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SKADDEN, ARPS, SLATE, MEAGHER & FLOM TAKES HONORS AS TOP MERGER & ACQUISITION COUNSEL FOR THE FIRST HALF OF 1992

 SKADDEN, ARPS, SLATE, MEAGHER & FLOM TAKES HONORS
 AS TOP MERGER & ACQUISITION COUNSEL FOR THE FIRST HALF OF 1992
 NEW YORK, Sept. 21 /PRNewswire/ -- Skadden, Arps, Slate, Meagher & Flom retained its position as the top legal advisor for mergers and acquisitions completed in the first six months of 1992, according to IDD Information Services. Acting as legal counsel for either the target or the acquiror, Skadden, Arps was credited with advising 31 purchases of U.S. based companies with an aggregate deal value of $7.76 billion, tops in 1992 for both categories, among non-Delaware based firms.
 Shearman & Sterling was second in transaction totals, credited with 15 acquisitions valued at $3.78 billion. Third place was taken by Morrison & Foerster, who worked on eight completed deals with a disclosed value of $507.7 million. In a three-way tie for fourth place, at seven deals, Paul, Weiss, Rifkind, Wharton & Garrison led with deals valued at $6.3 billion edging out Wachtell, Lipton, Rosen & Katz's $6.2 billion and almost doubling Sullivan & Cromwell's $3.5 billion.
 Top 5 Legal Advisors
 Deals Closed 1/1/92 - 6/30/92
 U.S. Based Targets Only
 Target or Acquiror Legal Advisors
 Ranked By Number of Transactions
 Number Rank Amount
 Legal of by in
 Advisor Deals Number Millions
 Skadden, Arps, Slate, Meagher & Flom 31 1 $7756.7
 Shearman & Sterling 15 2 3778.6
 Morrison & Foerster 8 3 507.7
 Paul, Weiss, Rifkind, Wharton & Garrison 7 4 6298.0
 Wachtell, Lipton, Rosen & Katz 7 4 6222.8
 Sullivan & Cromwell 7 4 3545.6
 SOURCE: IDD INFORMATION SERVICES, 1992
 Based on the value of the transactions in which it acted as legal advisor for either the target or the acquiror, Cravath, Swaine & Moore jumped to second place with $6.3 billion from five deals, up from ninth place and $5.7 billion from four deals during the corresponding period of 1991. Paul, Weiss was third followed by Wachtell, Lipton in fourth. Morgan Lewis & Bockius was fifth at $5.9 billion on the strength of its role in the sale of Executive Life Insurance's bond portfolio to Altus Finance.
 Among Delaware based law firms, Richards, Layton & Finger led with seven completed deals valued at $9.5 billion. It was followed by Morris, Nichols, Arsht & Tunnell with six deals valued at $2.3 billion.
 In the first six months of 1992 a total of 1,536 deals were completed with an aggregate worth of $54.5 billion, compared to 1,362 deals closed between January and June 1991 valued at $56.8 billion.
 Despite a slight year-to-year decrease in average disclosed deal value, four of the top five law firms actually increased their aggregate transaction amount in 1992 over 1991.
 IDD Information Services compiled the data from its mergers and acquisitions database. The rankings are based only on deals completed during the first half of 1992 involving U.S. targets. IDDIS tracks publicly announced deals valued at $1 million or more and deals for which terms were not disclosed. Deals with an undisclosed dollar value are included in the overall deal totals. The rankings do not include terminated or pending deals. Nor do they include restructurings, recapitalizations, stock repurchases or stake purchases. They do, however, include divestitures of company divisions, acquisitions of more than 51 percent interests and 100 percent acquisitions. IDDIS gathers the data from various press sources, Securities and Exchange Commission filings and responses to surveys sent to law firms.
 The law firms are ranked by the number of transactions handled, with complete credit given to each legal advisor. A law firm receives credit for work done for a target or acquiring company, but not for work done for a financial advisor, a lender or a regulatory agency.
 -0- 9/21/92
 /CONTACT: Efraim Levy of IDD Information Services, 212-432-0045/ CO: IDD Information Services ST: New York IN: SU:


PS -- NY001B -- 1858 09/21/92 16:53 EDT
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Date:Sep 21, 1992
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