DAC Beachcroft Advises On Takeover of Millennium Trilogy Publishing House
Published 2 May 2014
International law firm DAC Beachcroft has advised longstanding client Quercus Publishing Plc on its £12.6 million takeover by Hodder & Stoughton, a UK division of French publishing house, Hachette.
The deal is only the sixth conducted as a formal sale process under the Takeover Code that has ultimately led to a firm offer. The offer of 60 pence per share for the London publisher was formally announced by Hodder & Stoughton on 25 March and went wholly unconditional on 24 April.
Listed on ICAP Securities and Derivatives Exchange (ISDX) at the time of the offer, Quercus is the publishing company behind Stieg Larsson's international best-selling Millennium trilogy. Other high-profile titles in its portfolio include Stef Penney's 'The Tenderness of Wolves', which won the Costa Prize for Book of the Year, and Toby Harnden's 'Dead Men Risen'.
The DAC Beachcroft team was led by London Corporate partner Nick Gibbon. He was supported by consultant Clive Garston and solicitors Tom MacAdie, the lead assistant, and Holly Buckley. Partner Steven Ramsden provided additional finance advice while Partner John Dunlop and solicitor Matthew Spencer advised on share options aspects.
Commenting on the deal, Nick Gibbon said: "Having advised the company since its inception, we were delighted to have been able to help Quercus and its board complete one key chapter and begin another."
He added: "This is the third announced Code transaction on which the London Corporate team has advised this calendar year following the excellent work done by Clive Garston and Steven Raize on the recent takeovers of Pilat Media Global and Probability, showcasing the breadth and depth of our expertise in this specialist area."
Mark Smith, Chief Executive of Quercus, commented: "The team at DAC Beachcroft was outstanding during this transaction, the process was expertly managed and all stages of the formal sale process were executed with precision. DAC Beachcroft has advised the company over the last decade in a variety of matters and we are thankful for their advice, support and partnership."
Livingstone advised Quercus on financial aspects of the deal. Hachette was advised by Clyde & Co and Trillium.