find the latest legal job
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Adelaide CBD · Join a leading Adelaide commercial law firm
View details
Freelance Project Finance Lawyers
Category: Other | Location: All Australia
· Vario are looking for freelance lawyers with experience in project finance ideally within the renewable energy sector
View details
Vario Freelance Lawyers
Category: Construction Law | Location: All Australia
· We are looking for lawyers who appreciate the endless possibilities that a freelance career can offer.
View details
Freelance Construction Lawyers
Category: Construction Law | Location: All Melbourne VIC
· We are looking for construction lawyers who appreciate the endless possibilities that a freelance career can offer.
View details
Banking Associate - 1-6PQE - Allen & Overy
Category: Banking and Finance Law | Location: United Kingdom
· Banking Associate - 1-6 PQE - Allen & Overy
View details
Firms scoop Metcash's bid for Mitre 10

Firms scoop Metcash's bid for Mitre 10

Middletons and Freehills have advised on grocery wholesaler Metcash's successful bid to enter the hardware market.

MIDDLETONS and Freehills have advised on grocery wholesaler Metcash’s successful bid to enter the hardware market.

Middletons advised Mitre 10 Australia on two schemes of arrangement, under which Metcash acquired 50.1 per cent of the combined Mitre 10 group for $55 million.

Metcash will have the right to buy the remaining 49.9 per cent of the company after the finalisation of Mitre 10’s audited accounts in either 2012 or 2013, to be based on an agreed multiple of earnings.

The capital injection was overwhelmingly endorsed by shareholders to strengthen Mitre 10's balance sheet.

Mitre 10 chief executive Mark Burrowes said of the move: "It is no secret that our competitive landscape has become a whole lot tougher in the last 12 months and this landmark deal will give Mitre 10 the firepower to successfully compete against two big box retailers.”

Middletons' partner Jol Rogers, who lead the deal, said: “The transaction was structured with some unusual features, whereby Metcash initially acquires a controlling stake then has a right to move to 100 per cent ownership after two or three years.

“The former Mitre 10 shareholders can call for a trade sale or IPO exit if Metcash does not move to 100 per cent control. The deal borrows features from the private equity space."

Freehills advised Metcash on the deal.

Burrowes said he is confident that the partnership with Metcash can deliver substantial gains for Mitre 10 when it brings its supply chain, marketing and merchandising expertise to the table.

"Metcash has significant experience in highly developed marketplaces and has been hugely successful against two larger players, so we view this arrangement as strategically important to our long term success", he said.

Middletons partner Rogers said the inter-conditional schemes of arrangement adopted by the two parties was "executed efficiently based on a clear understanding of what would ultimately benefit Mitre 10 and its shareholders in the long term”.

Rogers was assisted by Middletons' partner Andrew Mansour and lawyer Zoe Towell. Senior associate Stephen Hume assisted with the litigation aspects of the transaction.



Like this story? Read more:

Book commemorates diamond milestone for WA law society

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

Firms scoop Metcash's bid for Mitre 10
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
06:00
WA to close ‘legal loophole’ on gender reassignment laws
Laws in Western Australia will soon change to permit married people to undergo gender reassignment s...
Lawyers take to Twitter to share career stories
Jan 22 2018
Lawyers take to Twitter to share career stories
The #mypathtolaw hashtag has been embraced by legal eagles to swap stories with the Twitter communit...
Jan 22 2018
Legal body disappointed with DPP emails leaked to tabloid
The NSW Bar Association has expressed “profound disappointment” over leaked emails from the NSW ...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...