Press Release

Morrison & Foerster's Global Corporate Finance Practice Posts Strong Second Quarter Results with More Than $28 Billion in Securities and M&A Transactions

7/31/2006

San Francisco, July 31, 2006 – Morrison & Foerster’s corporate finance practice enjoyed a strong second quarter in deal activity, representing clients in securities and M&A transactions internationally totaling more than $28 billion.

Morrison & Foerster served as legal counsel on the following second quarter transactions:

  • Over 40 M&A representations (announced or closed) valued at more than $18 billion
  • Over 40 debt offerings valued at more than $8.8 billion
  • 25 equity transactions valued at more than $1.6 billion

M&A activity for the quarter was especially robust and well dispersed by industry. The firm represented clients in 11 separate technology deals, 9 real estate/REIT deals, and 6 engagements on behalf of biotechnology, pharmaceutical, and medical device companies. Other M&A segments covered included transactions in consumer products, financial services/banking, energy and natural resources, industrial manufacturing, media and entertainment, advanced materials and chemicals, and other professional services.

In addition to U.S. deals, the firm worked on M&A transactions in China, Australia, Hong Kong, the United Kingdom, Switzerland, Israel, Mexico, and even Africa.

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

  • American Pharmaceutical Partners, Inc. in its $4 billion merger with American BioScience, Inc.;
  • Lafarge North America in its $3 billion buyout by its French parent, Lafarge S.A.;
  • Peery/Arrillaga in its sale of a 5.3 million square foot office portfolio to RREEF funds. The $1 billion deal is the largest office transaction in Silicon Valley history;
  • Astellas Pharma Inc. in its acquisition from San Francisco-based FibroGen Inc., the exclusive rights to develop and market anemia therapies FG-2216 and FG-4592 in Europe, the Commonwealth of Independent States, the Middle East, and South Africa. The $815 million agreement is one of the largest involving European pharmaceutical rights;
  • Kajima Corporation in its $500 million sale of the Four Seasons Resort Hualalai, on Hawaii’s Big Island, to a joint venture owned by two large private equity funds;
  • Avocent Corporation in its pending acquisition of LANDesk Group Ltd. valued at more than $400 million;
  • LifeMasters Supported SelfCare, Inc. in its proposed $308 million merger with Healthways, Inc.;
  • UBS Realty Investors in the $225 million acquisition of a full city block in downtown Denver;
  • Recruit Co., Ltd. in its $110 million investment in NASDAQ-listed 51job. The transaction is Recruit’s first substantial overseas investment and will ultimately result in Recruit becoming 51job’s largest shareholder; and
  • Dainippon Screen Mfg. Co., Ltd. in the creation of a joint venture company with Applied Materials. The new company, SOKUDO Co., Ltd., will combine Dainippon Screen’s existing business with Applied Materials’ contribution of technology, key employees, and 16.6 billion yen (US$150 million).

Morrison & Foerster also managed key public and private offerings. Representative transactions included:

  • UBS Securities Japan and Nomura Securities in a global offering of investment units by Kenedix Realty Investment Corporation;
  • Dalian Port (PDA) Company Limited in a $320 million initial public offering on the Main Board of the Hong Kong Stock Exchange;
  • Mizuho Securities in the J-REIT initial public offering of LCP Investment Corp., valued at approximately $254 million;
  • Global Cash Access Holdings, Inc. in its follow-on public offering of 10.4 million shares of its common stock, resulting in an aggregate offering size of $165 million;
  • Credit Suisse in the $72 million initial public offering of Loopnet, Inc.;
  • Renovo Group Plc. in its $92 million global offering;
  • Silverjet Plc. in its $47 million global Common Stock offering;
  • Atlas Venture and Pequot Ventures in the $30 million Series A financing of InfaCare Pharmaceutical Corporation; and
  • Sourcefire, Inc. in its $20 million late-stage financing led by Meritech Capital Partners.

Rankings

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

Thomson Financial

Top 5 (#4) U.S. Preferred Stock - Manager Legal Adviser
Top 15 (#12) U.S. Investment Grade Corporate Debt - Manager Legal Adviser
Top 20 Legal Advisor U.S. Target Completed Deals by Number of Deals
Top 20 Legal Advisor Any French Involvement Completed Deals by Value
Top 25 Legal Advisor Any Asia-Pacific (ex-Japan) Involvement Completed Deals by Value
Top 15 Legal Advisor Any Asia (ex-Japan) Involvement Completed Deals by Value

Mergerstat

Top 15 U.S Advisor U.S. Announced Deals by Number of Deals YTD June 2006
Top 45 U.S. Advisor U.S. Announced Deals by Value YTD June 2006

Bloomberg

Top 15 Legal Advisor U.S. Target/Seller U.S. Announced Deals by Number of Deals
Top 15 Legal Advisor China Announced Deals by Number of Deals
Top 20 Legal Advisor China Announced Deals by Value

IPO Vital Signs

Top 10 IPO Counsel (Issuer/Underwriter)
Top 10 IPO Underwriter’s Counsel
Top 30 IPO Issuer’s Counsel

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