Sydney 20 October 2006: LAWFUEL – Law News Network – Blake Dawson Waldron (BDW) is acting for Lihir Gold on its A$350 million acquisition of Ballarat Goldfields NL. Lihir has signed a Merger Implementation Agreement with Ballarat Goldfields by way of a scheme of arrangement.
Lihir is offering 5 Lihir shares for every 54 Ballarat shares on issue. Ballarat’s Board has unanimously recommended the transaction.
M&A partner Philip Maxwell led the BDW team and said: “We were pleased to be able to assist Lihir, a long-standing client of BDW, on this important transaction in the Australian market. The merger with Ballarat provides Lihir with the opportunity for the diversification and growth of its mining operations. It is also notable because it’s Lihir’s first acquisition outside PNG”.
“The transaction reflects the strength of BDW’s M&A capability. We have significant expertise in M&A through schemes of arrangement and we are currently advising on three other schemes of arrangement – CVC/DCA, Tullow Oil/Hardman and Alinta/AGL. We were able to use this expertise to both structure and execute the transaction for Lihir – and the associated share placement – in a short timeframe..
The BDW team worked closely with Lihir’s General Manager Corporate Development, Graham Folland and General Counsel, Stuart Mackenzie on the transaction.
The BDW team led by Philip Maxwell included David Frecker, Rod Mackinnon, Darren Mackenzie, Rebecca Tsang, Anton Harris (Corporate – Acquisition); Martin Kudnig, Robert Jamieson, Jane Hall, Vanessa Flax, Meredith Gibbs, Clare Lawrence, Kathleen Birrell (Melbourne Property and Projects); Richard Bunting, Sue Mitra, Danya Linden (Melbourne IRE); Richard Flynn (PNG); Richard Fawcett, Simon Harvey (Financial Services); and Barbara Phair (Stamp Duty).
Baker & McKenzie acted for Ballarat Goldfields NL.
