BULLSEYE MINING LIMITED – TAKEOVER BY EMERALD RESOURCES NL

MPH acted for public unlisted gold development and production company Bullseye Mining Limited in relation to both the all-scrip off-market takeover offer made by Emerald Resources NL for the company and the all-cash takeover offer made by Au Xingao Investment Pty Ltd for the company. The Emerald bid, which was ultimately successful in delivering control of Bullseye to Emerald, involved the offer by Emerald to Bullseye shareholders of 1 new Emerald share for each 3.43 Bullseye shares held by them. Based on the closing price for Emerald shares on ASX of $1.08 as at 7 December 2021, the date immediately prior to Emerald’s Bidder’s Statement, the Emerald offer valued Bullseye at approximately $140 million. MPH advised Bullseye in relation to all aspects of its response to the Emerald and Au Xingao takeover offers, including negotiation of the Bid Implementation Agreement with Emerald, preparation of Bullseye’s relevant Target’s Statements and Supplementary Target’s Statements, providing ongoing advice to the Bullseye Board regarding various matters arising and acting for Bullseye in relation to several Takeovers Panel proceedings brought in connection with those offers.

Mark Burchnall (Director) and [Taila Childs (Lawyer) led the team advising on all aspects of the takeover and associated Panel proceedings, assisted by Laura Zollo.