Sydney, 16 July 2010: Clayton Utz is sole adviser to ASX-listed Tutt Bryant Group (TBG) on the proposed acquisition by majority shareholder Tat Hong Holdings Ltd, of the remaining issued shares which it does not own.
Under the proposed acquisition, TBG shareholders will receive A$0.92 in cash per fully paid share, valuing the total issued shares in TBG at approximately A$132 million. The proposed acquisition will be implemented via an offmarket takeover bid and is unconditional except for Foreign Investment Review Board (FIRB) approval.
Clayton Utz previously advised TBG on its initial public offering in 2005.
The TBG deal reinforces Clayton Utz's market-leading position, recently ranked number one by the Thomson Reuters' Mergers & Acquisitions Legal Advisor League Tables for most number of completed deals (with any Australia/New Zealand involvement) in the first half of 2010.