Red Star’s HK$4.6 Billion Proposed Voluntary Offer to Repurchase H Shares

Davis Polk is advising Red Star Macalline Group Corporation Ltd. on its HK$4.6 billion (approximately $590 million) proposed voluntary conditional cash offer to repurchase 388,917,038 H shares at HK$11.78 per H share, representing 9.87% of Red Star’s total issued share capital.

The offer is subject to, among other things, approvals by the shareholders and bondholders of Red Star.

Red Star, a dual-listed company on the Hong Kong Stock Exchange and the Shanghai Stock Exchange, is principally engaged in operating and managing home furnishing shopping malls and is also involved in pan home furnishings consumption, including internet home decoration, internet retails, as well as logistics and delivery services.

The Davis Polk corporate team includes partners Bonnie Y. Chan (Picture) and Paul Chow, counsel Yang Chu and associate Crystal Liu.

Involved fees earner: Bonnie Chan – Davis Polk & Wardwell; Paul Chow – Davis Polk & Wardwell; Yang Chu – Davis Polk & Wardwell; Crystal Liu – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Red Star Macalline Group Corporation Ltd.;

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Author: Michael Patrini