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Takeovers
The very first transaction assignment of any kind that the firm ever advised on was the acquisition by the sale of shares of a then-moribund but now-thriving insurance company.
Since then, we have advised on the largest-ever bank merger in Nigerian history, going by either the number of branches or balance sheet size. We have also advised on the merger that has created the largest Nigerian-controlled oil field service company. We have been vocal in advocacy for much-needed reforms of the law in the fields of takeovers and re-organisations.
The mergers and acquisitions that we have advised on extend to virtually every sector of the economy -- investment banking, commercial banking, insurance, transport, oil, telecommunications, electricity, manufacturing and healthcare.
We regularly advise both acquirers and targets on asset sales, share sales and mergers, in every case with the greatest sensitivity to clients' tax, regulatory, timing and other concerns.
We have advised six banks in six discrete groups of concluded pioneering transactions to take control of banks. These transactions have had a good deal of complexity and variety.
The deal structure has involved mergers by way of schemes of arrangement in five of the groups and a tender offer followed by a voluntary liquidation in the sixth group.
The banks in the six groups -- some twenty banks all told -- include both the old and the young, the large and the small, the merchant and the commercial, the regional and the national, the foreign and the local.
We have also advised on the acquisition by a Nigerian bank of a UK-based securities firm that is regulated by the UK authorities, and on acquisitions by two Nigerian companies of small UK Companies that are critical to their operations.
We have also been active in advising on insurance industry mergers. In this sector, we have advised a leading acquirer and two separate targets in three discrete merger transactions.
Two of these insurance industry transactions involved the spinning-off as separate entities of the life insurance businesses of composite insurance companies.
Differences among shareholders about valuation and shareholding arithmetic and undisclosed liabilities have emerged on a number of the foregoing mergers. We have been advising on resolving them.