Infinity Deal Spotlights Chase as Merger Adviser
Dunaief, Daniel, American Banker
Chase Manhattan Bank wrote a fairness opinion and was instrumental in bringing together the principals in Westinghouse Electric Corp.'s recently announced $3.9 billion acquisition of Infinity Broadcasting Corp.
The deal marks Chase's increased emphasis on providing merger advice since it hired Mark Davis, the former co-head of mergers and acquisitions at Salomon Brothers.
"This is a major, high-profile deal, and it certainly goes a long way toward establishing Chase as an adviser, especially in the broadcasting and media industries," said Raphael Soifer, a bank analyst at Brown Brothers Harriman & Co.
Salomon Brothers served as co-lead on Westinghouse's advisory team.
Fred Reynolds, the chief financial officer for Westinghouse, singled out the roles of Mr. Davis and James B. Lee Jr., the head of investment banking at Chase.
"Jimmy played a special role in getting (Infinity chairman) Mel Karmazin and me to meet in his office a few weeks ago," Mr. Reynolds said.
As for Mr. Davis, Mr. Reynolds said his expertise in working out the stock exchange ratio was "invaluable."
"We were extremely impressed with Mr. …