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Ashurst get seat on Challenger deal landing

Ashurst get seat on Challenger deal landing

Challenger Life is seeking to take total control of the Challenger Diversified Property Group.

Firms: Ashurst [Independent Directors of Challenger Listed Investments Limited (CLIL)] as responsible entity of the Challenger Diversified Property Group (CDI). Allens acted as the legal adviser to Challenger Life, a wholly owned subsidiary of Challenger Life Company Limited

Deal: Challenger Life seeks 100 per cent ownership of the Challenger Diversified Property Group.

Value: $242 million (value of the offer); $586 million (implied value of CDI)

Area: Corporate

Key Players: Sarah Dulhunty (pictured) led the Ashurst team, with Allens the other main law firm involved

Deal significance: Challenger Life already owns almost 60 per cent of CDI, but it is now seeking total control via way of an all cash offer. CDI made a modest increase in revenue for the six months to December 2013, but net profit after tax fell by around a quarter. The Independent Directors of CLIL have unanimously recommended the Offer in the absence of a superior proposal and subject to the independent expert not opining that the Offer is neither fair nor reasonable.

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Ashurst get seat on Challenger deal landing
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