AAR acts for BHP Billiton on its $2.272 billion share buy-back
25 November 2004
Allens Arthur Robinson acted for BHP Billiton Limited on its successful off-market share buy-back of 180.72 million shares at a total cost of approximately $2.272 billion.
In the largest ever off-market share buy-back in Australia, BHP Billiton Limited acquired 180.72 million of its shares at a price of $12.57 per share. That price represented a 12 per cent discount to the volume weighted average price of BHP Billiton shares over the five days up to and including the closing date of the buy-back.
BHP Billiton introduced a number of market innovations in structuring the buy-back, reflecting the company's particular circumstances and its capital management objectives. Those innovations included a fixed discount pricing structure, a minimum price discount and a minimum price option. That structure was enthusiastically received by the market, resulting in an overwhelmingly positive response to the transaction.
A team of lawyers from AAR, led by partner David Wenger, advised BHP Billiton on the Australian legal aspects of the transaction, as well as coordinating advice from a number of countries worldwide.
Ends
For further information, please contact:
- Melinda WoledgeCommunications Editor,
Melbourne
Ph: +61 3 9613 8160
Melinda.Woledge@aar.com.au
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Notes for editors.
Allens Arthur Robinson was Best Large Professional Services Firm of the Year and Best Large Law Firm in the 2006 BRW-St.George Client Choice awards, and the Chambers and Partners 2005 Australasian Law Firm of the Year. AAR has been awarded an EOWA Employer of Choice for Women citation by the Federal Government's Equal Opportunity for Women in the Workplace Agency (EOWA). Allens Arthur Robinson offers one of the most comprehensive legal networks in Australia and Asia with staff based in 14 cities and eight countries across the region. It was founded in 1822.
