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Shareholders of Quintiles Transnational Corp. must be grateful that the company’s independent directors spurned an October buyout offer, because they got a better bid six months later. Company founder Dennis Gillings and One Equity Partners LLC, the private equity arm of Chicago�based Bank One Corporation, offered $1.37 billion last fall for Quintiles, a drug testing outfit based in Durham, North Carolina. A committee of independent directors at Quintiles rejected the bid and put the company up for auction. On April 10 Pharma Services Holding Inc. � the vehicle formed by Gillings and One Equity to bid for Quintiles � won the auction with a $1.75 billion offer. At $14.50 per Quintiles share, the bid is worth 28 percent more than Pharma’s offer last fall. Still, some Quintiles shareholders are unhappy with the latest price. They have sued to stop the deal in a case pending before Judge Ben Tennille of the North Carolina Business Court. If the shareholders fail, the transaction is likely to close before Labor Day. For bidder One Equity Partners LLC (Chicago) Morgan, Lewis & Bockius (Philadelphia): Corporate: David Blea, David Sirignano, Ira White, and associates David LaGalia, Benjamin Levy, and Kenneth Regensburg. Employee benefits: Gary Rothstein and associate Cynthia Gorlick. Tax: Kenneth Kail. Real estate: Chester Lee. Food and Drug Administration and health care law: Christopher White. Litigation and environmental: of counsel Judith Walkoff. Intellectual property: associate Jeffrey Greene. (All are in New York except for Sirignano and Christopher White, who are in Washington, D.C.) Morgan has represented One Equity since its inception in 2001. For bidder Dennis Gillings White & Case (New York): M&A: Oliver Brahmst, John Reiss, William Wynne, Jr., and associates Matthew Kautz, Henrik Lonberg, Jack Rotenstein, Steven Thompson, and Eric Zoller. Bank finance: Eric Berg and Eric Leicht. Tax: J. William Dantzler, Jr., and associate Farid Akhmedov. Employee benefits: Kenneth Raskin, counsel Mark Hamilton, and associates Merryl Albin and Robert Sichel. Intellectual property: Steven Betensky and associate Adam Chernichaw. Gerald Roach, outside counsel for Quintiles, referred Gillings to White & Case. Gillings owns 5.5 percent of Quintiles. For target Quintiles Transnational Corp. (Durham, North Carolina) In-house: General counsel John Russell. Because of conflict of interest concerns, Russell acted for the company only at the request of outside counsel Smith, Anderson and the special committee. Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan (Raleigh): Corporate and securities: Amy Batten, Byron Kirkland, Jason Martinez, Gerald Roach, and associates Jan Everhart, James Hanson, Benji Jones, Rachel Steinwender, and Jonathan Taylor. Financing: Lee Kirby, Jr. Benefits: Caryn McNeill. Litigation: Carl Patterson and Donald Tucker. Smith, Anderson began representing Quintiles in 1993. For independent Quintiles directors Willkie Farr & Gallagher (New York): Corporate: William Dye, Michael Schwartz, and associates Mark DiPaolo and Kenneth Gordon, Jr. Litigation: Richard Posen and associates Laura Cappiello and Patrick Carty. Willkie has represented the committee since shortly after it was formed in October. For Quintiles director Arthur Pappas Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan (Raleigh): Litigation: Carl Patterson and Donald Tucker. For Quintiles directors E.G.F. “Gerry” Brown, Chester Douglass, CEO Pamela Kirby, and William Roper, and former directors Jim Kever and Eric Topol Wilson Sonsini Goodrich & Rosati (Palo Alto): David Berger, Boris Feldman, Ignacio Salceda, and associate Natalie Bridgeman. Wilson represented Quintiles in a securities case several years ago in North Carolina federal court.

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