A$175m Recommended Takeover by Campbell Brothers
On 13 September 2010, Ammtec Limited (Ammtec), an ASX-listed provider of metallurgical testing and related services to the global mining industry, announced a board recommendation for the twice increased takeover offer by Campbell Brothers Limited (“Campbell Brothers”).
The recommendation followed the rejection of an unsolicited offer made on 18 May 2010, and a subsequent increase to the offer consideration on 30 August 2010. Including dividends, the total value of the recommended offer was A$175 million, and including franking credits on those dividends, the offer represented a premium of 82% to Ammtec’s share price prior to the initial offer.
Following 90% acceptance, Campbell Brothers proceeded to compulsory acquisition on 9 November 2010.
Azure advised Ammtec on all aspects of the takeover defence.