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Ashurst is advising Riversdale Resources Limited on its response to an unsolicited takeover bid from a Gina Rinehart-helmed company.
Firm: Ashurst (Riversdale Resources Limited)
Value: $650 million
Area: M&A, Mining
Key players: Ashurst’s team is being led by corporate partner Stuart Dullard, with M&A adviser Garry Besson, senior associate Matt Sparks and associates Rory McLeod and Cindy Yuan.
Tax advice is being given by partner Peter McCullough.
Deal significance: Riversdale Resources Limited’s main asset is a tier 1 coking coal mine to be developed in Alberta, Canada, known as the Grassy Mountain Project, Ashurst said.
On 27 February 2019, the firm said Hancock announced a $650 million unsolicited off-market takeover for Riversdale.
Under the offer, Riversdale’s shareholders have been offered A$2.20 a share which would increase to A$2.50 a share if Hancock’s interest in Riversdale surpasses 50 per cent.
Last week, Ashurst noted that Riversdale Independent Directors recommended Riversdale shareholders reject the offer from Hancock.
Resource Capital Funds owns 48 per cent of Riversdale, while Regal Funds Management owns 1 per cent, with a public statement from both noting they intend to reject Hancock’s offer.
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Grace Ormsby
