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In an arid initial public offering landscape, a successful IPO by FormFactor Inc. — the first this year by a Bay Area company — has many in the Valley feeling cautiously optimistic. Attorneys in the Mountain View office of Fenwick & West and the Palo Alto office of Gray Cary Ware & Freidenrich represented Livermore-based FormFactor, a maker of wafer probe cards for the semiconductor industry, in the June 12 IPO. The company’s shares opened much higher, at $19, than the offer price. Shares had priced previously at $14. FormFactor’s successful IPO has many lawyers hopeful that this might be a sign of an upturn. But Peter Astiz, one of the partners at Gray Cary who worked on the deal, credits FormFactor’s long-established history and profitability as the reasons for its success, not economic recovery in the technology sector. “There’s a perception that there is a window here, and time will tell whether it’s real or hopeful,” Astiz said. “But we do have three other IPOs in the pipeline.” While the FormFactor IPO may or may not be an indication of better things to come, Astiz said it shows that a successful offering can be done in any market. “It was successful because of the character of the company, but also because there is money on the sidelines waiting for an opportunity. There’s always a market for good companies.” Fenwick partner and Chairman Gordon Davidson led the deal for the firm. Partners Mark Leahy and Jeffrey Vetter also worked on the transaction. Fenwick served as company counsel. In addition to Astiz at Gray Cary, corporate partner Gregory Gallo and associates Jenelle Cox, Elizabeth O’Callahan and Steven Davis worked on the deal. EBAY/EACHNET EBay Inc., the online auction company, recently acquired one of China’s foremost e-commerce companies, EachNet Inc., for $150 million. CooleyGodward‘s Palo Alto office served as outside counsel to eBay in the transaction. The Hong Kong office of O’Melveny & Myers represented EachNet. Like eBay, EachNet sells a wide range of products through auctions and fixed-price formats. The purchase allows eBay entrance into the potentially lucrative Chinese e-commerce market. The fact that EachNet does business in China added a different dimension to the transaction for the Cooley team. “From a structuring and documentation standpoint it wasn’t too dramatic since both eBay and EachNet are Delaware corporations,” said Cooley associate Kathryn Walker. “But from a practical standpoint, understanding issues related to buying a business based in China, including the legal requirements and the business environment there, added a layer of complexity.” Cooley partner Suzanne Sawochka Hooper led the deal for eBay at the firm. Antitrust partner Christopher Wright and associates Daniel Espinoza and Cara Franklin also worked on the deal. EBay’s in-house lawyers included Senior Vice President and General Counsel Michael Jacobson, Deputy General Counsel Jay Clemens and the legal director for Asia, Australia and the Americas, Kyung Koh. Howard Wu, an associate at Baker & McKenzie in Shanghai, China, served as outside counsel to eBay on People’s Republic of China matters. O’Melveny & Myers partner Patrick Hardy and associate Siddharth Raja represented EachNet.

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