Capilano takeover a sweet deal for shareholders

By Grace Ormsby|15 August 2018

Herbert Smith Freehills has advised Capilano Honey Limited on a takeover proposal from a consortium of private equity funds.

Firms: Herbert Smith Freehills (Capilano Honey Limited), King & Wood Mallesons (Roc Partners and Wattle Hill)

Deal: Herbert Smith Freehills is advising Capilano Honey Limited on a takeover proposal from a consortium consisting of Roc Partners and Wattle Hill.

Value: $190 million

Area: M&A

Key players: Herbert Smith Freehills’ partner leading the team is Rebecca Maslen-Stannage, supported by partner Malika Chandrasegaran and solicitor Alice Li.

Deal significance: Capilano was founded by apiarists Tim and Bert Smith in Brisbane in 1953. Capilano has an established and leading position in Australia’s honey industry and is one of the world’s largest honey packers.

Advertisement
Advertisement

Herbert Smith Freehills is advising the company on a $190 million takeover proposal from a consortium consisting of private equity funds Roc Partners and Wattle Hill.

Capilano’s board considers the $20.06 per share offer an attractive premium to Capilano’s recent trading price given low liquidity of the stock.

The deal’s “stub equity” alternative scrip consideration gives Capilano’s shareholders the opportunity to participate in Capilano’s business future and subscribe for up to 50 percent additional shares for each share they currently hold.

Herbert Smith Freehills’ partner Rebecca Maslen-Stannage is delighted to be working with Capilano on the strategic transition.

“Through the Capilano team’s hard work they have secured this significant opportunity for their shareholders,” she said.

Capilano’s Managing Director Ben McKee was full of praise for the Herbert Smith Freehills team, in saying “Rebecca and the team at Herbert Smith Freehills have been a wonderful support and very professional partner in making this transaction possible for Capilano and its shareholders.

“I would have no hesitation in recommending their services to other businesses who find themselves the subject of merger and acquisition negotiations.”

 

Capilano takeover a sweet deal for shareholders
Intro image
lawyersweekly logo
Big Law

latest

When and why will in-house teams choose NewLaw firms?

What advocacy for women in sport has taught Mary Konstantopoulos about her in-house work

‘As a leader, I should be setting an example’: Q&A with Nicole Birman

You’re never going to finish your to-do list, so stop sacrificing your health for it