Extraordinary organisation set up a smooth transaction for Shuffle Master Inc on its $150 million takeover of Stargames Limited, a listed Australian manufacturer of electronic gaming machines.
Freehills acted for Shuffle Master and Deacons represented Stargames. Freehills M&A partner Tony Damian said “strategic planning and disciplined execution” had facilitated a quick and successful transaction. By the time the takeover was announced, Shuffle Master had already organised the bidder statement, had Stargames’ target statement, the recommendation of the board and had received acceptances from more than 90 per cent of Stargames shares.
Also, Stargames’ largest shareholder had given to Shuffle Master a call option with respect to its 17.8 per cent shareholding. “That was a very powerful starting point,” Damian said.
This was Shuffle Master’s first major acquisition in Australia. “They had done one or two small ones, but nothing like a listed company takeover,” Damian said.
He led the Freehills team with corporate partner Fiona Gardiner-Hill, supported by solicitors John Natal, Nicole Underhill and Fiona Scattergood.