Freehills is advising PearlStreet Ltd (PearlStreet) in relation to the recent takeover offer made by Australian Laboratory Services Pty Ltd, a wholly-owned subsidiary of Campbell Brothers Ltd. The takeover values PearlStreet at $108.3 million on an enterprise basis.
PearlStreet is an Australian company, providing testing, inspection and asset care services to the energy, resources and infrastructure sectors.
The Freehills team has been led by partner Simon Reed, assisted by senior associate David Naoum and solicitors James Sippe and Rhys Simpson.
Freehills partner Simon Reed said, ‘The recommended transaction delivers a substantial premium to PearlStreet shareholders. In advising PearlStreet, it was important to ensure that PearlStreet’s board had sufficient flexibility to properly evaluate and progress alternative proposals, including an announced proposal to recapitalise the company. This enabled PearlStreet to maintain competitive tension and maximise the value delivered to its shareholders.’
Freehills’ award winning mergers and acquisitions team is the most active in the region, advising on more deals than any other Australian law firm. The M&A team continues to advise on many of Australia’s high profile, complex, market transforming and innovative transactions.
In 2009 Freehills have also advised Eldorado Gold Corporation on its proposed scrip-for-scrip acquisition of Sino Gold Mining, OZ Minerals on its sale of key assets and Viterra Inc on its acquisition of ABB Grain Ltd.
Argonaut acted as financial advisers to PearlStreet.
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