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Allens given book worms a read

PERSHING SQUARE Capital Management has been advised by Allens Arthur Robinson and Sullivan & Cromwell on its swiftly-agreed deal with Borders Group Inc. The move has seen Borders signed a…

user iconLawyers Weekly 23 April 2008 Big Law
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PERSHING SQUARE Capital Management has been advised by Allens Arthur Robinson and Sullivan & Cromwell on its swiftly-agreed deal with Borders Group Inc.

The move has seen Borders signed a purchase offer agreement, allowing the major book retailer the right until 15 January 2009 to sell aspects of its international business to Pershing Square for US$135 million ($144 million). The deal covers multiple jurisdictions with many parties involved including Borders Australia, Borders New Zealand, Paperchase Products Ltd in the UK and the Singaporean entity, Borders Pte Ltd.

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Partner Jon Webster and senior associate Christalyne Look led the Allens team in a role advising the Australian aspects of the stock purchase agreement. A number of other practice areas within the firm were also involved including M&A, employment, superannuation, tax and intellectual property.

Christalyne Look said dealing with multiple time zones was assisted by the firm’s experience in cross-border transactions.

“We have been able to deliver advice both efficiently and effectively in a short timeframe. It is great that the two parties have been able to reach an agreement,” Look said.

It was a swift effort for the firms involved, with the matter undertaken in a relatively short timeframe. Initially, Allens had less than two days to provide their preliminary advice on the Australian issues involved.

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