Top firm confirms hand in $184m off-market takeover

The transaction has secured an excellent outcome for shareholders, says the firm

Top firm confirms hand in $184m off-market takeover
Herbert Smith Freehills (HSF) has confirmed that it was the law firm on the other side of the table in the recent acquisition of a major containers supplier in Australia and New Zealand.

HSF acted for Royal Worf Holdings, which was the subject of a $184m off-market takeover announced in July by GFN Asia Pacific Holdings, a wholly owned subsidiary of General Finance Corporation (GFN).

Gilbert + Tobin acted for GFN, a Pasadena, California-headquartered company that has been Royal Wolf’s major shareholder since its IPO in 2011.

The offer represented a 45% premium to the one-month volume-weighted average price of Royal Wolf shares prior to the offer’s announcement. It assumed Royal Wolf’s capitalisation and enterprise value at about $184m and $290m, respectively.

The HSF team was led by partner Philippa Stone, who was assisted by executive counsel Hemang Shah, senior associate William Chew, and solicitor Elizabeth Cameron. Senior associate Lauren Selby advised Royal Wolf on head office advisory matters.

Stone said that it was a great pleasure to act for a longstanding client on the significant transaction, which secured an excellent outcome for shareholders.


Related stories:
G+T acts in $184m off-market takeover
Global firm acts on $300m Aussie real estate deals

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