Under the deal, Minor valued Oaks at approximately AUD90 million and shareholders will receive 52 cents for each Oaks share. Having acquired more than 90% of Oaks shares, Minor has announced plans to compulsorily acquire all remaining shares.
In a unique move, Minor acquired control in Oaks through securing a 34.4% stake from PricewaterhouseCoopers as receivers and managers of entities owned by the former CEO of Oaks under a tender offer supervised by ASIC, a process rarely used in Australian takeovers history.
Adding further complexity to the deal was the two competing takeover proposals for Oaks (one from Retail Food Group and the other from Edge Equity Investors) which were announced even after Minor International had ostensibly obtained control of Oaks.
The Mallesons team was led by Partner John Humphrey, Senior Associate Rhys Casey and Solicitor Erin Hanson, all based in Brisbane.
Commenting on the deal, Humphrey said "The deal has certainly focused attention on the appropriate use of the tender offer process in the context of a competing takeover offer and it will be interesting to see whether there is any push for change to the situation where ASIC relief can make a higher bid disappear and determine the outcome of a contested takeover rather than target shareholders."
Elle LoweSenior Manager, Corporate AffairsT +61 2
M +61 424 168 080