Gilbert + Tobin advised the Charter Hall Independent Directors Committee on considering, developing and negotiating the $1.74 billion acquisition via a Court sanctioned and member approved scheme.
This transaction was particularly challenging due to the requirement for completion of the disposal of CQO’s US assets. Disposal was required prior to implementation and development of an effective means to enable the retention of some sales proceeds from the sale of US assets to meet potential contingent liabilities and costs and their subsequent distribution to eligible unit holders.
Corporate Advisory partners Tony Bancroft and David Clee led the transaction and were assisted by fellow partner, Colleen Platford and lawyers Adam D’Andreti, Amy Knox and Airlie Goodman.
“The transaction was extremely complex and involved many challenging issues for the lawyers to deal with. From the formation of an independent directors committee to deal with the decision making for the responsible entity and the development of a satisfactory structure to protect the buyers from potential liabilities arising from the disposal of CQO’s non-Australian assets” said lead partner, Tony Bancroft.
The bidders were a consortium comprising of an affiliate of Singapore Government’s GIC fund, the Canadian pension fund, the Public Sector Pension Investment Board and a member of the Charter Hall Group.
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