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Gilbert + Tobin M&A team releases 2019 Takeovers + Schemes Review

Gilbert + Tobin has released the 2019 edition of its Takeovers + Schemes Review, providing an in-depth analysis of 2018’s public M&A transactions valued over $50 million.  It gives G+T’s perspective on M&A transactions in 2018, recent trends and what that might mean for 2019.

Commenting on the Review, Neil Pathak (Gilbert + Tobin’s Co-head of Corporate/M&A) said, “Despite regulatory headwinds, 2018 saw a distinct increase in activity for public M&A in Australia. Transaction activity was at a seven-year high, with over 49 transactions announced with an aggregate transaction value of $48.7 billion. There was a significant improvement in success rates, perhaps due to the sharp uptick in premiums paid. Cashed-up private equity firms were highly acquisitive, willing to deploy approximately $13.6 billion on targets in a range of sectors.  Interest from foreign bidders (especially from North America and Asia) was robust, with foreign transactions being substantially larger than domestic transactions.”

“The Financial Services Royal Commission galvanised public scrutiny of large corporates and will embolden regulators including ASIC and the ACCC to more proactively and aggressively scrutinise corporate activity in coming years. We have analysed the data, drawn our conclusions on 2018 and have looked into our crystal ball for what 2019 might hold. We trust our clients and investment banking friends will find our Review to be a useful resource.”

The attached document provides a summary of a number of the key highlights from the 2019 Review.

For further commentary or interview opportunity with the co-authors (Neil Pathak – partner and co-head of Corporate /M&A group; Costas Condoleon – partner and co-head of Corporate/M&A group; Craig Semple – partner Corporate/M&A group), please contact Media at Gilbert+Tobin.

Read G+T's Takeovers + Schemes Review, Key Highlights Document here.

About Gilbert + Tobin

Gilbert + Tobin has advised on many of Australia’s largest and most innovative transactions, including advising KKR on its proposed $2 billion acquisition of MYOB by scheme of arrangement; Harbour Energy/EIG Partners consortium on the $14.4 billion takeover proposal for Santos; Investa Property Group on the $3.4 billion contested acquisition (by trust scheme) of Investa Office Fund; BGH consortium on its proposed $2.3 billion acquisition of Navitas by scheme of arrangement (the largest take private by an Australian PE fund); GrainCorp on its defence of the $3.3 billion takeover bid by Long-Term Asset Partners; TPG Capital on its $1 billion acquisition of Greencross; Kin Group on its unsolicited $78 million on-market takeover of The Reject Shop and Ruralco Holdings on its proposed $468 million acquisition by Nutrien by scheme of arrangement.

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Andrean Duffy
Marketing and Communications Manager
Gilbert + Tobin
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