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Freehills acts on $115m Talent2 acquisition
Freehills is advising Talent2 International on its proposed $115 million acquisition by Perbec.
The New Lawyer
Freehills is advising Talent2 International on its proposed $115 million acquisition by Perbec.
Perbec is currently a wholly owned subsidiary of Morgan & Banks Investments Pty Limited (MBI). It is proposed that Perbec will be jointly owned by MBI and Allegis Group, Inc. following the acquisition.
MBI is a company owned by Andrew Banks and Geoff Morgan, each of whom is a director of Talent2. Andrew Banks, Geoff Morgan and entities controlled by Andrew Banks collectively own approximately 21.8 per cent of the Talent2 shares. Allegis does not currently own any Talent2 shares.
Under the joint bid, which is to be implemented by way of scheme of arrangement, Talent2 shareholders will be offered $0.78 cash for each share (less the amount of any special dividend), representing a premium of 98.5% to the one month VWAP of Talent2 shares on the ASX prior to the announcement of the transaction on 28 May 2012.
