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International firm scoops Australian deal

International firm scoops Australian deal

AUSTRALIAN PROVIDER of integrated logistic services, Toll Holdings Ltd, went international with its recent HK$2.24 billion ($307 million) takeover of BALtrans Holdings Ltd, taking on Clifford…

AUSTRALIAN PROVIDER of integrated logistic services, Toll Holdings Ltd, went international with its recent HK$2.24 billion ($307 million) takeover of BALtrans Holdings Ltd, taking on Clifford Chance as its legal adviser.

The global law firm announced its scoop on the deal, saying that after it worked with the client BALtrans would become a wholly-owned subsidiary of Toll. BALtrans is one of the largest Asia-based freight forwarding and logistics companies.

The Clifford Chance team in Hong Kong was led by partner and head of M&A Asia, Roger Denny. He was assisted by counsel Terence Foo, senior associate Neeraj Budhwani and associates Derek Hung and Dianna Xiao.

“Toll used an innovative offer structure — a two-tiered offer price depending on the level of acceptances — and received over 99 per cent acceptances, allowing it to acquire 100 per cent,” Denny said.

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