Leading law firm Harper Macleod is delighted to have advised on the Scottish aspects of the £107 million sale of technical textiles business Low & Bonar plc to German firm Freudenberg SE, a leading player in the global market for performance materials.
Low & Bonar is a Scottish founded and listed company with a manufacturing base in Dundee among its global operations. Harper Macleod's role was advising on all aspects of the Scottish scheme of arrangement with the deal requiring the sanction of the Court of Session in Edinburgh, after receiving competition clearance from the European authorities.
The deal made legal history as, due to the Scottish courts being shut, it was the first Scottish Scheme of Arrangement to be sanctioned by way of a conference call.
Stephen 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."
Matthew Jones, Company Secretary for Low & Bonar, said: “I am grateful to Harper Macleod for the work they undertook in guiding Low & Bonar through the complexities of Scottish law during this lengthy transaction, made more complex by the difficulties resulting from Covid-19 and people working from home. Harper Macleod ensured that the necessary approvals were obtained during these difficult times and without the deal timetable slipping.”