Arnold Bloch Leibler has acted for Taverners Group in a successful off-market takeover offer for ASX-listed investment company Astra Capital Limited (Astra), advised by Freehills.
Taverners Group announced the offer on 22 November 2010, which involved the acquisition of all of the issued shares in Astra for a cash price of $0.75 per share. Prior to the offer, Taverners Group was already a major shareholder with 77.54 per cent of Astra.
By 9 February 2011, the takeover offer became unconditional after Taverners Group received acceptances from shareholders with 75 per cent of the shares that Taverners Group offered to acquire.
The takeover was conducted by Arnold Bloch Leibler partner Steven Klein and senior associate Jeremy Leibler, together with lawyers Jeremy Lanzer and Rebecca Abeles.
Jeremy Leibler commented: "The fact that Taverners Group was able to close the offer and proceed to compulsory acquisition in such a short time without needing to extend the offer period reflects the positive outcome of this transaction for all shareholders".
Neil Pathak and Nick Baker from Freehills acted for Astra.