GFN Asia Pacific advised on Royal Wolf takeover

By Tom Lodewyke|28 September 2017

GFN Asia Pacific has made a successful off-market takeover bid for shipping container supplier Royal Wolf.

Firms: Herbert Smith Freehills (Royal Wolf); Gilbert + Tobin (GFN Asia Pacific)

Deal: GFN Asia Pacific made a successful off-market takeover bid for Royal Wolf.

Value: $290 million (approximate enterprise value)

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Area: M&A

Key players: The Herbert Smith Freehills team advising Royal Wolf was led by partner Philippa Stone (pictured), with support from executive counsel Hemang Shah, senior associate William Chew and solicitor Elizabeth Cameron. Senior associate Lauren Selby advised Royal Wolf on the head office advisory aspects of the transaction.

Deal significance: Royal Wolf is a supplier of shipping containers with operations across Australia and New Zealand.

GFN Asia Pacific, a subsidiary of General Finance Corporation and majority shareholder in Royal Wolf, made a successful off-market takeover bid for the company.

GFN offered $1.83 each for the Royal Wolf shares, less the cash amount of a special dividend of 2.65 cents, representing a 45 per cent premium to the one month volume weighted average price of Royal Wolf shares prior to the takeover announcement on 12 July 2017.

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The offer price implies a $290 million enterprise value for Royal Wolf, according to a statement from HSF.

“It has been a great pleasure to work with our longstanding client Royal Wolf on this significant transaction, which has secured an excellent outcome for shareholders,” said lead partner Philippa Stone.

Pictured: Herbert Smith Freehills partner Philippa Stone

GFN Asia Pacific advised on Royal Wolf takeover
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