Jurisdiction - Australia
Herbert Smith Freehills Advises Toll Group On Its AUD 8bn Scheme Of Arrangement With Japan Post.

29 May, 2015


Herbert Smith Freehills has advised Australian transport and logistics provider Toll Holdings Limited (Toll Group) on its acquisition by Japan Post, in one of the largest public company acquisitions in Australia. Combined with Japan Post, it will become one of the world’s top five logistics companies.


Toll agreed with Japan Post in February to propose a scheme of arrangement under which Japan Post would acquire all the shares in Toll for a cash consideration of AUD 9.04 per share, which was a 49 per cent premium to Toll’s pre-announcement closing share price. The enterprise value of Toll implied by the price is approximately AUD 8bn.


Despite the scale of the transaction, it was also one of the smoothest transactions seen in the market for many years and was quickly approved by shareholders and key regulators, such as the Australian Government’s Foreign Investment Review Board.


The Herbert Smith Freehills team was led by partners Rodd Levy and Simon Haddy.


Mr Levy said: “We are delighted to have acted for Toll on such an important and historic transaction. The scheme of arrangement with Japan Post is one of the largest and most significant transactions in the Asia-Pacific region this year. It is a good example of two industry leaders combining to establish themselves as a top global logistics player.”


Japan Post was advised by Clayton Utz.


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