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Magic circle firms Allen & Overy (A&O) and Freshfields Bruckhaus Deringer lost out to Herbert Smith and its Dutch best friend Stibbe in a pitch for the E540m (pound 364.8m) IPO of satellite navigation provider Tom Tom.
The instruction from Amsterdam-based Tom Tom was a first for Herbert Smith and Stibbe. They won the work over four firms including A&O and Freshfields. The IPO was the largest in the Netherlands in the past...