Top-tier firms act as Japanese coatings leader makes A$4.2bn Australasian move

by Sol Dolor10 May 2019

Top-tier firms in New Zealand are working with three counterparts in Australia and Japan as a Japanese coatings leader makes a major move in Australia and New Zealand.

Simpson Grierson is working alongside Nishimura & Asahi and Clayton Utz for Nippon Paint on its A$4.2bn takeover bid for DuluxGroup. Bell Gully is acting in New Zealand for DuluxGroup, which is being advised by Gilbert + Tobin (G+T) in Australia.

Corporate partner Michael Pollard is leading Simpson Grierson’s team on the deal, Simpson Grierson told NZ Lawyer. From the corporate team, partner Andrew Matthews and solicitors Louw Wessels and Sam Williams are also advising on the deal. Simpson Grierson said that it has also tapped other specialists from across the firm to work on the transaction.

G+T had earlier said the bid features the highest multiple offered in the acquisition of a major paint company around the world. At a price of A$9.80 a share, the offer puts a premium of 16.1 times EBITDA on DuluxGroup.

DuluxGroup is the leading paint manufacturer in Australia and New Zealand. It also has operations in China, the UK, Papua New Guinea, and across Southeast Asia.

The company is home to trusted brands including Dulux, Cabot’s, Selleys, and Yates. It is expected that the company’s leadership, business portfolio, manufacturing, and operations will not change as a result of the deal.