Fasken Martineau advised Redbird on its offer to acquire all the shares of Baobab in accordance with the Takeover Code. Redbird’s commercial objective was to increase its existing stake in Baobab sufficiently to delist Baobab from AIM and thereafter to continue to finance the company in a private setting. The offer was conditional upon a minimum acceptance condition of more than 50% and regulatory approval in Mozambique of the indirect change of control of the holder of Baobab’s mineral licences. The maximum consideration payable under the offer was approximately £13.5 million and Redbird successfully increased its stake from approximately 35% to 86.59%.
