The deal is compelling opportunity in a low-liquidity landscape, a special counsel says
Two legal giants are acting on Adamantem Capital’s takeover bid for Legend Corporation.
Gilbert + Tobin (G+T) is acting for Adamantem, which has offered $0.365 per share of Legend, which is being counselled by MinterEllison.
The offer represents a 22.1% premium to the one-month volume-weighted average of Legend’s shares and values the company at $100m. Adamantem is proposing to acquire all outstanding shares of the company via a scheme of arrangement.
Legend and Adamantem have entered into a scheme implementation agreement and Legend’s board has unanimously recommended the offer. The Thorney Investment Group, which holds a 16% stake in Legend, has given early support to the deal, subject to the absence of a superior competing bid and the results of an independent review.
The G+T corporate advisory team includes partner Costas Condoleon, consultant Hemita Sumanasuriya, and lawyers Annabel Humphreys, Sean MacDonald, Rebecca Ching. Its banking and infrastructure team includes partner Gail Christopher, lawyer Matthew Weetman, and graduate Ginia Kouznetsova.
The MinterEllison team is jointly headed by special counsel Keith Tan, partners Alberto Colla and Elissa Romanin, as well as special counsel Robert Yunan.
“We are delighted to be assisting Legend on this important transaction which represents a compelling exit opportunity for shareholders in a landscape of relatively low liquidity and trading volumes, and a significant milestone for the growth of Legend under private ownership,” Tan said.