Firms: Holding Redlich (Innopac Holdings Limited); Herbert Smith Freehills (Merlin Diamonds Limited)
Deal: Singapore-based Innopac’s strategic takeover bid for Australian miner Merlin Diamonds
Area: M&A/Energy & resources
Value: Consideration bid of $60 million
Key players: Melbourne-based partner Daniel Blue led the Holding Redlich team, which also included partner Darren Pereira and senior associate Toby Yiu. Partner Michael Ziegelaar led the HSF legal team. Innopac is also advised by Singaporean firm Robert Wang & Woo LLP, a member of LawExchange International
Deal significance: Innopac is an investment holding and management company listed on the Singapore Exchange (SGX). Merlin Diamonds is a mining and exploration company listed on the ASX and the owner of the only diamond mine in the Northern Territory, the Merlin Diamond Mine Project.
Under the terms of the Bid Implementation Deed, which was announced on 1 February on the ASX and SGX, Innopac has agreed to make an offer for all of the issued share capital of Merlin Diamonds, at a bid price which equates to 28 cents for each Merlin Diamond share.
The consideration for the bid is to be satisfied by the issue of Innopac shares. “This deal is another example of the continued demand for quality mining and resource targets in Australia,” said Blue.