This restructure valued at R38,8 billion, was effectively a merger of Capevin and Distell with a complex set of inter-conditional transaction steps, including the listing of a new company (New Distell) on the JSE. The transaction created extensive benefit for shareholders of Distell as it resulted in a single-entry point into Distell.
The transaction was highly complex and involved previously undecided company law and take-over law interpretational issues. It triggered anti-trust approvals in multiple jurisdictions and required extensive engagement with the South African Takeover Regulation Panel (the Panel), in particular when the transaction was subject to a challenge before the Panel by a minority shareholder, which we advised on and successfully defended. The transaction was short-listed for DealMakers' Deal of the Year 2017.