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)
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.