WH Group’s HK$15 Billion Conditional Voluntary Share Buy-Back Offer

Paul Hastings LLP advised WH Group Limited on the deal.

WH Group Limited (Stock Code: 288.HK, Hang Seng Index Constituents) (“WH Group”) announced its conditional voluntary cash offer to buy-back for cancellation. Morgan Stanley and BofA Securities, Inc. acted as the financial advisors. 

WH Group will buy-back for cancellation, for up to 1,916,937,202 shares at HK$7.80 per share, representing approximately 13% of its total issued share capital, for approximately HK$15 billion (approximately US$1.92 billion). The offer is subject to, among other things, approvals by the independent shareholders and grant of whitewash waiver by the Securities and Futures Commission. The deal marks one of the largest share buy-back transactions in Hong Kong capital markets history.

WH Group is the world’s largest pork company, with global leadership across key segments of the industry value chain, including packaged meats, fresh pork and hog production.

The Paul Hastings team was led by Raymond Li (Picture), global partner and Chair of Greater China practice and corporate partner Fang Pei, with support from associates Crystal Liu, Andy Tam and Jessica Lam, legal manager Sharon Guo and trainee solicitor Helen Cheung advising on the Hong Kong regulatory implications, and associate Jeff Lee and Hulka Lo advising on the financing aspect of the transaction.

Involved fees earner: Jessica Lam – Paul Hastings LLP; Jeff Lee – Paul Hastings LLP; Raymond Li – Paul Hastings LLP; Crystal Liu – Paul Hastings LLP; Hulka Lo – Paul Hastings LLP; Fang Pei – Paul Hastings LLP; Andy Tam – Paul Hastings LLP;

Law Firms: Paul Hastings LLP;

Clients: WH Group Limited;

Author: Sonia Carcano