Ashurst is advising Programmed Maintenance Services on its proposed $792m acquisition by Japanese company Person Holdings.
Programmed Maintenance and Persol have entered a scheme implementation deed (SID), which details the Japanese general human resources giant’s purchase of 100% of the issued capital of ASX-listed a staffing, maintenance, and facility management services company by scheme of arrangement.
Programmed Maintenance shareholders will receive $3.02 per share, which represents a more than 70% premium on the stock’s closing price on 13 July, before the deal was announced. The Australian company’s directors have unanimously recommended the scheme.
Ashurst is proud of its long-standing relationship with Programmed Maintenance and looks forward to working with the company through to implementation and beyond, lead partner Antonella Pacitti said.
Pacitti was assisted by partner Roger Davies, senior associate Richard Tan, and lawyers Rowan Krasnoff, Alexandra Meade, and Jacob Carmody.
The deal is expected to close this October.
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