Practice Areas - Corporate and M&A Law Firms and Lawyers
| Deal Date: | 08-10-2012 | Practice Area: | Corporate and M&A |
| Deal Title: | Drillsearch Energy offer for Acer Energy | Industry: | Oil & Gas Producers |
| Description: |
Drillsearch (Central) Pty Limited, a wholly-owned subsidiary of Drillsearch Energy Limited (Drillsearch), has made an off-market takeover to acquire all of the ordinary shares in Acer Energy Limited (Acer) for 25.5c cash per share.
The offer values Acer at $118 million. It represents a significant premium of 53% to the three month VWAP of Acer Energy shares and 31% to the closing price of Acer Energy shares on 3 October 2012. Acer Energy's largest shareholder, Republic, has already sold a 19.9% interest in Acer Energy to Drillsearch (Central). The offer is unconditional, other than Prescribed Occurrences.
Ashurst team members included Bill Koeck, Anton Harris, James Parkin, Joshua Biggs and Matthew Moses (Corporate), Steve Smith, Erin Cartledge and Alysha Salinger (Banking), Peter McCullough, and Ian Fullerton (Tax), and Nicholas Antonas (Environment).
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| Financial Center: | Sydney | Value: | 0.00-100.00 |
| Advised Party: | Acquiror | Law Firm | Ashurst |
| Target Company Jurisdiction: | Australia | Acquiror Jurisdiction: | Australia |
| Classification: |
Strategic Buyer Acquisitions Private Company |
Lawyer | Bill Koeck |
