Tasheel Holding Group LLC’s Recommended Cash Offer For Arena Events Group

Ashurst advised Tasheel Holding Group LLC on the deal.

Tasheel acted as joint offeror with IHC Industrial Holding LLC (IHC) (together, the Consortium) in relation to the £71 million recommended cash offer for the entire issued and to be issued share capital of Arena Events Group PLC (Arena) by Theta Bidco Limited (Bidco), a company wholly owned by the Consortium (the Acquisition).

Bidco was formed for the purposes of the Acquisition and it is intended that Bidco will be directly or indirectly owned by the Consortium in the following proportions: (i) IHC will own 70% of Bidco; and (ii) Tasheel will own 30% of Bidco. Tasheel already owns 77,979,235 Arena shares, representing approximately 23.9% of Arena’s issued share capital and is rolling these shares into Bidco as part of the Acquisition. Pursuant to the terms of the offer, each scheme shareholder will be entitled to receive 21 pence in cash per share.

Arena is a turnkey event solutions provider, supplying temporary physical structures, seating, exhibition services, refrigeration, barriers & fencing, ice rinks, furniture, and interiors servicing some of the most prestigious sporting, outdoor and leisure events across the UK & Europe, Middle East & Asia, and the Americas. Arena is headquartered in the UK and was admitted to trading on AIM in July 2017.

The Ashurst team was led by corporate partner James Fletcher (Picture), who was supported by senior associate Nick Lever and associates Jasmin O’Reilly and Jo Lee . In Abu Dhabi, partner Simon Fraser advised together with senior associate Matt Hartsuyker. Partner Steven Vaz, counsel Maria Held and associate Hayden Dunnett are also advising on competition and foreign direct investment law aspects of the transaction.

Involved fees earner: James Fletcher – Ashurst; Simon Fraser – Ashurst; Matt Hartsuyker – Ashurst; Maria Held – Ashurst; Nick Lever – Ashurst; Jasmin O’Reilly – Ashurst; Steven Vaz – Ashurst;

Law Firms: Ashurst;

Clients: TasHeel Holding Group LLC;

Author: Giulia Di Palma