The management of Eurasia Drilling Company Limited is being advised by US firm Willkie Farr & Gallagher as it prepares to sell to major shareholders and exit the London stock exchange, after Schlumberger gave up on a deal to buy into the company.
Eurasia’s special board committee, which recommended the delisting deal, is being advised by a Willkie Farr team led by partner François Feuillat and associate Matteo Matteucci, while Maples and Calder are representing the committee in the Cayman Islands. Feuillat had acted for the committee in its failed deal with Schlumberger when he was at Vinson & Elkins and the client returned to him after he joined Wilkie Farr in July.
Skadden, Arps, Slate, Meagher & Flom which had acted for EDC Acquisition Company in the failed Schlumberger deal, reprised their role for the negotiations. Skadden partner Danny Tricot was the lead partner for the buy-out group, which is also being advised by Walkers in the Cayman Islands.
The proposed transaction is a Cayman Islands merger which requires approval from a two-third majority of shareholders, and is expected to be finalised in November.
Feuillat told Legal Business the recent Integra case out of the Cayman courts supports minority shareholders so lawyers took extra care during the process and ensure valuations were done properly, requiring co-operation between the lawyers and financial advisers involved.
Any legal challenge from minority shareholders over the fair value of the company was unlikely to succeed, Feuillat said, because the Integra precedent was followed closely.
victoria.young@legalease.co.uk
