THE FIRST ever takeover of a public company listed on the South Pacific Stock Exchange has been overseen by firm Buddle Findlay.
The deal will see Fijian Holdings Ltd (FHL), an investment company with interests in tourism, manufacturing, real estate and media, pay FJ$42 million ($30 million) for a share of RB Patel Group Ltd (RBG), which owns and operates the RB Patel supermarket chain in Fiji.
Buddle Findlay represented RBG and partner Grant Dunn, who led the Buddle team along with senior associate Sharon McGrath, said “Buddle Findlay was happy to give the benefit of our takeovers experience and advise the various parties on international market practice and compliance with Fiji’s takeover regulations which are predominantly based on the takeover codes in New Zealand and the UK.”
Under the terms of the partial cash offer, FHL will pay FJ$1.40 ($1) per share for a 50.2 per cent stake in RBG, with an option to purchase the management contract for the RBG business.
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