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Freehills nails big MAC deal

Freehills has advised The MAC Services Group Limited on its $651 million acquisition by Oil States International Inc, which closed on 30 December 2010.The acquisition was implemented by way of…

user iconLawyers Weekly • 19 January 2011 • Big Law
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Freehills has advised The MAC Services Group Limited on its $651 million acquisition by Oil States International Inc, which closed on 30 December 2010.

 
 

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The acquisition was implemented by way of scheme of arrangement, with 99.96 per cent of The MAC security holders voting in favour of the scheme. The MAC security holders received $3.85 plus a $0.05 dividend for each security, representing a premium of 38 per cent to the 90 day VWAP of The MAC shares on the ASX prior to announcement of the proposal.

The Freehills team was led by M&A partner Tony Damian, supported by M&A partner Andrew Rich and solicitors Clayton James, Ben Jones and Li-Lian Yeo.

According to Freehills, the transaction highlights many of the key trends in the current M&A market, including the prevalence of resource-related transactions, the increasing number of cross-border transactions - particularly from North America - and the growing use of schemes of arrangement to effectively implement transactions in a timely manner.

Freehills advised The MAC on all aspects of the transaction, with Credit Suisse acting as The MAC's financial adviser and Mallesons Stephen Jaques acting for Oil States International.

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