Top Australia Plaintiffs Law Firms Discussed Merger, Report Says
Shine Lawyers and Slater and Gordon discussed a possible merger about two weeks ago, although the two firms deny such a transaction is currently under consideration.
June 11, 2019 at 11:49 AM
2 minute read
Brisbane-based Shine Lawyers and Melbourne-based Slater and Gordon, the second- and third-largest plaintiffs law firms in Australia, recently discussed a possible merger, according to The Australian Financial Review.
Senior board members of the two publicly traded Australian law firms, including Shine chairman Tony Bellas and Slater chairman James MacKenzie, met in a cafe in Brisbane for more than an hour two weeks ago to discuss a tie-up, the newspaper reported after its reporter overheard the discussions.
The merger discussions included competing with Melbourne-based Maurice Blackburn, the largest plaintiff firm in Australia, which is not listed. Maurice Blackburn is currently considering filing lawsuits against Monsanto Co., the manufacturer of weedkiller Roundup, for damages from long-term use of Roundup. The weedkiller has been linked to the blood cancer non-Hodgkin's lymphoma.
On Tuesday, both Shine and Slater denied in separate stock exchange statements that any merger is currently underway. Shine said “no such transaction is proposed or imminent,” while Slater said ”no such discussions are occurring and that no such transaction is under consideration.”
As of market close in Australia on Tuesday, Shine's stock was unchanged at A$0.65, while Slater closed up 0.81% at A$1.86. Shine's market capitalisation is about USD$78 million and Slater's is about USD$89 million.
Both Shine and Slater are among a handful of listed law firms in Australia. Slater was the world's first-ever law firm to list on a stock exchange, raising about $29 million in 2007; Shine listed in 2013, raising about $45 million.
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