Chapman Tripp acted for WSP Global on its full takeover of New Zealand infrastructure company, Opus International Consultants.
Partner John Strowger advised WSP Global’s subsidiary (WSP NZ Acquisition Limited) on the takeover, with Opus directors last week recommending acceptance, following a variation to WSP’s offer.
Last month, WSP made the 100% takeover offer under the Takeovers Code for all ordinary shares in Opus at a total consideration (inclusive of permitted dividends) of $1.85 a share – a total bid of $265 million. This was increased last week to $1.92 per share.
WSP has received commitments to accept its offer from institutional shareholders holding 70.55% of total shares in Opus.
“There have been some signs of a resurgence in takeover activity this year, including the Bapcor-Hellaby takeover, Spark’s offer for TeamTalk, Healthcare Partners’ hostile partial takeover bid for Abano, NZ Binxi Foods’ attempted acquisition of Blue Sky Meats, Vero’s attempted acquisition of Tower and the current competing takeovers for New Zealand Oil & Gas,” Strowger said.