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DibbsBarker advises Xplore Capital in takeover bid
DibbsBarker has advised financial services company Xplore Capital Ltd in the recent takeover bid by Firstfolio Limited.
The New Lawyer
DIBBSBARKER has advised financial services company Xplore Capital Ltd in the recent takeover bid by Firstfolio Limited.
Firstfolio has made an off-market takeover bid for all issued shares in Xplore Capital and both parties have entered into a Takeover Bid Implementation Agreement.
Under the takeover arrangements, Xplore Capital shareholders have been offered two options for their shares; either a cash alternative or a share and cash alternative. The cash alternative values Xplore Capital’s equity at approximately $3.08 million.
DibbsBarker has assisted the Xplore Capital Directors throughout this process. The DibbsBarker team was led by partners Lis Boyce and Geoff Cairns.
Of the acquisition, Firstfolio said: "The acquisition of Xplore Capital will achieve long-term synergy benefits by reducing or eliminating costs incurred by Xplore Capital as a public company and related overheads."
Xplore's directors unanimously recommended its shareholders accept Firstfolio's offer and said they intended to accept the deal for shares that they own, in the absence of a superior proposal, Firstfolio said.
The offer is subject to a number of conditions, including acceptance of the deal by 75 per cent of issued shares and regulatory approvals.
