Cases & Deals

Asian Plantations sold to Felda Global Ventures for £107.6 million (US$173.5 million) pursuant to general offer under Singapore Code on Take-overs and Mergers

Client(s) Asian Plantations Limited

Jones Day advised AIM listed palm oil plantation owner Asian Plantations Limited (APL) in its aggregate £107.6 million (US$173.5 million) public takeover by FELDA Global Ventures Holdings Limited (FGV). Under the general offer made by FGV under the Singapore Code on Take-overs and Mergers and recommended by the Board of Directors of APL, shareholders received £2.20 (US$3.54) in cash per share (subject to certain deductions). Holders of APL share scheme options also received the equivalent of £2.20 (US$3.54) in cash per share (subject to certain deductions) on a see-through price basis for their options exercisable into shares. The offer was declared wholly unconditional on October 13, 2014, at which time FGV had received valid acceptances in respect of approximately 93.9 percent of the total number of issued shares in the capital of APL.

The Singapore deal team comprised Joe Bauerschmidt (Capital Markets), David Longstaff (Private Equity), and Jonathan Witherall (Capital Markets). MS Corporate Finance Pte. Ltd. acted as independent financial adviser to the independent directors on the board of APL, advising on the takeover offer and the recommendations to be made to holders of APL securities. Strand Hanson Ltd acted as nominated advisor to APL during the takeover process.