The bid was initially a hostile takeover bid with a 50.1 per cent minimum acceptance condition. The revised offer for LCL’s shares was unanimously recommended by the board of Lighting Corporation. The current offer of $1.10 cash for each LCL share is a 22-cent increase from the initial offer of 88 cents in October.

John Keeves, partner at Johnson Winter & Slattery, said: “We enjoyed working with the team from Gerard Lighting and their corporate advisers KPMG Corporate Finance on what is a strategic transaction for our client.

“It has been a long-running and challenging deal with the unusual feature of moving from a 50.1 per cent minimum acceptance condition to a 90 per cent condition in conjunction with improving the consideration.”

Gerard Lighting has now secured a unanimous board recommendation on the basis of an improved offer and 90 per cent minimum acceptance condition so Gerard Lighting can move to compulsory acquisition.

“This is a great result for our client Gerard Lighting and a good outcome for LCL shareholders, with potential additional value from franking credits from a special dividend as part of the deal structure,” said Keeves.

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Keeves was assisted by partner Jim Hunwick on the finance aspects of the acquisition. Thomson Playford acted for Lighting Corporation Ltd.