Corrs Chambers Westgarth has advised Australian Power and Gas (APG) in a high profile takeover bid by AGL Energy, one of Australia’s largest energy retailers.
APG, a former “BRW Fast 100 star” this week announced AGL’s offer to acquire its shares for a total enterprise value of $158 million.
Under a Bid Implementation Agreement AGL (through a wholly owned subsidiary) has agreed to make cash offers for:
Andrew Lumsden, Corrs’ lead partner on the transaction said, “Corrs is delighted to have supported APG in this defining moment in its history. In a challenging market Corrs is proud to have assisted APG in bringing a commercial focus and relentless commitment to execution.”
APG, which took the Fast 100 star top spot in 2011 after producing average annual turnover growth of 1309% in the three years to June 30, 2010, is a leading independent electricity and gas retailer.
Commenting on the offer APG CEO James Myatt said, “It represents an attractive opportunity in the current market environment for Australian Power & Gas shareholders to realise the value inherent in our business.”
Andrew Lumsden led Corrs’ team of partners which included Lizzie Knight, Jaclyn Riley-Smith, Ayman Guirguis and Rommel Harding-Farrenberg and special counsel Rowan McMonnies.
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