DLA Piper has advised US-based investment manager Coliseum Capital Management, LLC on its successful on-market takeover bid for The PAS Group Limited (PAS) (ASX: PGR).

The DLA Piper team was led by Head of Corporate James Philips, with senior associate Elliott Cheung and solicitor Jeffrey Chen.

James Philips said: "We are delighted to have supported Coliseum Capital on this successful on-market takeover bid. It achieved our client’s objectives of offering liquidity to PAS shareholders, acquiring control, and increasing its economic interest in the target.

"Our client quickly acquired control in the early stages of the bid – it sat at about 54 per cent of the target from 22 June until 10 August, when it surged to 65 per cent on the last day of the bid."

Established in 2004, the ASX-listed PAS Group is one of Australia’s largest apparel businesses, with a diversified portfolio of well established brands.

Coliseum Capital had a 48.6 per cent stake in The PAS Group, prior to this on-market bid.