Court closure solution
Harper Macleod makes legal history with Low & Bonar deal
Stephen Chan: ‘complex transaction’
Law firm Harper Macleod has made legal history by advising on the first Scottish scheme of arrangement to be sanctioned by way of a conference call.
Scottish aspects of the £107 million cash sale of technical textiles business Low & Bonar to German firm Freudenberg required the sanction of the Court of Session in Edinburgh, after receiving competition clearance from the European authorities.
However, it had to be handled by conference call because the Scottish courts are closed as a result of the coronavirus pandemic.
The deal was announced last September and the scheme became effective yesterday when Low & Bonar’s shares were suspended and delisted today. Other advisers included Rothschild & Co.
Harper Macleod’s corporate and court teams were led by partners Stephen Chan and John McHugh.
Low & Bonar retains a facility in Dundee
Mr Chan said: “I am extremely pleased that we have managed to help Low & Bonar with this sale.
“This was a complex transaction made more challenging by the COVID-19 pandemic and it was certainly a unique experience in trying to come up with solutions to overcome issues that would ordinarily not be a problem.
“I am also particularly grateful to the courts and Companies House for their help in adapting to the circumstances.”
Low & Bonar was founded in Dundee but moved its headquarters to London 20 years ago. It retains a carpet backing manufacturing facility at Dundee’s Caldrum Works