Chapman Tripp has advised NZX-listed Trilogy International Limited (Trilogy), on its sale to CITIC Capital China Partners III, L.P. (CITIC), the Hong Kong-based private equity firm, via a scheme of arrangement.
Under the deal finalised today CITIC acquired all of the shares in Trilogy, at NZ$2.90 a share, valuing the company at NZ$205m.
Chapman Tripp partner, Roger Wallis, said the firm’s role included negotiating the Scheme Implementation Agreement, preparing shareholder materials and arranging for High Court orders to approve the Scheme.
“The CITIC offer was unsolicited and was in competition with another unsolicited offer to buy a material Trilogy business unit. We advised Trilogy and its directors from February 2017 throughout this competitive dynamic,” said Wallis.
Wallis said the matter is important to Trilogy, which specialises in home fragrance and body and bath products, as it provides the added capability necessary to build their brands on a global scale, provide better customer service, and create new career opportunities.
The transaction is just the second to be undertaken under the latest edition of Takeovers Panel guidance on Schemes of Arrangement, and had the most accessible, clear, concise and effective shareholder meeting materials to date.
The deal marks a busy quarter for Chapman Tripp, which is the leading New Zealand firm for M&A deal count and volume according to Mergermarket’s Q1 M&A league tables.