find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Deacons helps Rural Press bid

Deacons helps Rural Press bid

Deacons acted for Rural Press Limited on its successful takeover of Harris and Company Limited, the publisher of The Advocate newspaper and 40 per cent owner of The Examiner and The Sunday…

Deacons acted for Rural Press Limited on its successful takeover of Harris and Company Limited, the publisher of The Advocate newspaper and 40 per cent owner of The Examiner and The Sunday Examiner in Tasmania.

Sydney mergers and acquisitions partner Shaun Clyne, assisted by James Stewart, headed up the Deacons team to bring about the successful conclusion to the ongoing negotiations in the off market bid for all of the ordinary shares in Harris.

The bid was made through Rural Press’s wholly owned subsidiary, Regional Publishers Pty Ltd (RPL). First made on 22 August last year, the bid contained a 70 per cent minimum acceptance condition that was met with a unanimous no vote from the Harris board members, as well as extensive media coverage in Tasmania.

Deacons said the bid was countered by various spoiler tactics from Harris, including a dividend payment and a constitutional amendment, as well as being further complicated by a rival offer from Winpar Holdings Limited to acquire all preference shares in Harris.

But, following the strategic introduction of a tiered offer structure to entice Harris shareholders to accept RPL’s offer, the deal closed on 29 December last year with RPL receiving acceptances representing more than 85 per cent of the ordinary shares in Harris. RPL was unable to “compulsorily acquire” Harris’ remaining shares as it had not reached the 90 per cent threshold required.

RPL’s tiered offer involved increases in the per offer share from the initial $31 to $31.50 and then $32.00 per ordinary share if it received acceptances representing at least 70 per cent of the ordinary shares in Harris. The offer would have risen to $32.50 per share if RPL had managed to get acceptances representing at least 90 per cent of the ordinary shares in Harris.

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

Deacons helps Rural Press bid
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Dec 13 2017
Young humanitarian lawyer California-bound
A young Australian lawyer will be travelling to the US next year for a prestigious nine-month study ...
Jackie Rhodes
Dec 12 2017
Report sheds light on LGBTQI inclusion in law firms
A recent report has revealed the varying perceptions on LGBTQI diversity and inclusion in the Austra...
Women in business
Dec 12 2017
Annabel Crabb headlines Women in Business Forum
Political journalist Annabel Crabb has appeared at the Coleman Greig Lawyers Women in Business Forum...
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 & ...