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13 July – LAWFUEL – The Law News Network – Allen & Overy is advising…

13 July – LAWFUEL – The Law News Network – Allen & Overy is advising the PHS Group plc, one of the UK’s leading workplace service providers on its acquisition by Charterhouse Capital Partners’ special purpose vehicle, Norfolk Acquisition plc to be effected by means of a scheme of arrangement.

Under the terms of the scheme, PHS shareholders will receive 116.36p in cash per share, comprising of 115p for the acquisition and 1.36p for the final dividend. In addition, Norfolk Acquisition will assume PHS’s net debt, which was £139.1 million as at 31 March 2005.

Corporate partner Patrick Speller is leading the Allen & Overy team, assisted by associates Kiran Sharma, Clare Carlisle and Charlotte Lawrence.

Commenting Patrick Speller said: “The sale was run as a very tightly organised auction with several interested parties. This required delivery of first-rate service within a short timetable and as a result PHS shareholders are able to realise their investment at an attractive premium to the earlier market value.”

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.