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Perth-based property developer Peet Limited has announced a $76 million all-cash takeover bid for ASX-listed residential property developer CIC Australia Limited.
Firms: Baker & McKenzie (CIC Australia Ltd); King & Wood Mallesons (Peet Limited); Allen & Overy (Merrill Lynch, Peet Ltd’s sole lead managers and underwriters)
Area: M&A
Value: $76 million
Key players: The lead Bakers partner was Guy Sanderson, who worked with special counsel Kate Jefferson and associate Cathy Chan. The Allen & Overy team included Sydney partner Tony Sparks (pictured), with support from corporate senior associate Anand Sundaraj
Deal significance: CIC is a listed residential property developer with seven active projects across the ACT, NSW, SA and NT, with more than 500 exchanged contracts worth $148 million. Peet is an ASX-listed property company that develops land estates across Australia. Peet has agreed to acquire a 19.9 per cent stake in CIC, either through the bid, or otherwise through direct acquisition, from its major shareholder, Guinness Peat Group (GPG). A majority of CIC’s board and a majority of CIC’s independent directors have also recommended the offer, subject to no superior proposal. The takeover offer is subject to a limited number of conditions, including a minimum acceptance condition of 50.1 per cent. Peet is undertaking a $124 million equity raising via placements to fund the acquisition of CIC and to provide additional working capital. The acquisition will provide Peet with diversification into the markets of ACT, SA and NT. Baker & McKenzie lead partner Guy Sanderson said: “This takeover offer is the culmination of a process undertaken by CIC’s major shareholder, Guinness Peat Group, to realise its investment portfolio, including its 73 per cent holding in CIC. The CIC board has done well to achieve an offer for all CIC shareholders on the same terms as Peet is offering to GPG.”
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