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$976.1m takeover offer for ASX-listed manufacturer

$976.1m takeover offer for ASX-listed manufacturer

Bart Oude-Vrielink

A Tokyo-headquartered company has made an all-cash takeover offer to an ASX-listed company that services the resources, energy and rail freight industries.

Firms: MinterEllison (Hitachi Construction Machinery Co. Ltd); Allen & Overy (Bradken)

Deal: Hitachi Construction Machinery Co. Ltd (HCM) has made an all-cash takeover offer for 100 per cent of the ordinary shares of Bradken.

Value: HCM’s offer represents an enterprise value of $976.1 million for Bradken.

Area: Finance, corporate M&A

Key players: The legal team advising HCM was led by MinterEllison partners Alberto Colla and Bart Oude-Vrielink (pictured), with assistance from partner Geraldine Johns-Putra (legal due diligence), partner Geoff Carter (competition and regulatory), special counsel Miranda Noble (competition and regulatory), partner David Moore (foreign investment), senior associate Mellisa Lai (foreign investment), partner John Mosley (debt finance), senior associate Johanna Hendry (debt finance), partner Con Boulougouris (corporate/M&A), partner Michael Gajic (corporate/M&A), senior associate Keith Tan (corporate/M&A) and special counsel Bryn Davis (corporate/M&A).

Deal significance: Tokyo-headquartered HCM is a global manufacturer and supplier of construction and mining machinery. This includes hydraulic excavators, rigid dump trucks and wheel loaders, as well as machinery consumables and parts.

ASX-listed Bradken manufactures fully machined cast iron and steel products. It is a global supplier to the resources, energy and rail freight industries.

The company has a workforce of almost 3,500 people in 24 manufacturing facilities and sales and service centres across Australia, New Zealand, the USA, Canada, the United Kingdom, India, Indonesia, Malaysia, South Africa, South America and China.

At the successful conclusion of this transaction offer by HCM, Bradken will become a key part of HCM’s global mining and industrial services business.

Its head office will remain in Newcastle, NSW.

“MinterEllison is delighted to be assisting Hitachi Construction Machinery with its first public market takeover in Australia,” said Alberto Colla, lead partner, MinterEllison.

“We look forward to continuing to work with Hitachi Construction Machinery and its other advisers to successfully complete the recommended offer that has been made to Bradken shareholders.”

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