subscribe to our newsletter sign up
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.

Promoted content
Recommended by Spike Native Network