Herbert Smith Freehills is advising PanAust Limited (PanAust) on its takeover by Guangdong Rising Assets Management Co., Ltd (GRAM) which values PanAust at approximately A$1.2 billion.

Following the announcement of the off-market takeover bid for PanAust at A$1.71 cash per share on 30 March 2015, PanAust entered into a bid implementation agreement with GRAM under which GRAM agreed to increase the offer price for PanAust to A$1.85 cash per share.

The deal is being led by Herbert Smith Freehills partner Tony Damian and supported by senior associate Alexandra Eggerking and solicitors Amelia Morgan and Nataly Sikorski. The team is working closely with Paul Scarr, Company Secretary & General Counsel of PanAust, and George Piggott, Principal Legal Advisor & Joint Company Secretary of PanAust.

Tony Damian said, “We are delighted to be advising PanAust on this important transaction. This high-profile deal demonstrates the increasing M&A activity occurring in the resources sector.”

Commenting on the transaction, Paul Scarr, Company Secretary & General Counsel of PanAust said, “Tony Damian and his team provided superb service to the independent directors of PanAust on this transaction. Tony inspired the confidence of the board with his technical excellence and commerciality. The Herbert Smith Freehills team worked to extremely tight deadlines whilst at all times producing an excellent standard of work.”