news

 

Morrison & Foerster and Zhong Lun Law Firm have advised Hong Kong-based private equity firm Ascendent Capital on its $1.66 billion bid to take Chinese automation control system provider Hollysys private. The latter is being represented by Davis Polk & Wardwell and Haiwen & Partners.

Ascendent, which held a 13.7 percent stake in the U.S.-listed Hollysys as the largest shareholder, proposed a non-binding, all-cash offer to buy all the remaining shares at $26 each, a 26.2 percent premium to the closing price on Nov. 3, Reuters reported.

"The agreement enables Hollysys' shareholders to realise substantial cash value at a significant premium to the company's recent trading price. Additionally, the ability of Ascendent to secure reputable funding sources and execute the transaction expeditiously further enhances the attractiveness of the deal," Hollysys said in a statement.

The MoFo team was led by partners Marcia Ellis, Rongjing Zhao and Spencer Klein. 

The Davis Polk team was led by partners Miranda So, Lijun (Annie) Yan and Nick Benham.

 

TO CONTACT EDITORIAL TEAM, PLEASE EMAIL ALBEDITOR@THOMSONREUTERS.COM

Related Articles

KPMG Hong Kong law firm founder heads to CRS

by Nimitt Dixit |

UK law firm Charles Russell Speechlys has hired a team of four attorneys from SF Lawyers, KPMG’s law firm in Hong Kong, led by the firm’s founder and managing partner, Shirley Fu.

CC, Slaughters advise as HK-listed SciClone goes private for $1.13 bln

Clifford Chance has advised the Hong Kong-listed SciClone Pharmaceuticals on an offer to take it private by healthcare-focused private equity firm GL Capital, with Slaughter and May acting for the buyer’s financial adviser, Capital Corporation Hong Kong Securities (CICC).

Latham taps rival MoFo for M&A partner in Tokyo

by Nimitt Dixit |

Global law firm Latham & Watkins has turned to U.S. rival Morrison & Foerster to bolster its M&A capabilities in Japan with the hire of deals and private equity partner Yohei Nakagawa in Tokyo.