Herbert Smith Freehills is advising Perpetual Limited on its proposed acquisition of The Trust Company Limited via a scheme of arrangement.
The Trust Company is one of the largest trustee companies in Australia with over $164 billion in funds under management.
Under the scheme, Trust Company shareholders will receive 14.95 Perpetual shares for every 100 Trust Company shares, equivalent to $6.17 per share, and a fully franked special dividend of $0.22 per Trust Company share. The scheme includes a cash alternative whereby Trust Company shareholders can elect to receive scheme consideration wholly in Perpetual shares or in cash at an equivalent value, subject to an agreed maximum cash component.
The Herbert Smith Freehills team is led by Corporate partners Peter Dunne and Philip Podzebenko, alongside Competition partner Patrick Gay. They are supported by lawyers Richard Conway, James Schoeffer, Shing Lo, Linda Sweeney, Sarah Lynch and Allegra Day.
Herbert Smith Freehills partner Peter Dunne said of the transaction: ‘We are delighted to be acting for Perpetual on what is an important transaction set to deliver substantial strategic benefits for the Company. Herbert Smith Freehills has a long-standing relationship with Perpetual having acted on a number of its most significant transactions. It has been great to have been involved in an intense transaction with the core Perpetual team.’
The deal is expected to be completed in August 2013 subject to shareholder and regulatory approvals.
Related Posts:
- None Found