Minters partner Gary Goldman and senior associate Stephen Knight led the deal, while Steinepreis Paganin advised Ammtec Limited

This bid was initially vigorously rejected by the target, but through a combination of strategies, Campbell Brothers was ultimately able to secure a recommendation from the Ammtec board.

According to Goldman, some of these strategies included offering flexible options to institutional shareholders to secure a significant pre-bid stake; offering to make the bid unconditional at a 30 per cent level which would have given a significant degree of influence given the widely held stock; and managing the hedge fund interest in the arbitrage between the market price and value of the scrip consideration.

"There was never any guarantee that the strategy would secure a board recommendation. However, as the Campbell Brothers bid for Ammtec shows, there are innovative ways that can break a log jam and shift the momentum sufficiently to secure a positive recommendation," he said.