Slaughter and May wins Corporate Team of the Year at The Lawyer Awards
The firm was commended for its work for Daily Mail and General Trust plc.
International law firm Slaughter and May has won Corporate Team of the Year at The Lawyer Awards. The firm was awarded the accolade for its work advising Daily Mail and General Trust plc (DMGT).
Slaughter and May advised DMGT plc on the reorganisation of DMGT, which comprised a cash offer by Rothermere Continuation Limited (RCL) for all the non-voting shares in DMGT not already owned by RCL, and a proposed special distribution to all shareholders of DMGT. The Special Dividend comprised cash and the shares DMGT owned in NYSE-listed Cazoo Group Limited.
The team’s work on a complex series of interwoven cross-border transactions was unique in terms of the structure and sequencing and involved numerous issues brought about by DMGT’s unique capital structure, complicated governance issues brought about by the fact that some of the directors were conflicted by virtue of their association with RCL, and regulatory challenges (including under the pensions act). The transaction was one of the first public offers to be implemented under the new Takeover Code rules relating to offer timetables.
Partner David Watkins, who led the transaction commented, “This was a hugely complex transaction and at the outset it seemed almost impossible to believe that everything would fall into place – there were so many components to get right; and so many things that could (and at times, did) go wrong. The deal is a testament to the vision, endurance and sheer tenacity of DMGT and all of the advisers who played a part in this incredible story. I’m delighted that the judges recognised the success of this fascinating transaction, and congratulations to the whole Slaughter and May team.”
Paul Zwillenberg, CEO of Daily Mail and General Trust plc said that, “Slaughter and May’s creativity, commerciality and diligence throughout the process define trusted advisor.”