Prospect’s intended takeover of its affiliate
the Prospect Japan Fund has broken new ground, as the first
cross-border all-share offer for a London-listed UK company by
a Japanese-listed firm.
The transaction, which involved a unique settlement
mechanism to cope with the multiple levels of investor
seniority, represents the latest example in a wave of Japanese
The $147 million recommended takeover offer by the listed
Japanese conglomerate, which is still in process, also featured
novel deed polls and post-offer intention statements.
The deal began typically enough: on receipt of takeover
approach from the bidder the team at Herbert Smith Freehills,
led by partner
Mark Bardell, worked with the target board and financial
advisors, Stockdale, in assessing the terms of the offer and
whether it was recommendable by the board.
That involved reverse diligence on the bidder, which was
offering Japanese listed paper – unusual in a...