Limited Brands Acquires La Senza

On January 12, 2007 Limited Brands, Inc., the parent company of Victoria's Secret, completed the acquisition of La Senza Corporation in a transaction valued at approximately $710 million. The acquisition was implemented by way of takeover bid for all of the issued and outstanding subordinate voting shares of La Senza, including all subordinate voting shares issuable upon the conversion of multiple voting shares, at a price of $48.25 per share. The holders of all of the outstanding multiple voting shares of La Senza entered into a lock-up agreement with Limited Brands pursuant to which they agreed to convert and tender their shares to the offer, and not to entertain any competing offers at any time prior to June 30, 2007. The transaction brings together two of the leading women's intimate apparel specialty retailers in the world.

Limited Brands was represented by Osler Hoskin & Harcourt LLP with a team that included Ward Sellers, Iain Scott, Adam Taylor, Victoria Graham and Lorraine Lynds, as well as Mark Brender and Peter MacDonald (tax), Neil Bindman (real estate), Frank Zaid (international franchising), Janet Bolton (competition) and Pamela Leiper (employment). Limited Brands was also represented by Davis Polk & Wardwell with a team that included David L. Caplan and Carole Schiffman.

La Senza and the holders of the multiple voting shares were represented by Stikeman Elliott LLP, with a team comprised of Sidney Horn, Steeve Robitaille, Maxime Turcotte, Vanessa Coiteux, Mathieu Grenier, Paul Collins (competition), Patrick Benaroche and Jean-Marc Fortin (employment). La Senza was also represented by Davies Ward Phillips & Vineberg LLP with a team that included Sylvain Cossette, Elliot Greenstone and Brian Kujavsky. Alan Shragie of Davies Ward Phillips & Vineberg LLP and Andrew Etcovitch of McMillan Binch Mendelsohn LLP also assisted the holders of the multiple voting shares on certain tax and commercial aspects of the transaction.