find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
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
Phillips Fox helps BreakFree escape

Phillips Fox helps BreakFree escape

Phillips Fox has advised listed resort operator BreakFree Limited in its successful defence of a hostile $57.8 million takeover bid by competitor S8 Limited.Brisbane partner Eugene Fung led the…

Phillips Fox has advised listed resort operator BreakFree Limited in its successful defence of a hostile $57.8 million takeover bid by competitor S8 Limited.

Brisbane partner Eugene Fung led the Phillips Fox defence team.

The bid was first announced as a scrip bid in July 2003 but was then withdrawn in October and replaced with a cash offer to shareholders of $1.51 per share.

In the course of the six-month long takeover bid, Phillips Fox represented BreakFree in five separate proceedings before the Takeovers Panel, and in a subsequent Supreme Court application brought by S8.

The Panel proceedings considered the Panel’s “frustrating action” doctrine and the Australian Securities and Investments Commission’s Truth in Takeovers Policy.

According to Fung, prior to the bid, S8 had acquired about 19 per cent of BreakFree “off the market”. When S8’s offer ended on 24 December last year, it had managed to buy about another 5 per cent of BreakFree, taking its holding in the company to just over 24 per cent.

On 30 December, the Board of BreakFree said in a statement it would now consider S8 as it would any other shareholder “with the added stricture resulting from S8’s position as a close and hostile competitor”.

“BreakFree has no present intention of any further engagement with S8. The company’s priority now is to quickly implement its growth strategy, which has been delayed for several months by the takeover interference.”

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

Phillips Fox helps BreakFree escape
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
Oct 19 2017
‘Ego status’ compelled ex-lawyer to defraud $2.97m, court told
Debarred lawyer John Gordon Bradfield told an NSW District Court that he was driven by “ego status...
Australian Lawyers Alliance (ALA), Queensland’s new industrial manslaughter legislation,
Oct 19 2017
ALA welcomes ‘tough’ Qld manslaughter laws
The Australian Lawyers Alliance (ALA) has welcomed Queensland’s new industrial manslaughter legisl...
Legal podcasts, tune in, microphone
Oct 19 2017
Legal podcasts you have to tune in to right now
The rise of the internet has hailed in a new dawn for storytelling. Here’s our top pick of podcast...
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 & ...