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919 Third Avenue
New York, New York 10022
United States of America
P: +1 212.756.2208
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David E. Rosewater is a partner in the New York office, where his practice focuses on mergers & acquisitions, private equity/leveraged buyouts, distressed investments and acquisitions, and shareholder activism. David has represented numerous corporate and private equity buyers and sellers, including in connection with the acquisition of AT&T’s Yellow Pages - Advertising Solutions and AT&T Interactive Businesses, a transaction named the 2012 “North America Large Private Equity Deal of the Year” by Global M&A Network, and the acquisition of Caritas Christi Health Care System, which was named the “North America Private Equity Deal of the Year” by Global M&A Network as well as the 2010 “Deal of the Year” in the health care category by Investment Dealers’ Digest magazine. David also has represented Austrian bank BAWAG, integrated logistics systems services provider Syncreon, tabletop icon Lenox Group, GMAC, certain Newell Rubbermaid divisions and the factoring businesses of GE Capital and HSBC Business Credit. He has represented companies and shareholders in connection with a number of major campaigns, including those involving The New York Times Co., CNET Networks, CSX Corp., Red Robin Gourmet Burgers Inc. and Mentor Graphics Inc.
David received his B.A., with distinction and high honors, from the University of Michigan and his J.D., cum laude, from New York University School of Law. He co-authored the U.S. chapter of The International Comparative Guide to: Corporate Governance 2012 (Global Legal Group) and co-authored “Keeping Up With Distressed Debt Strategies” from Buyouts. David also contributed to Shareholder Activism Insight, a 2012 report created in association with mergermarket, and Distressed Investing M&A, a 2012 report created in association with mergermarket and Debtwire.
Selected Representations
Private Equity/Leveraged Buyouts
Representation of Cerberus Capital Management L.P. in connection with the acquisition of 53% of AT&T's Yellow Pages - Advertising Solutions and AT&T Interactive Businesses and associated recapitalization.
Representation of GenNx360 Capital Partners L.P. in connection with the acquisition of syncreon Holdings Ltd.
Represented Cerberus Capital Management L.P. in connection with the acquisition of Austrian bank BAWAG P.S.K. from Austrian trade union O.G.B.
Representation of Cerberus Capital Management L.P. in connection with the acquisition of 51% of GMAC LLC from General Motors Corp.
Representation of Cerberus Capital Management L.P. in connection with the acquisition of Rafaella Apparel Group Inc.
Representation of GenNx360 Capital Partners L.P. in connection with the acquisition of Vertex Data Sciences Ltd.
Representation of Cerberus Capital Management L.P. in connection with the acquisition of the cookware, glassware and picture frame businesses of Newell Rubbermaid Inc.
Representation of Cerberus Capital Management L.P. in connection with the acquisition of a majority interest in EXCO Resources, Inc. pursuant to a management buyout.
Representation of Cerberus Capital Management L.P. in connection with its acquisition of Mervyn's department stores from Target Inc.
Representation of Cerberus Capital Management L.P. in its acquisition of Cingular Interactive, L.P. and subsequent sale to Sprint Corp.
Distressed Acquisitions/Investments
Representation of term loan lender group led by Ableco Finance LLC in connection with the acquisition of the assets of Deb Shops, Inc. and its subsidiaries.
Representation of term loan lender group led by Clarion Capital Partners LLC in connection with the acquisition of the assets of Lenox Group Inc. and its subsidiaries.
Representation of Cerberus Capital Management L.P. in connection with the refinancing transactions of GMAC LLC including a $21 billion bond exchange, $5 billion TARP investment by the US Treasury, $2 billion investment by Cerberus and General Motors and conversion into a bank holding company.
Representation of Cerberus Capital Management in connection with its acquisition of the core assets of Teleglobe Inc. and its subsidiaries.
Representation of Cerberus Capital Management in connection with the acquisition of the assets of Green Tree Financial from Conseco Finance Corp.
Representation of Leucadia National Corporation in connection with the acquisition of a controlling interest in WilTel Communications Group Inc. in connection with a Plan of Reorganization.
Representation of Metrocall Inc. in connection with the acquisition of the assets of Weblink Wireless Inc.
Representation of Cerberus Capital Management in connection with the acquisition of the assets of Anchor Glass Container Corp.
Mergers and Acquisitions
Representation of PrinceRidge Holdings LP in a sale of a majority interest in PrinceRidge Holdings LP to Institutional Financial Markets Inc.
Representation of The CIT Group/Commercial Services Inc. in the acquisition of the factoring businesses of GE Capital Corporation and HSBC Business Credit (USA) Inc.
Representation of SSA Global Technologies Inc. in connection with its acquisitions of Infinium Software Inc. and EXE Technologies Inc.
Representation of Teleglobe International Holdings Ltd. in connection with its acquisition of ITXC Corp.
Representation of Teleglobe International Holdings Ltd. in connection with its merger with VSNL Communications.
Representation of Agency.com in connection with its acquisition by Omnicom Group.
Representation of DoubleClick Inc. in its acquisitions of MessageMedia Inc. and FloNetwork.
Activist Investing
Represented Casablanca Capital in its activist campaign involving Mentor Graphics Inc.
Represented the Children's Investment Fund in its proxy contest involving CSX Corp.
Represented JANA Partners in its activist campaign involving CNET Networks.
Represented Laxey Partners in its proxy contest involving ASA Ltd.
Represented Outpoint Capital in its proxy contest involving Footstar Inc.
Selected Publications
“Large and Middle Market PE/Public Target Deals: 2012 Review,” The Harvard Law School Forum on Corporate Governance and Financial Regulation, April 27, 2013
Schulte Roth & Zabel PE Buyer/Public Target M&A Deal Study Large and Middle Markets – 2012 Year-End Review | Highlights (principal author)
“2012 Distressed Investing M&A Report,” The Harvard Law School Forum on Corporate Governance and Financial Regulation, Jan. 10, 2013
Contributor,
Distressed Investing M&A (in association with mergermarket and Debtwire), 2012
“2012 Shareholder Activism Insight Report,”
The Harvard Law School Forum on Corporate Governance and Financial Regulation, Nov. 26, 2012 (co-author)
“Middle Market Private Equity Buyer/Public Target M&A Deal Study,”
The Harvard Law School Forum on Corporate Governance and Financial Regulation, Nov. 4, 2012 (co-author)
Schulte Roth & Zabel Middle Market PE Buyer/Public Target M&A Deal Study: Fall 2012 (principal author)
Contributor,
Shareholder Activism Insight (in association with mergermarket), 2012
“Mergers Move 'Two Steps' Quicker,”
PE Manager, Sept. 19, 2012 (co-author)
“Private Equity/Public Target Deals: Mid-Year Update,”
The Harvard Law School Forum on Corporate Governance and Financial Regulation, Aug. 20, 2012 (co-author)
Schulte Roth & Zabel PE Buyer/Public Target M&A Deal Study: 2012 Mid-Year Update, August 2012 (principal author)
“Private Equity Buyer/Public Target M&A Deal Study,”
The Harvard Law School Forum on Corporate Governance and Financial Regulation, May 25, 2012 (co-author)
“Corporate Governance Guide 2012 — USA,”
The International Comparative Legal Guide to: Corporate Governance 2012 (Global Legal Group) 2012 (co-author)
Schulte Roth & Zabel Private Equity Buyer/Public Target Deal Study, Summer 2011, 3Q 2011 Update and 2011 Year-End Review (principal author)
“
False Truisms in US Public Company LBOs,”
Law360, Nov. 21, 2011 (co-author)
“Do Go-Shops Produce Higher Offers? Well…,”
peHUB, August 8, 2011 (quoted)
“Second Circuit Issues Opinion in
CSX v. TCI,”
SRZ Client Alert, July 26, 2011 (co-author)
“Corporate Governance Guide 2011 — USA,”
The International Comparative Legal Guide to: Corporate Governance 2011 (Global Legal Group) 2011 (co-author)
Contributor,
Shareholder Activism Insight (in association with mergermarket), 2010
“Keeping Up With Distressed Debt Strategies,”
Buyouts, February 15, 2010 (co-author)
“SEC's Proposed Proxy Access Rules and the Promise of Inexpensive Director Nominations,”
SRZ Activist Investing Developments, Summer 2009 (co-author)
“Corporate Governance Guide 2009 — USA,”
The International Comparative Legal Guide to: Corporate Governance 2009 (Global Legal Group) 2009
(co-author)
“Proxy Contest Settlement Agreements: An Overview,”
SRZ Activist Investing Developments, Winter 2009 (co-author)
Contributor,
Shareholder Activism Insight (in association with mergermarket), 2008
“Shareholders' Rights to Demand Inspection of Corporate Books and Records: Recent Developments,”
SRZ Activist Investing Developments, Fall 2008 (co-author)
“Proxy Campaign Websites and the Compliance Questions They Raise,”
SRZ Activist Investing Developments, Spring 2008
“Internet Publication of Proxy Materials Can Cut Costs in Proxy Contests,”
SRZ Activist Investing Developments, Summer 2007
“Proposed Public Accounting Ethics and Independence Rules,”
SRZ Private Equity Developments, Spring 2005
More
Selected Speaking Engagements
“Representing Activists,” IMN 4th Annual Active-Passive Investor Summit, New York, April 2013
“How to Determine When a Company is an Attractive Target for an Activism Campaign,” DealFlow Media The Activist Investor Conference, New York, January 2013
“Club Deals and New Money Plans,” SRZ Distressed Investing Conference: Reflections on 2012 and the Road Ahead, New York, December 2012
Norton Rose 3rd Annual Shareholder Activism in Canada Seminar, November 2012
“M&A Update - Experts Discuss Today's Dealmaking Climate,” Thomson Reuters Buyouts Texas, Dallas, November 2012
Moderator, “Investing in the Financial Services Industry,” mergermarket 3rd Annual Financial Services M&A Symposium, New York, November 2012
Moderator, “Shareholder Activism in Canada” and “Shareholder Activism in the Banking Sector;” Panelist, “Overcoming Advance Notification Bylaws and Poison Pills,” SRZ 3rd Annual Shareholder Activism Conference, New York, October 2012
“Private Equity Structuring: The Basics,” New York City Bar Association, September 2012
“Activist Hedge Funds: Examining their Strategy and Objectives,” DealFlow Media The Activist Investor Conference, January 2012
“Current Trends in M&A, PIPEs and Co-Investment Transactions,” SRZ 21st Annual Private Investment Funds Seminar, January 2012
“Restructurings, Turnarounds, and Operational Improvements,” Thomson Reuters Buyouts Texas, November 2011
“2011 Private Equity Buyer/Public Target M&A Deal Study — 3Q Update and Comparative Analysis,” SRZ Webinar, November 2011
“Q&A: The 2012 Annual Meeting Season – Lessons Learned From 2011 and What to Expect Next Year,” IR Magazine East Coast Think Tank, November 2011
Moderator, “Current Issues in Shareholder Activism,” SRZ Shareholder Activism Conference, September 2011
“Private Equity Deal Review: Analyzing the Trends and Navigating the Future,” The Deal Webinar, July 2011
“Deals Track: Distressed, Turnaround and Other Special Situations,” Thomson Reuters Buyouts New York, April 2011
“Uses of Excess Cash: Managing Expectations for the Deployment of Liquidity,” NYSE Euronext Webinar, April 2011
“Discussion of Developments in Corporate Governance,” The 2nd Annual Active-Passive Investor Summit, February 2011
“The Impact of the Dodd-Frank Bill on Corporate Governance,” DealFlow Media The Activist Investor Conference, January 2011
Moderator, SRZ Shareholder Activism Conference, November 2010
Bulldog Reporter's Six Steps for Coping with Shareholder Activism Audio Conference, February 2010
Moderator, “The Purpose of the Proxy Access Initiative,” DealFlow Media's The Activist Investor Conference, January 2010
“Proxy Access Electrified,” IMN 3rd Annual Hedge Fund Activism and Shareholder Value Summit, September 2009
“M&A in Bankruptcy,” SRZ Distressed Investing, July 2009
“Litigation Traps: What Activists Need to Know,” IMN Hedge Fund Activism and Shareholder Summit, September 2008
“The Basics of Activist Situations,” SRZ Think Big! Small- and Mid-Cap Public Company Forum, July 2008
“Activist Investing Strategies,” SRZ 17th Annual Private Investment Funds Seminar, January 2008
More
Other Distinctions
Represented Cerberus Capital Management in its acquisition of AT&T’s Yellow Pages - Advertising Solutions and AT&T Interactive Businesses, a transaction named by Global M&A Network as the 2012 “North America Large Private Equity Deal of the Year.”
Represented Cerberus Capital Management in its acquisition of Caritas Health Care, a transaction named by Global M&A Network as the “North America Private Equity Deal of the Year” and by Investment Dealers' Digest magazine as the 2010 “Deal of the Year” in the health care category.
Bar Admissions
Education
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New York University School of Law, J.D., cum laude, 1995
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University of Michigan, B.A., with distinction and high honors, 1992