings, including representation of O2Micro International, the first NASDAQ company to pursue a dual primary listing on the main board of the Stock Exchange of Hong Kong. Representative transactions included:

  • Boyd Gaming Corporation in its $250 million senior note offering;
  • W.R. Hambrecht + Co. and JMP Securities in the $78.6 million initial public offering of Traffic.com;
  • W.R. Hambrecht + Co. as the sole underwriter of the initial public offering of FortuNet, Inc.;
  • Intercytex Group plc on its initial public offering on the Alternative Investment Market, raising approximately $26 million;
  • Cassatt Corporation in its $15 million Class D financing;
  • Norwest Venture Partners in the $12.5 million investment in HedgeStreet Inc.;
  • Genospectra in its $12.2 million financing.

Rankings

Acknowledging the firm as a leading U.S. legal advisor in equity and debt offerings, M&A transaction and PIPEs, the firm was ranked by Thomson Financial, Mergerstat, Bloomberg, IPO Vital Signs and PrivateRaise in the following categories:

Thomson Financial

Top 10 Legal Advisor U.S. Target Advisor Completed Deals by Number of Deals
Top 20 Legal Advisor Worldwide Complete Deals by Number of Deals
Top 20 Legal Advisor Latin America Announced Deals by Value
Top 5 U.S. Preferred Stock Manager Legal Advisor
Top 15 U.S. Investment Grade Corporate Debt Manager Legal Advisor
Top 15 U.S. IPOs Manager Legal Advisor
Top 15 Global IPOs by U.S. Issuers Manager Legal Advisor

Mergerstat

Top 15 U.S Advisor Announced Deals by Number of Deals

Bloomberg

Top 15 U.S. Target/Seller Advisor U.S. Announced Deals by Number of Deals

IPO Vital Signs

Top 10 IPO Underwriter’s Counsel by Number of Deals
Top 15 IPO Counsel (Issuer/Underwriter) by Number of Deals

PrivateRaise

Top 20 Issuer Legal Counsel by Number of PIPE Placements Advised
Top 25 Issuer Legal Counsel by Value of PIPE Placements Advised

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