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.
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.