iCrowd Newswire
24 Nov 2022, 07:32 GMT+10
GTC Legal Group (GTC or the Company), a privately held, leading legal services firm with a unique and diversified offering, yesterday terminated the proposed merger deal with ASX-listed law firm AF Legal Group Limited (ASX:AFL) (AFL or AF Legal), citing "information that has come to light that renders the transaction untenable".
The proposed merger was intended to create one of the largest personal services legal firms in Australia via AFL's acquisition of 100% of the issued share capital of GTC Legal Group Holdings Pty Ltd, the holding company of GTC's suite of diversified legal services businesses. Further details of the proposed merger can be found in AFL's ASX announcement dated 19 October 2022.
James Stevens, Managing Director of the GTC Legal Group, said:
"We are disappointed to have had to terminate our proposed merger with AF Legal. GTC was fully committed to progressing the transaction and were, until now, ready to complete what we had considered to be a merger of equals. Unfortunately, our assessment in the light of the accuracy of certain disclosures made to us by AFL is that we now believe the best course of action for our shareholders is to exercise our right to terminate.
GTC Legal Group (GTC) was founded in 2009, disrupting the "traditional" model of law firms operating within the personal legal services market, by offering a unique, diversified model. The GTC model encompasses a revenue-sharing-model law firm (GTC Lawyers), Australia's largest legal referral with a network of approximately 1500 lawyers contracted as partners (All Courts Lawyers), a front and back office service company (GTC legal Services), as well as a "traditional" law firm (Armstrong Legal), which operates across seven segments of personal law, has 116 staff in seven offices in Australia and has generated unaudited revenue of $20.3 million for the financial year ended 30 June 2022.
GTC operates one of Australia's busiest legal hotlines staffed exclusively by practising lawyers and fielding over 80,000 enquiries each year; as well as Australia's two largest legal websites for consumers - attracting 450,000 hits per month (www.gotocourt.com.au and www.armstronglegal.com.au). The Company has highly developed digital marketing and technology capabilities to improve law practices' organic growth and profitability.
Tags: Termination of Merger, Law, legal, Ma, Transactions
See Campaign: https://www.investability.com.au
Name: Dannika Warburton
Email: dannika@investability.com.au
Job Title: Investor & Media Relations
Tags:Go Media, IPS, Reportedtimes, Google News, Financial Content, PR-Wirein, CE, iCN Internal Distribution, Extended Distribution, Legal Newswire, English
Get a daily dose of Business Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Business Sun.
More InformationNEW YORK, New York - U.S. stocks weakened on Friday as U.S. Treasury yields continued to point higher while some ...
DUBAI, UAE - The bustling real estate market in Dubai has surged to unprecedented heights, reporting transactions valued at over ...
SHANGHAI, China: A survey published this week by the American Chamber of Commerce (AmCham) in Shanghai showed that political tensions ...
NEW YORK, New York - U.S. stocks and bonds caught on to a global trend Thursday as sellers took charge ...
NEW YORK, New York - Interest rates could stay higher for longer, but there is the possibility of rate cuts ...
STOCKHOLM, Sweden: Days before the Riksbank, Sweden's central bank, is expected to again raise interest rates, the Swedish krona hit ...
PARIS, France: Amid the imminent launch of the iPhone 15, unions representing Apple store workers in France have called for ...
ANKARA, Turkey: During a meeting, Michael Evans, President of the Alibaba Group, told Turkish President Tayyip Erdogan that the Chinese ...
WASHINGTON D.C.: Despite highlighting the technology's success in assisting drug busts and catching criminals, the Department of Homeland Security announced ...
ABU DHABI, 21st September, 2023 (WAM) -- UAE Banks Federation (UBF) reiterated its commitment to supporting efforts that enhance secure ...
Since ChatGPT's release in late 2022, many news outlets have reported on the ethical threats posed by artificial intelligence. Tech ...
The United States on Wednesday announced a $255 million program it says will support emerging democracies.As part of the effort, ...