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Allens advises on MMC capital raising
Allens Arthur Robinson has advised CBA Institutional Equities (CBA) as the lead manager and underwriter of MMC Contrarian Ltd's capital raising valued at $135 million.The capital raising…
Lawyers Weekly
Allens Arthur Robinson has advised CBA Institutional Equities (CBA) as the lead manager and underwriter of MMC Contrarian Ltd's capital raising valued at $135 million.
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The capital raising comprises a conditional placement in a bid to raise $62 million, as well as an offer to shareholders of a one-for-one renounceable pro rata entitlement valued at $73 million.
The capital raised will be used by MMC to finance part of its $195 million purchase of life insurance business Bupa Australia and financial advisory and services business Clearview.
MMC is acquiring these businesses with the aim of elevating distribution capabilities and turning the company into a focused life insurance and wealth management business.
Partner and co-head of equity capital markets, Robert Pick, said of the transaction: "Allens is delighted to have been able to work with the CBA Institutional Equities team on this significant transaction for MMC Contrarian.
"This offer continues the recent return of equity raisings being used to fund M&A activity. If the current market conditions persist, we expect that this trend is likely to continue through 2010."
