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Though Seagate Technology Holdings was slow getting out of the IPO gate, its $870 million offering clocked in as the sixth-biggest of 2002, and accounted for three-quarters of the proceeds in tech-related IPOs last year. The offering marked a return to the public markets for the Scotts Valley, California � based disk drive company. In 2000 it was the target of the biggest leveraged buyout at a technology company ever. The architect of that deal, Menlo Park, California � based private equity firm Silver Lake Partners, still controls Seagate with the 25 percent stake it acquired in the LBO. Seagate sold 72.5 million shares at $12 each, which was below the expected range of $13 � $15. Nevertheless, the proceeds comprised 77 percent of the $1.135 million raised in technology IPOs in 2002. Morgan Stanley and Salomon Smith Barney Holdings Inc. were the lead underwriters for Seagate. For issuer Seagate Technology Holdings (Scotts Valley, California) In-house: General counsel William Hudson, assistant corporate counsel Betty Ann Durham, and executive director of intellectual property Joseph Villella. Simpson Thacher & Bartlett (New York): Corporate and securities: William Brentani, William Hinman, Gary Sellers, and associates Peter Bowden, Rebecca Boyden, Jamie Evans, Rex Khan, Karen King, Andrew Migdon, and Tom Wuchenich. Tax: Steven Todrys and associate Katharine Moir. Executive compensation and employee benefits: Stephen Fackler and associate Natasha Sankovitch. Intellectual property: Jeffrey Ostrow. Bank finance: Marissa Wesely. (Sellers, Migdon, Todrys, and Wesely are in the firm’s New York office; everyone else is in Palo Alto.) Simpson advised Silver Lake Partners, a frequent client, in its 2000 leveraged buyout of Seagate. Since the LBO, Seagate has used Simpson for most corporate matters. Maples and Calder (Grand Cayman, Cayman Islands): Andrew Moon and associate Alasdair Robertson. Moon has represented Seagate on various matters for 17 years. Seagate is incorporated in the Cayman Islands. For lead underwriters Morgan Stanley (New York) and Salomon Smith Barney Holdings Inc. (New York) In-house: Morgan Stanley: The bank declined to disclose its in-house counsel. Salomon Smith Barney: Director Jeanne Campanelli. Wilson Sonsini Goodrich & Rosati (Palo Alto): Jose Macias, David Segre, Larry Sonsini, and associates Jon Avina, Bradley Finkelstein, Katherine Haar, and Jennifer Kercher. Wilson represented Seagate in its 2000 LBO and frequently does work for investment banks in technology transactions. Walkers (Grand Cayman, Cayman Islands): Ian Ashman and associates Julian Black and Iain McMurdo. The underwriters retained Walkers at Wilson Sonsini’s recommendation. � David Marcus
A century ago, you could buy butter and egg futures at the Chicago Butter and Egg Board. Thirty years ago, you could buy currency futures at its successor, the Chicago Mercantile Exchange. Now, after the initial public offering of Chicago Mercantile Exchange Holdings Inc., you can buy shares in the exchange itself. The Merc went public on the New York Stock Exchange in December 2002, becoming the first major U.S. exchange to do so. The offering by the country’s largest futures exchange raised $166 million, with 3 million shares sold by its parent company and another 1.75 million sold by the exchange’s members. Lead underwriters Morgan Stanley and UBS Warburg priced the Merc’s shares at $35 each, but they hit a high of $43.20 on the first day of trading. For issuer Chicago Mercantile Exchange Holdings Inc. (Chicago) In-house: Executive vice president and chief administrative officer Craig Donohue. Skadden, Arps, Slate, Meagher & Flom (New York): Corporate: Rodd Schreiber, of counsel Philip McBride Johnson, and associates Alison Haan, Susan Hassan, David Liu, and Michael McGrane. Tax: Louis Freeman and associate Kristin Hickman. (Johnson is in the firm’s Washington, D.C., office; all others are in Chicago.) According to the Merc’s Donohue, Skadden was retained because of its experience in securities work. This was the firm’s first significant representation for the Merc. For lead underwriters Morgan Stanley (New York) and UBS Warburg (New York) In-house: Morgan Stanley: Executive director Barbara Alexander. UBS Warburg: Director Robert Cordell II. Cleary, Gottlieb, Steen & Hamilton (New York): Corporate: Edward Rosen, Leslie Silverman, and associates Patrick Barrett, Seanna Garrison, Sung Kang, Jeff Neurman, and Niping Wu. Tax: Leslie Samuels. ERISA: Arthur Kohn and associate Pamela Nadler. Intellectual property: counsel Joshua Rawson and associate Thomas Rayski. Federal commodities law: associate Geoffrey Goldman. NASD issues: counsel Ellen Creede. UCC issues: counsel Penelope Christophorou and Sandra Rocks. Foreign securities law issues: associates Richard Holbrook, Joung Hwang, Alan Landau, Raj Panasar, Charles Reese II, and Ko Wakabayashi. (Holbrook and Wakabayashi are in the firm’s Tokyo office; Panasar is in London.) � David Marcus

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