LAWFUEL – The Legal Newswire – Jones Day has advised Sunsuper on its $A 116 million cash offer (subject to adjustment) to acquire Colonial First State Private Capital Limited (CFI). Sunsuper is a leading Australian superannuation (pension) fund with $A 12 billion of funds under management. CFI is an Australian Securities Exchange listed investment company with interests in various infrastructure and private equity assets, including Brisbane and Perth airports.
Sunsuper and CFI announced that they had entered into a Merger Implementation Agreement in respect of the transaction on 16 August 2007. The transaction will be effected by way of a Scheme of Arrangement between CFI and its shareholders. The Scheme is subject to, amongst other things, approval by the requisite majorities of CFI shareholders, and court approval. CFI shareholders will be asked to vote on the Scheme at a meeting that is expected to be held in November 2007.
The Jones Day team was led by Sydney partner Matthew Latham and associate Weyinmi Popo. The financial advisers to Sunsuper on the transaction are Barwon Investment Partners.