Firms: Squire Patton Boggs (Coal of Africa Limited); Mills Oakley and Mayer Brown (Universal Coal)
Deal: Coal of Africa Limited made a $126.4 million recommended takeover offer for Universal Coal Plc.
Value: $126.4 million
Key players: The Squire Patton Boggs team was led in Australia by corporate partner Simon Rear (pictured), with support from senior associate Chris Rosario and associate Ben Stewart. The UK team was led by corporate partner Adam Hastings, with associates Hannah Graham and Victoria Kierans.
Deal significance: ASX, AIM and JSE-listed Coal of Africa Limited (CoAL) and ASX-listed Universal Coal Plc (Universal) both operate in South Africa and have complementary business, development and funding profiles.
CoAL has made a $126.4 million recommended takeover offer for Universal, through a combined scrip and cash consideration, with a loan note alternative.
The transaction is expected to complete in March 2016 subject to receiving necessary approvals.
Universal is an English company that has its central management and control outside the UK. The takeover offer is therefore not regulated by either the UK or Australian takeover regimes; however, elements of both have had an impact on the structure and implementation of the transaction, according to a statement from Squire Patton Boggs.
As the offer includes a share consideration element, the offer document will also comprise an Australian prospectus, with relief being sought from ASIC to facilitate the offer.
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