Eversheds Sutherland counselled DBS Bank on its acquisition financing in relation to the US$580 million (HK$4.5 billion) privatization of Springland International.
The privatization of Springland by the offeror, Octopus (China), was through a scheme arrangement under section 86 of the Companies Law of the Cayman Islands. DBS Asia Capital was the financial adviser to Octopus (China). The scheme went into effect in February 2020.
“Some investors may see privatizations as good opportunities to take over undervalued listed companies,” said Stephen Mok, senior partner at Eversheds and head of corporate, Asia. “The current state of the stock markets present a valuable opportunity to go down this route. I expect to see more activity in this area as the sentiment of the financial markets continues to be hampered by the current pandemic.”
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