subscribe to our newsletter sign up
Firms got Talent 2 advise on takeover

Firms got Talent 2 advise on takeover

Freehills, Watson Mangioni and DLA Piper have advised on a proposed joint bid by MBI and Allegis

Firms: Freehills (Talent2 International Limited) Watson Mangioni (Morgan & Banks Investments), DLA Piper (Allegis Group)

Deal: Proposed joint bid by MBI and Allegis

Area: M&A

Value: $115 million

Key players: The Freehills team was led by partner Andrew Rich, supported by solicitors Ben Jones, Mark Nam and Lorraine Pun

Deal significance: Perbec is currently a wholly-owned subsidiary of Morgan & Banks Investments Pty Limited (MBI). It is proposed that Perbec will be jointly owned by MBI and Allegis Group Inc following the acquisition. MBI is a company owned by Andrew Banks and Geoff Morgan, each of whom is a director of Talent2. Andrew Banks, Geoff Morgan and entities controlled by Andrew Banks collectively own approximately 21.8 per cent of the Talent2 shares. Allegis does not currently own any Talent2 shares. Under the joint bid, which is to be implemented by way of scheme of arrangement, Talent2 shareholders will be offered 78 cent cash for each share, representing a premium of 98.5 per cent to the one month VWAP of Talent2 shares on the ASX prior to the announcement of the transaction on 28 May 2012.

 

Promoted content
Recommended by Spike Native Network