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Baker & McKenzie acted for Minor International Public Company Limited with respect to its successful off-market takeover offer for Oaks Hotel & Resorts Limited. Minor International has…
Baker & McKenzie acted for Minor International Public Company Limited with respect to its successful off-market takeover offer for Oaks Hotel & Resorts Limited.
The acquisition has allowed Minor International to further expand its operations in Australia. Under the takeover offer, Oaks shareholders were offered 52 cents for each Oaks share. The offer valued Oaks at approximately $90 million.
The transaction involved the acquisition by Minor International of a controlling 34.4 per cent stake from PricewaterhouseCoopers (PwC) as receivers and managers under a tender offer process that was overseen by ASIC.
The Baker & McKenzie team was led by partner Richard Lustig and senior associate Rick Troiano, with assistance from partners John Mollard and Graeme Dickson.
"This was only the second time that the tender offer process has been successfully used since the ASIC policy was first published in 1995," said Lustig. "This was the first time during a tender offer process that a takeover offer was running simultaneously ... It will be interesting to see whether this structure becomes more readily used, following its successful use in this takeover offer."
Deloitte Corporate Finance and ANZ Corporate Advisory acted as corporate advisers to Minor International. Blake Dawson acted as legal advisers to PwC. Austock Corporate Finance acted as corporate advisers and Mallesons Stephen Jaques acted as legal advisers to Oaks.
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