Ashurst helps respond to $650m unsolicited takeover bid

Independent directors have recommended the rejection of the off-market bid

Ashurst helps respond to $650m unsolicited takeover bid

Ashurst is the legal muscle behind the response of Riversdale Resources to the unsolicited takeover bid it received in late February.

The global firm was tapped by the resources company after Gina Rinehart’s Hancock Corporation announced a $650m off-market bid for Riversdale on 27 February. Riversdale shareholders have been offered $2.20 per share, increasing to $2.50 per share if Hancock’s interest in the target exceeds 50%.

Corporate partner Stuart Dullard is leading the Ashurst team. He is supported by M&A adviser Garry Besson, senior associate Matt Sparks, and associates Rory McLeod and Cindy Yuan.

Independent directors of Riversdale have recommended that the offer be rejected. Resource Capital Funds, which has a 48% stake in Riversdale, and Regal Funds Management, which has a 1% interest in the company, have said that they intend to hold on to their stakes.

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