July 21, 2010 1:50 PM
Slaughter and May, Allen & Overy on $3.9B Sale of Durex and Scholl
Posted by Irene Plagianos
Reckitt Benckiser, the owner of consumer brands like Vanish, Lysol, and Clearasil, announced on Wednesday that it agreed to buy SSL International, the maker of Durex condoms and Scholl foot care products, for $3.9 billion (£2.5 billion).
The U.K. company offered a 1,163 pence per share deal--a 33 percent premium over SSL’s share price on July 20, the company said. SSL said that its board is recommending the offer, The New York Times reports.
Slaughter and May advised Reckitt Benckiser with a team that included corporate partner Jeffrey Twentyman, finance partners Andrew Balfour and Andrew McClean, competition partner Claire Jeffs and pensions and employment partner Eddie Codrington, Legal Week Reports.
Allen & Overy represented the London-based SSL. It's team was led by corporate partner Richard Hough.
Reckitt Benckiser told Legal Week that the deal would expand its presence in China and Japan. It's also expected to boost the company's health and personal care net revenues by over 36 percent, according to the Times.Make a comment