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Blakes behind hostile takeover bid

Blakes behind hostile takeover bid

Blake Dawson has advised New Hope Corporation, the Australian-listed coal company, which has announced a hostile, all cash takeover offer for Queensland coal group, Northern Energy Corporation…

Blake Dawson has advised New Hope Corporation, the Australian-listed coal company, which has announced a hostile, all cash takeover offer for Queensland coal group, Northern Energy Corporation (NEC), after New Hope's proposal for an agreed transaction was rejected.

The offer price of $1.50 represents a premium of 57.9 per cent to the closing price of NEC shares the day prior to New Hope's formal approach.

Blake Dawson's Bruce Macdonald, David Ryan, David McManus and Matthew Sparks led the deal.

Pitt Capital is financial adviser to New Hope, with Merrill Lynch advising the target.

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