Herbert Smith Freehills has acted for Careers Australia Group Limited (Careers) in relation to the successful off-market takeover bid for all of Careers’ shares made by Cirrus Business Investments Limited (Cirrus), a wholly owned company of White Cloud Capital, an investment company that invests strategic growth capital in fast growing companies in Europe and the Asia-Pacific.
Careers is a vocational education provider that offers an extensive range of education and training for students and workers in Australia.
Cirrus’ successful takeover bid follows a competitive auction process between it and Crescent Capital. Cirrus’s final offer price of $0.87 cash per share represents a $0.21 premium on the initial offer price of $0.66 cash per share and an economically favourable outcome for all Careers shareholders. Careers established an innovative target-sponsored acceptance facility to facilitate the auction process given that the successful bidder already held a 45% stake.
The Herbert Smith Freehills team was led by partner Philippa Stone, and was supported by partner Andrew Rich, senior associates Robert Feiner, Nick Baker and Michael Hung and solicitors Katherine Hensby and Mark Nam.
“Herbert Smith Freehills are delighted to have been able to assist Careers Australia Group Limited on this important transaction which secured a good outcome for shareholders,” said Ms. Stone.
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