Lexmark International Technology S.A. has made a recommended cash offer to the shareholders of ReadSoft AB (publ). The proposed acquisition of Swedish ReadSoft is an additional step in Lexmark's continued transition from a hardware-centric company to a solutions company providing end-to-end solutions that allow customers to bridge the paper and digital worlds and the unstructured and structured content/process worlds. The total offer value for all shares in ReadSoft amounts to approximately SEK 1.2 billion.

Ashurst is advising Johnston Press PLC ("Johnston Press") on its £360 million capital refinancing plan, which comprises five elements:

 *  the raising of gross proceeds of approximately £2.3 million through a placing;
 *  the raising of gross proceeds of approximately £137.7 million through a 6.52 for 1 rights issue;
 *  the raising of gross proceeds of approximately £220.0 million through the issue of high yield bonds;
 *  entry into a £25 million revolving credit facility; and

DLA Piper represented Central European Media Enterprises Ltd. (CME) in a series of corporate finance transactions that closed on May 2, including a rights offering fully backstopped by Time Warner, CME’s largest shareholder; the issuance of $400 million of senior secured notes; the redemption of €272,972,000 of senior notes; a $115 million senior secured revolving credit facility; and a $30 million term loan.

acrolinx GmbH (acrolinx), the Berlin-based, globally active solutions service provider for more rapid content tracking and more legible content – ViewPoint holds a majority stake – has been refinanced by way of venture financing provided by Harbert Management Corp. (Harbert). The parties have agreed not to disclose the precise amount of financing.

Linklaters has advised Siemens on the acquisition of Rolls-Royce Energy’s gas turbine and compressor business. By acquiring the small and medium-sized gas turbines with a capacity of up to 66 megawatt, Siemens will supplement its comprehensive gas turbines portfolio. In addition, Siemens has agreed on a long-term technology partnership with Rolls-Royce under the terms of which it will have access to gas turbines with capacities from 4 to 85 megawatt developed by Rolls-Royce.

Siemens and Mitsubishi have entered into a joint venture agreement. Under the terms of this agreement, Mitsubishi will hold a 51% stake in the joint venture while Siemens will hold the remaining 49% stake. Subject to approval by the competent authorities, the joint venture is expected to start operations in January 2015. Siemens and Mitsubishi plan to co-operate in the field of metallurgical industry and will form a globally-operating full-range supplier of facilities, products and services for the iron, steel and aluminium industry.

Linklaters advised Funke Media Group on the sale of some select magazine titles to Klambt Media Group. The portfolio includes, amongst others, Funke Media Group’s own TV guides: die zwei, Super TV, TV 4 Wochen, TV 4x7 and TVpiccolino. The latter also comprises tvGENIE and myTV. In addition, Funke also disposed of the TV guides Bildwoche, Funk Uhr and TV NEU, which it had previously acquired from Axel Springer.

Cravath represented Time Inc. in connection with its US$700.0 million high-yield senior debt offering. Time Inc. is the largest magazine publisher in the United States based on both readership and print advertising revenue and the largest magazine publisher in the United Kingdom based on print newsstand revenues.

The transaction closed on April 29, 2014. The Cravath team included partner Joseph D. Zavaglia and associates Michael E. Mariani and Michael S. Atamas.

Osborne Clarke France advised the US group WideOrbit (leading provider of advertising management software for Media Companies) on the acquisition of the French company FIVIA from Australian investment fund IPMG.

Olswang has advised Viacom International Media Networks on its acquisition of Channel 5 Broadcasting Limited for £450 million (approximately $757 million). Olswang advised the US media giant on the commercial and regulatory media aspects of the transaction.