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Ashurst and NRA act on $94m deal

Ashurst and NRA act on $94m deal

Ashurst and Norton Rose Australia have acted on a $94 million off-market takeover bid.

Firms: Ashurst (Exco Resources Limited); Norton Rose Australia (Washington H. Soul Pattinson and Company Limited (WHSP))

Deal: Off-market takeover bid

Area: Corporate

Value: $94 million

Key players: Roger Davies (pictured) and Antonella Pacitti acted for Ashurst

Deal significance: On 23 August 2012, WHSP announced its intention to make an unsolicited takeover offer for all of the shares in Exco at a price of $0.19 per share. WHSP has agreed to increase its offer price from $0.19 to $0.265 per Exco share if it obtains 90 per cent acceptance.  For this purpose, WHSP will establish an acceptance facility that is open to both institutional and retail shareholders.

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