Firms: MinterEllison (Legend Corporation Limited); Undisclosed (Adamantem Capital)
Deal: Legend has entered into a scheme implementation agreement with Adamantem Capital under which Adamantem Capital will acquire 100 per cent of the shares in Legend by way of a scheme of arrangement.
Value: $100.6 million
Key players: MinterEllison special counsel Keith Tan led the team acting for Legend, alongside partners Alberto Colla and Elissa Romanin, and special counsel Robert Yunan.
Deal significance: Legend is described as an ASX-listed Australian engineering solutions provider that operates in the electrical, power, rail, mining, information technology, telecommunications, defence, medical, industrial and commercial gas industries.
The recommended cash offer from Adamantem Capital for $0.365 per share, representing a 22.1 per cent premium to the one-month volume-weighted average price of Legend's shares.
The deal values Legend’s fully diluted equity at approximately $79.6 million and implies an enterprise value of $100.6 million, a statement from Minters confirmed.
“We are delighted to be assisting Legend on this important transaction which represents a compelling exit opportunity for shareholders in a landscape of relatively low liquidity and trading volumes, and a significant milestone for the growth of Legend under private ownership,” said Minters special counsel Keith Tan.