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Shareholders buoyed by American takeover of Aussie apparel business

Shareholders buoyed by American takeover of Aussie apparel business

James Philips

The successful takeover of an ASX-listed apparel company by an offshore investment manager will offer liquidity to shareholders of the Australian business, a global firm has said.

Firms: DLA Piper (Coliseum Capital Management); MinterEllison (The PAS Group Limited)

Deal: Coliseum Capital management has made a successful takeover bid for ASX-listed company, the PAS Group.

Value: Undisclosed

Area: Finance, corporate

Key players: The DLA team advising Coliseum was led by head of corporate James Philips. Senior associate Elliot Cheung and solicitor Jeffrey Chen assisted on the deal.

Deal significance:  The PAS Group Limited (PAS) is an ASX-listed apparel business and one of the largest such companies in Australia.

A statement released by DLA Piper said that the successful on-market bid gives control of the Australian apparel business to Coliseum Capital Management (Coliseum), whose takeover has offered liquidity to PAS shareholders.

Prior to the on-market bid, Coliseum owned a 48.6 per cent stake in PAS. Lead partner James Philips, who advised the US-based investment manager, said Coliseum’s majority share was realised in the early stages of the takeover bid.

“Our client quickly acquired control in the early stages of the bid – it sat at about 54 per cent of the target from 22 June until 10 August, when it surged to 65 per cent on the last day of the bid,” Mr Philips said.

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