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Firms strike gold in PanAust takeover
A Laos-based copper and gold producer, PanAust, has been advised by global firms on its takeover by an investment group.
Felicity Nelson
Firms: Herbert Smith Freehills (PanAust); King & Wood Mallesons (GRAM)
Value: A$1.2 billion
Area: M&A
Key players: The deal is being led by Herbert Smith Freehills partner Tony Damian (pictured) and supported by senior associate Alexandra Eggerking and solicitors Amelia Morgan and Nataly Sikorski. The team is working closely with Paul Scarr, company secretary & general counsel of PanAust, and George Piggott, principal legal advisor & joint company secretary of PanAust.
Deal significance:
Following the announcement of the off-market takeover bid for PanAust at A$1.71 cash per share on 30 March, PanAust entered into a bid implementation agreement with GRAM under which GRAM agreed to increase the offer price for PanAust to A$1.85 cash per share.
“We are delighted to be advising PanAust on this important transaction,” Mr Damian said. “This high-profile deal demonstrates the increasing M&A activity occurring in the resources sector.”
