News

31/01/17

G+T advises Pinnacle on rival takeover bid for Hunter Hall

Gilbert + Tobin is pleased to announce that it is advising Pinnacle Ethical Investment Holdings Limited on its takeover bid for Hunter Hall International Limited (Hunter Hall).

Pinnacle Investment Management Group (ASX: PNI) announced an intention on 23 January 2017 to make an off market takeover offer to acquire all of the shares in Hunter Hall (ASX: HHL) at a price of $1.50 per share payable in cash through its wholly owned subsidiary Pinnacle Ethical Investment Holdings Limited (Pinnacle).   Pinnacle lodged its bidder’s statement with HHL, ASIC and ASX on 30 January 2017.

The Pinnacle offer represents a premium of 50% to the rival off-market takeover offer announced by Washington H. Soul Pattinson and Company Limited (ASX: SOL) on 30 December 2016.

PNI is an ASX listed multi-affiliate investment management firm which currently consists of seven investment affiliates that collectively have FUM of over A$23 billion in assets across a diverse range of asset classes.

The Gilbert + Tobin team was led by Corporate Advisory partners John Williamson-Noble and Tim Gordon and lawyers Beth Jeffers, Lucy Hall and James Hunn.  The Gilbert + Tobin team also advised on the institutional placement announced by PNI on 23 January. 

Tim Gordon said:

“We are very pleased to advise Pinnacle on this transaction.  Pinnacle Investment Management is a leading Australian multi-affiliate investment management firm, widely respected for its track record and leadership in environmental, social and governance investing”.

Gilbert + Tobin’s market-leading M&A team has advised on many of Australia’s largest and most innovative M&A transactions over the last 12 months, including Cover-More on the proposed scheme of arrangement with Zurich, SAI Global on the scheme of arrangement with Baring Asia, Qube on the acquisition of Asciano, Yancoal Australia on the acquisition of Coal & Allied Industries from Rio Tinto and APN Outdoor Group Limited on the merger of equals with oOh!media Limited.

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