Machado, Meyer, Sendacz e Opice Advogados and Souza, Cescon, Barrieu & Flesch Advogados are facing off across the deal table as the battle for Brazilian telecoms company GVT heats up, with Telefónica increasing its bid to US$3.99 billion.
The company made the 5.2 per cent increase from US$3.7 billon on 4 November, in order to stave off competition for the company from France's Vivendi.
Machado, Meyer is representing Telefónica in the matter, while Vivendi has retained Souza, Cescon and an international team from Clifford Chance LLP’s offices in Paris and São Paulo.
Brazil’s Barbosa Müssnich & Aragão and Allen & Overy LLP in New York are acting for GVT in the negotiations.
Vivendi’s existing offer for the company stands at US$3 billion, but is regarded as friendly by GVT’s board, in contrast to the Telefónica bid which comes unsolicited.
Both bidders have made GVT’s waiver of a poison pill clause in the company’s statutes a precondition of their tenders.
On 3 November, GVT’s shareholders voted unanimously to scrap two articles forcing the company’s new owner to allow shareholders an option to buy stock at 125 per cent of the price of its highest value over 12 months.
They also set a minimum sale price of 48 reais per share US$28, and a deadline of 28 February 2010 for bidders to pay in cash.
Counsel to GVT
           Barbosa Müssnich & Aragão
Partner Luciano Puccini Medeiros
           Allen & Overy LLP
Partner Thomas Abbondante in New York
Counsel to Vivendi
           Souza, Cescon, Barrieu & Flesch Advogados
Partners Marcos Rafael Flesch, Fabíola C L Cammarota de Abreu and Carlos Augusto Junqueira and associate Tatiana Bonatti
           Clifford Chance LLP
Partners Marcus Billam and Gilles Lebreton, counsel Frederic Jungels and associate Alexandre Poupard in Paris, and partner Anthony Oldfield in São Paulo
Counsel to Telefónica
           Machado, Meyer, Sendacz e Opice Advogados
Partners Moshe Boruch Sendacz and Adriana Pallis Romano, and associates Bruna Passos Piagentini and Paula Seabra Carvalho
(Latin Lawyer 06.11.2009)
(Notícia na Íntegra)