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Broadspectrum takeover bid succeeds

Broadspectrum takeover bid succeeds

Guy Alexander

Several firms have advised on the takeover of Broadspectrum by global services and infrastructure company Ferrovial.

Firms: Herbert Smith Freehills (Broadspectrum); Allens (Ferrovial Services Australia); Linklaters (Ferrovial – US approvals); Cassels & Graydon LLP (Ferrovial – Canada approvals); Chapman Tripp (Ferrovial – NZ approvals)

Deal: The Australian subsidiary of Ferrovial Servicios SA succeeded in making a takeover bid for Broadspectrum.

Value: $768 million

Area: M&A

Key players: The Allens legal team was headed up by partner Guy Alexander, with support from partners Richard Kriedemann and Vijay Cugati, senior associates Charles Ashton and Hannah Biggins, associate Adam Laidlaw and lawyers Alistair Stolz, Dana Harel and Philip Marquet.

Deal significance: Ferrovial is a global operator of global services and infrastructure, while Broadspectrum is a multinational company servicing a range of industries across nine countries.

The takeover bid, which was launched in December 2015, occurred via an off-market offer in respect of all Broadspectrum shares.

The offer was closed on 20 May 2016 and compulsory acquisition was completed on 27 June 2016.

As the transaction involved a multinational listed company, parties had to obtain regulatory approvals in a number of foreign jurisdictions, including the US, Canada and New Zealand.



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