In a January 4 article titled, “Deal Makers at the Head of the Class,” The New York Times’ Dealbook gave S&C an “A” for its work representing Alcon’s independent committee of directors in connection with Novartis’ offer to acquire Alcon’s remaining minority shares. As Dealbook noted, Novartis had already acquired 77 percent of Alcon from Nestle and threatened to leverage its majority share ownership and capitalize on Swiss law to buy the remaining interest for a lower price than Nestle’s. “The Sullivan & Cromwell lawyers devised a trust to finance any shareholder litigation against Novartis,” Dealbook reported. “Even if Novartis was able to replace the Alcon independent directors, Novartis would still face litigation paid for by the trust. Ten months after its initial offer, Novartis...paid a price equivalent to Nestle’s.” Dealbook also noted S&C’s work for the Alcon directors in a December 16, 2010 story titled, “Alcon and Dynegy Deals Reach a Climax.” Dealbook observed that both deals offered distinct lessons for dealmakers, adding: “The clear winner here…is the law firm of Sullivan & Cromwell, which represented both Dynegy and the Alcon independent directors.”