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RICHARDS, LAYTON & FINGER TAKE HONORS AS TOP MERGER & ACQUISITION COUNSEL IN 1991

 RICHARDS, LAYTON & FINGER TAKE HONORS AS
 TOP MERGER & ACQUISITION COUNSEL IN 1991
 NEW YORK, May 22 /PRNewswire/ -- Richards, Layton & Finger was the top legal advisor for mergers and acquisitions completed in 1991, according to IDD Information Services Inc. Acting as legal counsel for either the target or the acquiror, Richards, Layton was credited with 16 purchases of U.S.-based companies closed in 1991 with an aggregate deal value of $29.96 billion.
 Wachtell, Lipson, Rosen & Katz was second, credited for a total deal value of $26.5 billion from 12 transactions. Simpson Thacher & Bartlett was third with 28 deals valued at $23.3 billion. In fourth place was Lierderkerke, Wolters, Waelbroeck & Kirkpatrick of Brussels, which was counsel for $15.5 billion in transactions from two deals. Morris, Nichols, Arsht & Tunnel rounded out the top five by advising in six deals totalling $15.1 billion.
 Top 5 Legal Advisors
 Deals Completed in 1991
 U.S. Based Targets Only
 Target or Acquiror Legal Advisors
 Ranked by Amount of Transactions
 Including Transactions When Amount is Not Disclosed
 Legal Advisor Amount in millions Rank by Amount
 Richards, Layton & Finger 29,960.0 (1)
 Wachtell, Lipton, Rosen & Katz 26,493.5 (2)
 Simpson Thacher & Bartlett 23,291.0 (3)
 Lierderkerke, Wolters, Waelbroeck 15,475.0 (4)
 Morris, Nichols, Arsht & Tunnel 15,098.7 (5)
 Based on the number of transactions in which it acted as legal advisor for either the target or acquiror, Simpson Thacher & Bartlett ranked number one in number of deals in which it advised, with 28. Sullivan & Cromwell was right behind Simpson, advising in 27 deals, but ranked just eight in deal value at $12.7 billion. Weil, Gotshal & Manges was third; it advised in 19 transactions.
 Aggregate deal value was buttressed by the completion of three mega-mergers announced in 1990 that were worth more than $6.0 billion each. The top deals for 1991 were Matsushita Electric Industrial Co. Ltd.'s $7.95 billion purchase of MCA Inc.; American Telephone & Telegraph Co.'s acquisition of National Cash Register Corp. for $7.53 billion; and GTE Corp.'s merger with Contel Corp. for $6.2 billion in stock. The fourth largest deal was the merger of C&S/Sovran Corp. and NCNB which was announced in 1991 and was worth $4.26 billion.
 Each of these deals required the counsel of several law firms and are reflective of the continuance of the 1990s trend of strategically based acquisitions over financially motivated takeovers.
 Richards, Layton & Finger of Wilmington, Del., is a specialist in Delaware corporate law and earned its top ranking by advising in three of the top four deals of the year. Wachtell, Lipton, Rosen & Katz also was legal counsel in three of the top four deals of the year.
 -0- 5/22/92
 /CONTACT: Efraim Levy of IDD Information Services, 212-432-0045/ CO: Richards, Layton & Finger ST: Delaware IN: FIN SU: ECO


GK-TS -- NY001A -- 3229 05/22/92 10:35 EDT
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Date:May 22, 1992
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