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Clayton Utz acts on unpopular Brockman bid

Clayton Utz acts on unpopular Brockman bid

Clayton Utz is advising a Hong Kong company on its takeover bids for ASX-listed iron ore producer Brockman Resources, while the Australian company urges shareholders to reject the bids.

CLAYTON Utz is advising a Hong Kong company on its takeover bids for ASX-listed iron ore producer Brockman Resources, while the Australian company urges shareholders to reject the bids.

The firm is advising Hong Kong Stock Exchange listed Wah Nam

International Holdings Limited on its concurrent off-market takeover bids for Brockman and FerrAus Limited, as well as Wah Nam's initial public offering and listing on the ASX.

Brockman, which was last week the centre of a $932 million all-scrip takeover bid by Wah Nam, is hoping to produce 17 to 20 million tonnes of iron ore each year from Western Australia’s Pilbara region, The Australian newspaper reported today.

Wah Nam already holds about 23 per cent of Brockman.

Brockman Resources chairman Barry Cusack said his company’s directors were unanimously urging shareholders not to accept the offer.

“Being a scrip offer with a foreign exchange and involving a simulatabous bid for FerrAus makes this a complicated bid to analyse and assess,” Cusack told The Australian.

Clayton Utz’s Perth corporate and M&A partner, Mark Paganin, is leading the firm's team, which includes special counsel, Glenda Currie and senior lawyer Stephen Neale.

Under the concurrent bids, which will be undertaken through Wah Nam's wholly owned subsidiary, Wah Nam International Australia Pty Ltd, Wah Nam will offer 30 Wah Nam shares for every Brockman Resources Limited share, and 6 Wah Nam shares for every FerrAus Limited share.

This values the Brockman Resources bid at approximately A$925 million and the FerrAus Limited bid at approximately A$265 million.

Wah Nam's IPO is seeking to raise A$2 million with a facility to raise an additional A$1 million in oversubscriptions.

On completion of its IPO and listing, Wah Nam would become the first HKEx-listed company to list on the ASX.



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Clayton Utz acts on unpopular Brockman bid
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