Ashurst is advising Navitas, which has received an improved bid from the BGH consortium.
The group, which includes AusSuper and former Navitas chief executive and co-founder Rod Jones, is offering $5.825 in cash per share, a 34% premium over the company’s share price before the announcement of the earlier bid.
Navitas has granted the consortium exclusive due diligence until 18 February. The parties have agreed to a process and confidentiality deed, Ashurst said.
The parties have also agreed that if Navitas receives a superior offer that is not matched by the consortium and becomes binding by 22 March, the cooperation and process agreement between the consortium members would be amended to remove the restrictions to accept or support the competing offer on Jones and AusSuper, who together own 18% of Navitas shares. They will also not be required to vote against any competing proposal.
Ashurst’s deal team is headed by partners Roger Davies and Antonella Pacitti. They are supported by senior associates Themo Georgiou and Rowan Krasnoff, as well as lawyers Jacob Carmody and Toby Newnes.