Arthur Barnett Limited
Transaction Type: Takeover (Full)
Offeror: Belwash Holdings Limited
Independent Adviser(s): PwC (Rule 21)
Offer commencement date: 6/09/2002
Offer closing date: 1/12/2002
On 14 August 2002, Belwash Holdings Limited (BHL) announced it intended to make a full takeover offer for all the shares in Arthur Barnett Limited (ABL) it did not already own. At the time of the offer, BHL held or controlled 63.2% of ABL.
On 6 September 2002, BHL made a full takeover offer for all of the shares in ABL at $1.40 in cash per share.
On 14 November 2002, BHL announced it had received acceptances sufficient to take its shareholding in ABL to over 90% and consequently had become a dominant owner.
On 27 November 2002, BHL issued a compulsory acquisition notice to the remaining shareholders for all the shares that it did not already own.
ABL was delisted on 21 March 2003.
PWC prepared a rule 21 independent adviser’s report in respect of the merits of the takeover offer.