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Chang, Pistilli & Simmons on public market deal

Chang, Pistilli & Simmons on public market deal

SYDNEY LAW firm Chang, Pistilli & Simmons (CP&S) is acting for joint bidders in their takeover bid for the Australian Hotel Fund (AHO). The firm acted for the Toga Group and the Barana…

SYDNEY LAW firm Chang, Pistilli & Simmons (CP&S) is acting for joint bidders in their takeover bid for the Australian Hotel Fund (AHO).

The firm acted for the Toga Group and the Barana Group in their bid for the fund, which is currently managed by Mirvac Group member Hotel Capital Partners. Lance Sacks and Andrew Hensher were the CP&S lawyers on the deal.

Clayton Utz lawyers Matt Anderson and Joelle Wales advised Hotel Capital Partners in its capacity as responsible entity of AHO.

AHO has an enterprise value of $50 million. The offer closed on 6 October after the joint bids achieved had a relevant interest in 96 per cent of the AHO units. They are now proceeding to compulsory acquisition.

Hensher, the lead CP&S lawyer on the deal, said that while joint takeover bids of MIS structures were once seen as novel and complex, “[they] have now become a normal part of the public M&A landscape”.

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