Sometimes your best deal is the one you don’t do – or at least that is what some M&A experts say. Zusha Elinson of The Recorder reports on the scuttling of the Orrick/Dewey merger:
"Orrick, Herrington & Sutcliffe and Dewey Ballantine have aborted their merger amid mounting differences and a steady stream of Dewey partners leaving the firm.
"We jointly decided that given where we were on certain issues, it was time to decide or move on," said Dewey Chairman Morton Pierce, who declined to discuss those issues. "Uncertainty is not a good thing."
A source close to the deal said there were three major sticking points: Disagreements over management and governance at the new firm, concern over Dewey’s unfunded retirement benefits, and concern over the number of defecting Dewey partners."
Link: Law.com – Orrick and Dewey Cancel Merger Amid Growing Differences.
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