find the latest legal job
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Insurance Lawyer (1 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Great Career Opportunity ·
View details
Insurance and Health Lawyer (1-4 PAE)
Category: Insurance and Superannuation Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· New position to support Growth ·
View details
Minters act for Patrick on Virgin

Minters act for Patrick on Virgin

Minter Ellison acted for Patrick Corporation Limited on its unsolicited $2 billion takeover bid for Virgin Blue Holdings Limited, which saw it secure 62 per cent of the airline and control of…

Minter Ellison acted for Patrick Corporation Limited on its unsolicited $2 billion takeover bid for Virgin Blue Holdings Limited, which saw it secure 62 per cent of the airline and control of its board.

Patrick had a 45 per cent holding and three directors on the board of Virgin Blue at the time the bid was announced. The unconditional cash bid presented some novel legal issues because of a pre-existing contractual relationship between Patrick and Richard Branson’s Virgin Group. The two parties were deemed to be associates even though they were not acting together on the bid.

It was also unusual because the bidder did not allow arbitrageurs and other target shareholders to dictate terms and force it to increase its price (despite the recommendation of target directors and the views of the independent expert appointed by Virgin Blue).

The Minter Ellison team was led by Costas Condoleon and included partners James Philips and Michael Barr-David, as well as senior associate Asha Rengaswamy. They advised Patrick on all aspects of the bid, including bid structure, legal issues arising from arrangements with the Virgin Group, dealings with and modifications from ASIC, and bid strategy.

“As well as dealing with the technical challenges of the transaction, it was exciting to work with a client that had a strong view of fair value, that stuck to that view and that didn’t allow [arbitrageurs] or the market to drag its offer price up,” Condoleon said.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Minters act for Patrick on Virgin
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Quentin Bryce
06:05
DV has worsened in a generation: Quentin Bryce
Former governor-general of Australia Dame Quentin Bryce AD CVO has spoken of her deep distress about...
Lawyers
06:00
Academics entertain the idea of law without lawyers
Researchers from Queensland will explore some of the most disruptive trends tipped to transform the ...
Please, Continue (Hamlet), Melbourne Festival
Oct 16 2017
Hamlet suffers slings and arrows of top Victorian barristers
Victorian judges and barristers have performed the unique play Please, Continue (Hamlet) at the Melb...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...