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:

  • all of the shares of APG that AGL does not already own at $0.52 a share; and
  • subject to the necessary regulatory modifications and consents, all options to subscribe for APG’s shares currently on issue.

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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