Carl Sanchez Recognized as a ''Dealmaker of the Year'' by American Lawyer for the Largest Acquisition of a U.S. Company by a Chinese Buyer
April 03, 2014
San Diego, CA -- Paul Hastings LLP, a leading global law firm, announced today that Global Mergers and Acquisitions chair and partner Carl Sanchez was recognized as one of American Lawyer’s “Dealmakers of the Year” for his work on Shuanghui International’s $7.1 billion acquisition of Smithfield Foods, Inc., the largest takeover of a U.S. company by a Chinese buyer.
In the feature article, American Lawyer noted Mr. Sanchez’s innovative approach to completing this complex cross-border deal began with crafting a proposal that prevented two rival bidders from getting an offer on the table, just as they were very close to signing a deal. Smithfield’s board had a fiduciary duty to consider a good offer and by limiting the time period of the offer, Sanchez was able to secure a signing of the merger agreement. “We made it easy for them [to say yes,] but we made it impossible for them to say no,” Sanchez told American Lawyer.
American Lawyer stated that Smithfield CEO C. Larry Pope congratulated Mr. Sanchez on his work and Smithfield’s counsel, Robert Spatt of Simpson Thacher, said Sanchez, “was great to work with, even on the opposite side, and quite focused on getting to the goal line for his client and the deal.”
Other innovative aspects of the transaction involved a qualified go-shop provision, which allowed Smithfield to continue discussions with the two existing bidders for a period of 30 days from the date of signing of the merger agreement with Shuanghui, a two-tier termination fee if Smithfield decided to pursue a transaction with one of the two pre-existing bidders within a month of signing the merger agreement, and providing advice for antitrust reviews in multiple jurisdictions and also a strict review by the Committee on Foreign Investment in the U.S.
“Shuanghui was clearly pleased with Sanchez’s work, because the company wasted no time handing him the reins for a follow up deal,” stated the article. Mr. Sanchez continues to be a trusted advisor to Shuanghui, having recently advised it in a joint takeover of meat processor Campofrio with Sigma Alimentos.
American Lawyer only selects a handful of lawyers who “played pivotal roles” in some of the “most notable transactions” of the year for, “Dealmakers of the Year”.
Carl Sanchez was also recognized by Law360 as “MVP of the Year” for this work on Shuanghui’s purchase of Smithfield, and the deal was also ranked in the Financial Times U.S. Innovative Lawyers 2013 Report.
Paul Hastings LLP is a leading global law firm with a strong presence throughout Asia, Europe, Latin America, and the United States. Through a collaborative approach, entrepreneurial spirit, and commitment to client service, the professionals of Paul Hastings deliver innovative solutions to many of the world’s top financial institutions and Fortune 500 companies.