Baker McKenzie has advised Spring Reit on its successful defence against the HK$5.7 billion (US$730m) unsolicited takeover bid by Hong Kong-based private equity firm PAG Real Estate, who had sought to acquire a controlling stake in Spring Reit. Hong Kong partners Milton Cheng and Christina Lee led the firm’s team in the transaction, which is a very rare example of a hostile takeover offer in Hong Kong and the first hostile offer for a Hong Kong listed Reit. Ashurst, with Hong Kong partner Chin Yeoh leading the firm’s team, advised Japan-based private equity firm Mercuria Investment and its concert parties, the largest shareholding group and owner of the manager of Spring Reit.
Baker McKenzie Wong & Leow has advised private capital platform CapBridge Platform on its successful application to the Monetary Authority of Singapore (MAS) to operate a securities exchange known as 1exchange (1X) in Singapore. 1exchange will be among the first regulated private securities exchanges in Singapore. Together with its associated entity CapBridge, 1X aims to catalyse liquidity for private companies, before an exit event, such as an IPO or an M&A situation. Companies listed on 1X remain private, and have greater control and flexibility and lower costs compared to publicly listed firms. Growth companies, in particular, will be able to tap on the private capital raising environment created by CapBridge and 1X. Asia Pacific head of financial institutions Stephanie Magnus, supported by local principal Selwyn Lim, led the firm’s team in the transaction.
Khaitan & Co has advised Zydus Wellness and Cadila Healthcare on the proposed acquisition, through the purchase of shares from Heinz Italia, of 100 percent stake in Heinz India for Rs45.95 billion (US$651.7m), subject to customary working capital and other adjustments, and assuming target net working capital of Rs400 million (US$5.67m) and minimum cash balance of Rs150 million (US$2m). A listed subsidiary of Cadila Healthcare, Zydus Wellness spearheads the Zydus Cadila group’s presence in the consumer health segment. On the back of pioneering brands, such as Sugar Free, EverYuth and Nutralite, combined with innovations offering new benefits to consumers, Zydus Wellness has a strong brand equity in the food, nutrition and skincare markets. Listed Cadila Healthcare is the flagship company of the Zydus Cadila group. Cadila Healthcare’s business ranges from formulations to active pharmaceutical ingredients and animal healthcare products to wellness products. Partners Haigreve Khaitan and Bhavik Narsana led the firm’s team in the transaction.