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Blakes advises on Clough deal

Blakes advises on Clough deal

Blake Dawson has assisted engineering and construction company Clough on a $98 million deal.

BLAKE Dawson has assisted engineering and construction company Clough on a $98 million placement in, and proportional takeover for, Forge Group Limited. 

Clough and Forge have agreed to create a strategic alliance, providing the foundation for long-term strategic co-operation, they have announced 

Clough Limited will invest $19.5 million in Forge by a 15 per cent share placement at $1.90 per share, subject to shareholder approval.

Conditional on the placement, Clough will make a 50 per cent all cash proportional takeover offer at $2.10 per share.

The transaction has the support of the Forge board and its major shareholders.

Clough is expected to become a cornerstone investor in Forge with a potential shareholding of between 31 per cent and 56.5 per cent, depending on the placement proceeding and the level of acceptances under the takeover.

Blake Dawson partner Roger Davies, the lead partner on the deal, said the firm was pleased to have acted on the deal. 

"The transaction involves an innovative structure of combining a placement with a proportional takeover offer, and it has been rewarding to work with Clough and its advisers to achieve Clough's objective of becoming a cornerstone investor in Forge."

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Blakes advises on Clough deal
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