Bird & Bird's London Corporate group is advising long-standing client, Alternative Networks plc (Alternative Networks) on its recommended takeover by Daisy Intermediate Holdings Limited (Daisy).
The deal, comprising a cash offer which values Alternative Networks at approximately £165.3m, was announced on 21 November 2016 and is being effected through a court-sanctioned scheme of arrangement. It is proceeding on an expedited basis and is expected to be completed before the end of the current year. The firm has advised Alternative Networks over many years, initially through its IPO on AIM and then through a series of corporate acquisitions.
The transaction is being led by corporate partner, Simon Allport, supported by relationship partner, Neil Blundell and corporate associate Sarforaz Hoque. Advice on share incentives is being provided by legal director, Fleur Benns and incentives associate, Dan Sharman. Daisy is being advised by Eversheds.
Commenting on the transaction, Simon Allport said "We have been working with Alternative Networks throughout the last year on what has proven to be a somewhat protracted deal. It is great to have been able to help them achieve their corporate objectives."
Neil Blundell said "Alternative Networks is a long-standing client of the firm and we have enjoyed advising on its evolution from telecoms provider in to a broad based IT and communications services company, helping along the way with strategic acquisitions, including taking it in to cloud services."
Gavin Griggs, Alternative Networks' chief finance officer said " Bird & Bird has been a close advisor the company for many years and we were grateful to be guided by them on such a significant transaction for us. We have enjoyed working with the team and thank them for all of their help, perseverance and support."