Media Release | MinterEllison scoops the pool in Australia's top 10 takeovers / schemes for H2-2016

28 February 2017

Leading Australian-based international law firm MinterEllison acted on 7 of the top 10 Australian takeover bids and schemes of arrangement for the second half of 2016 identified by ASIC in its Regulation of Corporate Finance Report.

The Report, which covers period July-December 2016, provides key statistical information and observations about ASIC's work in regulating and overseeing mergers and acquisitions transactions.

MinterEllison public M&A partner Michael Gajic said that no other law firm came close to that level of involvement in major Australian public M&A deals of the past 6 months.

"This level of success in Australia's top public M&A deals is an outstanding result, and reflects our firm's deep expertise in public M&A," Mr Gajic said.

According to ASIC's Report, on the basis of documents lodged or publicly released during the period there were 41 separate control transactions with a total value of A$5.6 billion – up from the 22 transactions during the previous six months.

"The top 10 transactions alone accounted for close to A$4.5 billion of that total value, with the highest-value deal being Baring Asia Private Equity Fund VI's successful bid for SAI Global Limited. That was one of 7 transactions in the top 10 in which MinterEllison played a key role," Mr Gajic said.

"There were also innovative features in those transactions introduced by MinterEllison – such as the liability cap in the SAI Global buyout, the deal protections in Vitaco and the consideration structure in Patties."

The other MinterEllison transactions in the top 10 were Bradken / Hitachi Construction Machinery Co; UGL / CIMIC; S. Kidman & Co / Australian Outback Beef; Fantastic Holdings / Steinhoff International; Vitaco / Shanghai Pharmaceuticals Holdings and Primavera; and Patties Foods / Australasian Foods.

In 5 of the 7 transactions, the acquirer was foreign. Specialist FIRB partner David Moore noted this highlights the continuing trend of foreign investment in major deals in Australia.

"MinterEllison advised each of those acquirers on the foreign investment regulatory landscape in Australia and submitted the successful FIRB applications for each of them."

Target Bidder Type Industry Value

SAI Global Limited

Baring Asia Private Equity Fund VI

Scheme

Professional services

$1,014m

Bradken Limited

Hitachi Construction Machinery Co., Ltd

Bid

Machinery

$670m

UGL Limited

CIMIC Group Limited

Bid

Construction and engineering

$525m

S. Kidman & Co Ltd

Australian Outback Beef Pty Ltd

Bid

Food products

$387m

Fantastic Holdings Ltd

Steinhoff International Holdings N.V.

Scheme

Household durables

$361m

ASG Group Limited

Nomura Research Institute, Limited

Scheme

IT services

$329m

GPT Metro Office Fund

Growthpoint Properties Australia Limited (Growthpoint Properties Australia Trust)

Bid

Equity real estate investment schemes

$321m

Vitaco Holdings Limited

Shanghai Pharmaceuticals Holdings Co., Ltd and Primavera Capital Fund II L.P.

Scheme

Personal products

$309m

Payce Consolidated Limited

Bellawest Pty Limited

Scheme

Real estate management and development

$250m

Patties Foods Ltd

Australasian Foods Bidco Pty Limited (owned by funds managed or advised by Pacific Equity Partners Pty Limited)

Scheme

Food products

$230m

 

Link to ASIC Report: http://download.asic.gov.au/media/4160749/rep512-published-24-february-2017.pdf