In June, the board of American International Group rejected a $30 billion offer by Prudential PLC for AIG's Asian Insurance unit. The decision came just after Prudential shareholders nixed the British insurer's $35 billion bid for Hong Kong-based AIA. It was back to the starting point for John Vasily of Debevoise & Plimpton, though he wasn't fazed by the turn of events. In July, Vasily and AIG reconsidered earlier plans for an IPO, and began to reassemble the Debevoise team that had worked on the IPO the first time around.
November 08, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
In June, the board of American International Group rejected a $30 billion offer by Prudential PLC for AIG’s Asian Insurance unit. The decision came just after Prudential shareholders nixed the British insurer’s $35 billion bid for Hong Kong-based AIA.
It was back to the drawing board for John Vasily of Debevoise & Plimpton, who had been trying to sell off AIA and pull it out of AIG’s portfolio since the troubled insurer received federal bailout money in September 2008.
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