Media release: Clayton Utz advises SEQ Hospitality Group on $80.6 million acquisition of Eumundi Group Limited (ASX:EBG)

The Clayton Utz team was led by legal consultant Jim Peterson alongside senior associate Lisa Houston and lawyer Fergus Rees.

Mr Peterson said the complex transaction required a carefully structured dual track approach to ensure a successful outcome for SEQ.

"SEQ's acquisition of Eumundi will strengthen its position in the hospitality industry. It was a pleasure to work with the SEQ team on this significant and strategic transaction."  

The process involved: 

• a scheme of arrangement between Eumundi and its shareholders; and
• an off-market takeover offer conditional on the scheme not proceeding and SEQ acquiring a relevant interest in at least 90% of Eumundi shares. 

Reflecting SEQ's critical requirement that the transaction deliver it 100% ownership of Eumundi, the takeover bid component was subject to a 90% minimum acceptance condition. In the limited number of transactions which have sought to use a dual track scheme/bid process to date, the bid component has more usually set 50.1% as the relevant minimum acceptance condition.

Eumundi shareholders voted overwhelmingly in favour of the scheme, which was approved by the Federal Court of Australia on 4 February 2025. As a result, the takeover offer did not need to proceed. The scheme was implemented today.