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Lend Lease hires Allens for string of deals

Lend Lease hires Allens for string of deals

Allens Arthur Robinson is advising Lend Lease Group, the fully integrated property solutions provider, on its A$192 million acquisition of Lend Lease Primelife Group.

ALLENS Arthur Robinson is advising Lend Lease Group, the fully integrated property solutions provider, on its A$192 million acquisition of Lend Lease Primelife Group.

The acquisition of shares at 35 cents each was approved by Primelife security holders on 14 December. The bid was approved by the Supreme Court of NSW this week, leaving the company free to proceed with the takeover.

Lend Lease chief executive Steve McCann said the deal will cement the company’s position in the retirement homes sector.

Lend Lease improved its initial offer by 13 per cent per security, from 31 cents a share to 35 cents a share, earlier this month.

In a statement to the Australian Securities Exchange, Primelife said it had lodged a copy of the court order with the Australian Securities and Investment Commission.

The acquisition involves Lend Lease acquiring the remaining securities in Primelife which it does not already own.

The transaction is just the latest in a series of transactions in which Allens has advised Lend Lease as it has established and consolidated its investment in Primelife and the growing senior living sector. The legal advice was led by partner Tom Story and senior associate Gemma Piper.

'The acquisition is the third transaction we have worked on for Lend Lease that involves Primelife in a M&A context since mid 2008. We again worked closely with Lend Lease general counsel William Hara,' said Story.

The schemes will be implemented on 23 December 2009.


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