Following the completion of transfer-by-agreement and targeted placement on August 31, 2007, SEB Internationale S.A.S. ("SEB") successfully completed the partial tender offer for Zhejiang Supor Co.Ltd. ("Supor") on December 20, 2007, which was the last act in the trilogy of SEB's strategic investment in Supor. Through this deal SEB has acquired a total stake of 52.74% in Supor and become the controlling shareholder of the latter. The deal amount is RMB 3.5 billion in total.
This deal involves a couple of "Firsts" in the China market, i.e. the first announced deal involving a partial tender offer for the shares of a PRC listed company, and the first announced takeover of a PRC listed company by the use of comprehensive approaches, including share transfer by agreement, targeted placement and a tender offer. It was also the first announced takeover of a PRC listed company and the first announced foreign investor's strategic investment in a PRC listed company following the promulgation of the new Measures for Administration of Takeover of Listed Companies on July 31, 2006.
As PRC counsel to SEB, Llinks provided a full range legal services including advising on deal structure, attending negotiations, delivering legal opinions, and drafting reports for the antitrust review.
December 2007
