Practice Expertise
- Corporate
- Mergers and Acquisitions
Areas of Practice
- Corporate
- Mergers and Acquisitions
Profile
I enjoy providing constructive advice to help clients cut through complexity, resolve impasses and achieve successful outcomes across a broad cross-section of industries. Clients appreciate my responsiveness, together with my proactive, commercial approach to negotiations. A key priority is to deliver my advice in a commercially pragmatic way, taking account of clients' business objectives, their risk appetite and industry considerations. Now more than ever, navigating regulatory risks is paramount in successfully executing commercial transactions: clients benefit from my deep experience in dealing with key Australian regulators including ASIC, ASX, FIRB and the Takeovers Panel. I lead MinterEllison's foreign direct investment team. In that role, I work with private sector and government clients across all industries in high profile M&A, real estate and infrastructure projects to successfully navigate Australia's foreign investment regime.
I am a member of the Australian Takeovers Panel, being the primary forum for resolving disputes on contested takeovers.
I am also a member of the Corporations Committee of the Business Section of the Law Council of Australia. I regularly write and present on corporate law developments, including as a guest lecturer at the Governance Institute of Australia and Leo Cussen Centre for Law.
I have extensive transactional experience across a number of industries including food and agribusiness, healthcare, manufacturing, retail, fast moving consumables, property and construction.
Career highlights
- Advised L'Oréal on its acquisition of Melbourne-based skincare group Aesop for $3.7 billion. The deal is the largest for any luxury brand in Australia
- Advising Japanese energy company J-POWER on its recommended take-private offer for ASX listed renewables company Genex Power Limited, with the offer structured as a concurrent scheme of arrangement and a slightly lower priced takeover bid with a 50.1% minimum acceptance condition (this dual track structure has been employed to mitigate the potential for an existing 19.9% shareholder to disrupt the final outcome of the offer)
- Advised APT Travel group on the sale of its minority interest in AMA Waterways, a business that specialises in luxury river cruises in Europe, Asia and Africa
- Advised NYSE listed Albermarle Corporation on its $123 million strategic investment in dual ASX-TSX listed Patriot Battery Metals, with the proceeds to be used by Patriot to accelerate the development of its Corvette lithium project
- Advised Vimy Resources Limited on its $658 million merger with Deep Yellow Limited by scheme of arrangement, to create a tier one global uranium player with assets in Australia and Namibia
- Advised Focus Minerals on its successful defence of a hostile all-scrip takeover offer from Theta Gold Limited
- Advised Qualitas, an Australian fund manager specialising in the commercial real estate sector, on its IPO and ASX listing
- Advised Stockholm listed Essity on its acquisition of Asaleo Care by scheme of arrangement, valued at $788 million
- Advised Village Roadshow Limited in responding to private equity acquisition proposals from Pacific Equity Partners and BGH Capital respectively, with BGH ultimately securing control of Village in a scheme transaction valued at $864 million – this deal successfully closed despite vigorous shareholder opposition from two activists shareholders
- Advised E&P Financial Group Limited in successfully defending two successive hostile scrip and cash takeover bids from its largest shareholder 360 Capital Group Limited
- Advised Transit Systems on its $700 million sale to ASX listed SeaLink Travel Group, creating Australia's leading integrated land and marine passenger transport business
- Advised CDH Investments, a leading Chinese private equity firm, and China Grand Pharmaceutical (a Hong Kong listed company) on their successful A$1.9 billion acquisition of ASX listed Sirtex Medical Limited (this displaced an initially recommended A$1.50 billion offer from a first bidder)
- Advised Hitachi Construction Machinery on its successful $970 million takeover of ASX listed Bradken Limited
- Advised Baosteel on its successful A$1.4 billion joint takeover bid with Aurizon for ASX listed Aquila Resources and development of $8 billion West Pilbara Iron Ore Project
- Advised ASX listed Vocus Communications on its A$4 billion merger with M2 Group
- Advised ASX listed Citadel Resource Group Limited on its A$1.25 billion takeover by Equinox Minerals
- Advised ASX listed Gloucester Coal on its $8.0 billion merger with Yancoal Australia
- Advised ASX listed Healthscope on its $2.1 billion takeover by TPG/Carlyle Group
- Advised ASX listed Vision Systems Limited on its $800 million takeover by Danaher Corporation (being the successful acquirer in an auction for control involving three bidders)
- Advised ASX listed Warrnambool Cheese on its A$600 million takeover by Saputo (being the successful acquirer in an auction for control involving three bidders and a total of 9 bids). This complex and high profile auction for control saw this deal place as a finalist in "Deal of the Year" at the 2014 Australasian Law Awards
- Advised ASX listed property developer Phileo on its privatisation proposal (by selective capital reduction) from its major shareholder and CEO, Mr Rudy Koh
- Advised ASX listed Legend Corporation on its A$100 million takeover by Adamantem Capital
- Advised ASX listed SPC Ardmona Limited on its A$470 million takeover by Coca-Cola Amatil
- Advised ASX listed Patties Foods on its A$307 takeover by Pacific Equity Partners
- Advised Ascendas Real Estate Investment Trust on its A$1.013 billion acquisition of GIC’s and Frasers Property Australia Pty Ltd’s logistics property portfolio in Australia
- Advised ASX listed Mineral Deposits Limited in its successful defence of a hostile takeover from its 50% joint venture partner ERAMET SA (25% price increase secured)
- Advised Jangho Group on its successful A$200 million takeover of ASX listed Vision Eye Institute
- Advised ASX listed Oakton Limited on its A$170 million takeover by Dimension Data
- Advised ASX listed apparel retailer the PAS Group in responding to two successive hostile takeover bids by Coliseum Capital LLC, a US private equity firm
- Advised Dental Corporation on its A$450 million takeover by BUPA
- Advised China Energy Reserve and Chemical Group on its A$430 million hostile takeover bid for AWE Limited, being the first bid that initiated a three way auction for control of AWE
- Advised ASX listed Repco Corporation on its $A336 million takeover by CCMP Capital Asia
- Advised ASX listed Kids Campus Limited on its A$142 million takeover by ABC Learning Centres
Education
LLB (Hons), LLM, B.Com
Areas of Practice
- Corporate
- Mergers and Acquisitions
Professional Career
Articles
A tale of two telcos: matching rights and blocking stakes in recent schemes of arrangement
By Alberto Colla, Alessar Elsayed |June 2016A tale of two telcos: matching rights and blocking stakes in recent schemes of arrangement
By Alberto Colla, Alessar Elsayed |June 2016
- COVID 19: New blanket restrictions on foreign investment
In light of the COVID-19 pandemic, new rules state that all foreign investment into Australia will now be subject to FIRB screening.
- How a takeover bid works - off-market
This article explains how an off-market takeover bid can be used to acquire control of a listed Australian company.
- Takeovers in Australia – Guide
This guide provides a quick overview of the legal issues involved in takeovers and schemes of arrangement in Australia.
- M&A Meltdowns: Unravelling the lessons from failed M&A deals
Although the overwhelming majority of friendly takeovers of ASX-listed companies succeed, the Australian corporate landscape has become littered over time with failed take-private deals – ones that were publicly announced with a unanimous recommendation from the target's board, endorsed by an independent expert but ultimately failed to complete. We identify and explore the fifteen lessons for prospective acquirers, target boards and key shareholders.
- Federal Court and NSW Supreme Court recent reforms for scheme applications – what you need to know
Recent reforms by the Federal Court and NSW Supreme Court for scheme applications outline the new practice across first and second court hearings, the issues to be determined, how the NSW Supreme Court guidance differs to the Federal Court reforms and where to next.
- A tale of two telcos: matching rights and blocking stakes in recent schemes of arrangement
A recent wave of consolidation in the telecommunications sector has seen TPG Telecom acquire iiNet for $1.6 billion, Vocus Communications acquire Amcom Telecommunications for $653 million and Vocus acquire M2 Group in a 'merger of equals' valued at $3.0 billion. These three transactions have now created two industry powerhouses – TPG and Vocus.
- Directions in public mergers & acquisitions
Directions in Public M&A is part of our annual Deals Trilogy series. Our FY17 edition highlights a number of positive themes and presents the trends shaping the public M&A market in Australia.
- Australian takeover laws - what you need to know
This article explains the main principles and basic concepts underpinning takeover laws in Australia, as well as the key features of the most common types of control transactions.
- Joint A$1.4 billion China - Australia bid for Aquila Resources
On 5 May 2014, Baosteel Resources Australia Pty Ltd and Aurizon Operations Limited (together 'the bidders') announced a joint conditional off-market takeover offer for all of the outstanding ordinary shares in Aquila Resources Limited that they (and their related bodies corporate) did not already own, at a price of A$3.40 cash per share. - Hostile takeover bids – key influences on success
A takeover bid can be characterised as either 'hostile' or 'friendly', depending on whether the Bidder has the recommendation of the Target Board that target shareholders should accept the bid.
- Joint takeover of ASX listed Sirtex Medical Limited
MinterEllison advised CDH Investments and China Grand Pharmaceutical and Healthcare Holdings Limited on their last-minute A$1.90 billion joint takeover for ASX listed Sirtex Medical Limited.
- Foreign Investment Review Board (FIRB) filing fees double
Fees payable to the Foreign Investment Review Board (FIRB) for applications for foreign investment approval will soon double under new regulations.
- FIRB Update: Important changes to the foreign investment regime in Australia
Foreign investors should be aware of the following important recent changes to Australia's foreign investment framework.
- Fundamental structural changes to the Australian foreign investment rules
Proposed changes to Australia's foreign investment rules, announced today, represent a fundamental structural change to Australia's foreign investment regime.
- Cross border insights into FDI screening regimes 2023 Australian Perspectives
MinterEllison's Foreign Investment and Trade team share their Australian insights in the Fourth Edition of ICLG's Foreign Direct Investment Regimes.
- How an on-market takeover bid works
This article explains how a market bid (also known as an on-market bid) can be used to acquire control of a listed Australian company.
- How PPPs and other infrastructure projects can be caught by the FIRB rules
The Australian Government's lowered FIRB threshold regulations may have a significant impact on public-private partnerships (PPPs) and other infrastructure projects.
- MinterEllison acts for iconic South Australian dairy processing company, B.-d. Farm Paris Creek
MinterEllison has acted for Paris Creek, an iconic South Australian organic dairy processor and manufacturer, which was acquired for $43.0m (on an enterprise value basis).
- ASX requires listed companies to monitor social media
The ASX has updated its Guidance Note 8, emphasising that directors and senior executives of listed companies must now monitor social media as part of their continuous disclosure obligations.
- Guide to directors' voting recommendations in schemes
Following a line of recent and inconsistent cases, there is significant uncertainty surrounding the ability of directors who stand to receive a contingent personal benefit to make voting recommendations in schemes and, if they do, the level of balancing disclosure required.
In fact, there are now two diametrically opposing views in the Federal Court of Australia alone.
- M&A brides and grooms - lessons from the altar of the NSW Supreme Court
There has been considerable interest in the New South Wales Supreme Court's recent decision in the Pendal / Perpetual merger. What does it mean for M&A deals going forward? Does it change the way targets and acquirers need to approach deals? We unpack the implications.
- Takeover Bid v Scheme of Arrangement - Structuring a Friendly Acquisition
This article explains the main differences between, and the main advantages and disadvantages of, a takeover bid and a scheme of arrangement.
- FIRB reforms: A newly strengthened 'risk-based' approach
Australia's foreign investment regime continues to evolve, with the strengthening of the Federal Government's 'risk-based' approach to reviewing foreign investment applications.
- Impacts of Australia’s proposed Foreign Relations Bill
Our foreign investment and trade team takes you through what Australia's Foreign Relations (State and Territory) Arrangements Bill 2020 may mean for governments, government entities, universities and industry.
- Demystifying FIRB for PE houses
This report seeks to demystify Australia's foreign investment regime for domestic and foreign private equity firms. Australia’s foreign investment regime is relevant to both, given the broad scope of the regime.
- FIRB Update – Are you ready for a Future Made in Australia?
The regulatory landscape for foreign investment in Australia is constantly evolving. Foreign investors can stay up-to-date through our foreign investment updates.
- Standstills in public M&A deals – “No Standing” zone or "Clearway"?
Two recent Takeovers Panel decisions have placed the spotlight on the use of standstills in control transactions for ASX listed targets. We unpack the implications.
- Changes to reporting foreign investments –Register of Foreign Ownership of Australian Assets
With a new Register of Foreign Ownership of Australian Assets set to commence on 1 July 2023, foreign investors should take note of the new requirements.
- FIRB: 2024 outlook and foreign investment 2023 recap
Australia's foreign investment landscape continues to evolve, with increased fees, stricter compliance, and deeper scrutiny of tax arrangements.
- FIRB Update - Surveillance and Enforcement Focus
Recent moves show that FIRB is starting to flex its surveillance and enforcement muscles.
- Takeovers Panel publishes updated guidance on deal protection mechanisms
The Takeovers Panel recently published updated guidance on the permissible limits of deal protection mechanisms.
- Shareholder intention statements in takeovers - navigating the uncertainties
In December 2015, the Takeovers Panel issued a guidance note on shareholder intention statements to clarify the permissible boundaries for these statements. However, the boundaries remain unclear in some important respects. Bidders, targets and substantial shareholders who are approached to provide public intention statements all need to exercise caution and judgment in this fluid and unsettled area.
- MinterEllison Partner Alberto Colla appointed to the Takeovers Panel
Mr Colla is one of four new members of the panel, which is made up of ing business and M&A specialists.
- Takeover requires heavy lifting
Japanese heavy machinery manufacturer Hitachi Construction Machinery (Hitachi) sought to expand its business internationally and turned to MinterEllison in 2016 to assist with its purchase of Australian mining services business Bradken. - MinterEllison advises Qualitas on $335 million IPO
With a market valuation of over $700 million, Qualitas' float is one of the largest IPOs in Australia in calendar 2021.
- Crowd funding in Australia
Crowd funding broadly encompasses schemes that seek to raise funds for projects and ‘start up’ companies through donations from internet users.
- Responding to a hostile takeover bid – the first 24 hours
Someone has publicly announced a hostile takeover bid for your company. What do you do next?
- Jangho Group completes takeover of Vision Eye Institute
China's Jangho Group has completed its acquisition of ASX-listed Vision Eye Institute Limited, paying approximately A$200 million for the company in an all-cash transaction. - COVID-19: Temporary changes to foreign investment in Australia
With the Treasurer's recent announcement on Sunday 29 March 2020 that monetary screening thresholds have been reduced for all foreign investors, our team takes you through what this means for potential transactions.
- Directions in Public Mergers & Acquisitions 2018
Welcome to the fifth edition of MinterEllison's Directions in Public Mergers & Acquisitions report, part of our annual Deals Trilogy.
- Japan's HCM takeover offer for Bradken
MinterEllison has advised Tokyo based Hitachi Construction Machinery (HCM) on its first public market takeover in Australia.
- COVID-19 FIRB screening - regulatory timing, relief and hurdles
Businesses in need of capital may find themselves facing foreign investment regulatory hurdles. We discuss the challenges for businesses and the potential for regulatory relief.
- Thirst for M&A deals driving strong market into FY19 – launch of MinterEllison Directions in Public M&A 2018
The Australian market for public M&A activity saw another strong year in FY18 according to MinterEllison’s review of the deals landscape, Directions in Public M&A 2018, launched today.
- MinterEllison advises Essity on its proposed $788 million acquisition of Asaleo Care
MinterEllison acted for Essity Aktiebolag, in relation to its proposed acquisition of the remaining 63.8% shares in ASX-listed Asaleo Care Limited
- All foreign investors now need FIRB clearance to acquire critical state-owned infrastructure
From the 31 March 2016, foreign investment rules will be amended so that all foreign investors need to seek and obtain prior Foreign Investment Review Board (FIRB) clearance before acquiring critical state-owned infrastructure.
- 10 insights into public mergers and acquisitions
Against the backdrop of a global pandemic and heightened market volatility, the last two and half years have delivered a record M&A boom in terms of deal volumes and values. In our Directions in public M&A report, we explore 10 insights into deal activity, sectors to watch and the outlook for M&A going forward.
- Critical infrastructure changes expand the FIRB rules
Recent changes to the critical infrastructure laws and naming of critical technologies means that more investment is now subject to the FIRB process.
- How a Scheme of Arrangement Works
This article explains how a scheme of arrangement can be used to acquire control of a listed Australian company.
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