Mallesons is acting for Australian producer and processer MSF Sugar in relation to a A$313 million ($316 million) off-market takeover bid by MSF's major shareholder, Thai-based Mitr Phol Sugar.
Rising Asian demand has caused is causing the region’s millers to look to Australia for sugar assets. Recently, Singapore-based Wilmar bought Proserpine for A$120 million, it’s second such Australian deal after buying Sucrogen last year for A$1.75 billion. China's Cofco purchased Tully Sugar, while U.S.-based Bunge, the world’s second-largest sugar trader is on the hunt too.
.
After completing due diligence investigations, Mitr Phol announced its intent to make an all-cash offer for MSF at A$4.45 per share. MSF’s board has recommended the offer to its shareholders.
The Mallesons team is being led by Brisbane partner John Humphrey together with senior associate Rhys Casey. Greenhill Caliburn is also advising MSF, while Baker & McKenzie is acting for Mitr Phol.
"It was a great effort by the MSF, Mallesons and Greenhill Caliburn team following receipt of Mitr Phol's proposal to negotiate and agree the terms of the takeover in such a short timeframe so that, following completion of a short due diligence process, the offer can be presented to shareholders," said Humphreys in a statement. ALB
Other related stories:
