Gully has advised Nuplex Industries on its acquisition by Allnex by way of scheme of arrangement. The billion-dollar transaction is the largest completed takeover involving a New Zealand target company since Rank Group acquired Carter Holt Harvey in 2006.
It is also the first large takeover to be implemented by way of scheme of arrangement under the new regime for schemes, which came into force in 2014.
Nuplex started trading as a flooring distributor in 1952, before moving to resins production. It has been listed on the NZX for almost 50 years. The company will be delisted from the NZX and the ASX today (13 September).
Allnex is a global coating resins producer backed by private equity firm Advent International Corporation.
The Bell Gully team advising Nuplex on the transaction included partners
James Cooney and
Simon Ladd, and senior associates
Jennifer Coote and
Tim Fitzgerald .