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A $2 Billion Deal Announced Four Years Ago is Back in the News

10/25/11

A $2 Billion Deal Announced Four Years Ago Is Back In The News


A $2 Billion Deal Announced Four Years Ago Is Back In The News

Michael Woodford, former Olympus CEO, has tapped off a burgeoning talk over 2007 acquisition of British medical equipment maker Gyrus Group from his former employer. He was fired on October 14 by Olympus. He accuses Olympus of forcing him out after he threatened to expose an alleged fraud at the Japanese maker of digital cameras and medical equipment. The revelation of Olympus paying a total of $687 million is approx 30 times the norm and a record-breaking sum for a major M&A deal on Wall Street in connection with the Gyrus deal. Woodford initially denied the claim that it had paid the whopping fees to AXES and AXAM, but last week, Olympus confirmed that it did make the payments. Weil along with Japanese firm Mori Hamada & Matsumoto were involved in the matter. Allen & Overy advised Gyrus on its sale to Olympus. 

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