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Elders Limited to acquire 100% of AIRR shares
MinterEllison has advised Elders Limited on its entering into a scheme implementation deed, under which it is set to acquire 100 per cent of shares in AIRR Holdings Limited.
Emma Musgrave
Source: minterellison.com/people/bart_oude-vrielink
Firm: MinterEllison (Elders Limited)
Value: The acquisition consideration comprises 5 per cent cash and 50 per cent Elders scrip, with a mix and match facility provided to AIRR shareholders, according to a statement from the firm.
Elders is funding the acquisition via a $137 million equity raising and issue of $79 million of new Elders shares to AIRR shareholders as scrip consideration, the firm explained.
Area: Corporate
Key players: The Minters team was led by partners Bart Oude-Vrielink and Kate Koidl and special counsel Sudharshan Senathirajah, with assistance by senior associates Sarah Soon and Michael Watts, and lawyers Mark Simkiss, Alexander Persano and Isobel Conroy-Ryan.
Partner Miranda Noble and senior associate Tom Faulls provided commercial and regulatory advice to Elders, while partner David Eterovic and senior associate Leigh Schulz led the finance workstream.
Deal significance: Elders is described as a leading agribusiness brand which operates throughout rural and regional Australia.
Meanwhile, AIRR is a member-based buying and marketing group for independent rural merchandise and pet and produce stores.
“AIRR’s business is a national wholesale platform supported by a network of eight warehouses servicing more than 1,500 customers, with approximately 240 independent member stores and an additional 100 Tuckers Pet and Produce stores. AIRR also owns and operates five retail locations in Victoria,” the statement from Minters noted.
“The AIRR board of directors has unanimously recommended that AIRR shareholders vote in favour of the scheme.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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