Top five Law Firms acted on $15 Billion Toshiba Takeover

Top five Law Firms acted on $15 Billion Toshiba Takeover

Law firms Davis Polk & Wardwell and TMI Associates have been hired to advise a consortium led by private equity firm Japan Industrial Partners on its $15.2 billion buyout of Toshiba.

Meanwhile, Nishimura & Asahi and Nagashima Ohno & Tsunematsu are acting for Toshiba.

The deal will make Toshiba a private company after it has been listed on the Tokyo Stock Exchange for over 60 years. It comes after a scandal in which Toshiba inflated profits from its nuclear power operations by $1.2 billion.

In this transaction, Morrison Foerster is providing legal advisory services to both the Board of Directors and the Special Committee of Toshiba.

Should the acquisition succeed, Toshiba would be taken private and controlled by domestic shareholders, marking a shift away from the tensions with foreign activist shareholders that have plagued the company.

However, it remains uncertain whether activist funds, who hold around a quarter of the company’s shares, will be content with the offer price, which reportedly only offers a premium of approximately 10 per cent.

Ken Lebrun, Paul Marquardt, Ronan Harty, and Brian Burnovski are heading the team at Davis Polk, while the team at Morrison Foerster is led by Ken Siegel, Jeremy White, and Joe Sulzbach.