Lai Sun Garment And Lai Sun Development’s Voluntary General Offer For Lai Fung


Slaughter and May is advising Lai Sun Garment (International) Limited and Lai Sun Development Company Limited on LSD’s conditional voluntary general offer to acquire all the shares in Lai Fung Holdings Limited.

The maximum amount of cash required to implement the Offers is approximately HK$3.1 billion.

LSG and its subsidiary, LSD, are listed on the Main Board of the Hong Kong Stock Exchange. LSG and its subsidiaries are principally engaged in property investment, property development, investment in and operation of hotels and restaurants, media and entertainment, music production and distribution, films, video format products and television programmes production and distribution, cinema operation, cultural, leisure, entertainment and related facilities and investment holding. LSD and its subsidiaries are principally engaged in property investment, property development, investment in and operation of hotels and restaurants, media and entertainment, music production and distribution, films, video format products and television programmes production and distribution, cinema operation, cultural, leisure, entertainment and related facilities and investment holding.

The Offers constitute a major acquisition and a connected transaction subject to shareholders’ approval for LSG, a major acquisition for LSD and a very substantial disposal and a connected transaction subject to shareholders’ approval for eSun Holdings Limited (eSun) (which is 74.62% owned by LSD) under the Hong Kong Listing Rules.

LSD currently holds 0.005% of the shares in Lai Fung through a wholly-owned subsidiary and 50.99% through a listed subsidiary, eSun. Lai Fung is listed on the Main Board of the Hong Kong Stock Exchange. Lai Fung and its subsidiaries are principally engaged in property development for sale, property investment, and development and operation of and investment in cultural, leisure, entertainment and related facilities.

Slaughter and May’s team included Corporate: Lisa Chung (Picture), Justin Chan (associate), Christine Yu (associate), Conrad Cheung (associate), Kathleen Poon (trainee solicitor), Michelle Lam (trainee solicitor); US Securities: John Moore (partner), Jianhao Zheng (counsel), Hilda Li (associate).

Involved fees earner: Justin Chan – Slaughter and May; Conrad Cheung – Slaughter and May; Lisa Chung – Slaughter and May; Hilda Li – Slaughter and May; John Moore – Slaughter and May; Christine Yu – Slaughter and May; Jianhao Zheng – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Lai Sun Development Company Limited (LSD); Lai Sun Garment (International) Limited (LSG);

Author: Michael Patrini