find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
3D Oil Limited takeover defence

3D Oil Limited takeover defence

Baker & McKenzie has advised Australian-listed oil exploration and development company 3D Oil Limited on its successful defence of an attempted takeover by Drillsearch Energy Limited. The…

Baker & McKenzie has advised Australian-listed oil exploration and development company 3D Oil Limited on its successful defence of an attempted takeover by Drillsearch Energy Limited.

The bid closed on 8 June, with Drillsearch failing to obtain its minimum acceptance condition of 50 per cent.

The Bakers team was led by corporate partner Richard Lustig, assisted by senior associate Josephine Tan. The team advised on the takeover defence which was conducted over an extended period.

The takeover bid attracted significant media interest in relation to a number of corporate governance and takeover-related aspects.

One of these was the split within the Drillsearch board - a split which became public.

"This shows the difficulty in successfully promoting a takeover bid if a bidder's board is not unified," said Lustig.

"It also shows that a bidder needs to be alert to the possibility that it may, itself, become a target by a third party," Lustig said.

"Drillsearch has itself become the subject of a takeover bid by Beach Petroleum, which raised various complications in the context of 3D Oil."

In advising 3D Oil, Baker & McKenzie worked closely with corporate advisor Gresham Advisory Partners Limited, led by executive director Craig Jensz.

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

3D Oil Limited takeover defence
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
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 & ...