Deals – May 25, 2016

Drew & Napier is acting for a Temasek Holdings unit Blanca Investments in respect of a take-over bid for Eu Yan Sang, a traditional Chinese medicine (TCM) retailer. Blanca Investments is part of a consortium comprising private-equity fund Tower Capital and Eu Yan Sang’s group CEO Richard Eu, as well as certain other members of the Eu family. The consortium has made a voluntary conditional cash offer at S$0.60 (US$0.43) per share for all the issued and paid-up ordinary shares of Eu Yan Sang through a special-purpose vehicle, Righteous Crane. The offer price excludes the interim dividend of S$0.025 (US$0.018) cents per share announced on 15 May 2016 by Eu Yan Sang and values the company at about S$269 million (US$194.5m). The offer is conditional on certain Australian regulatory approvals. Righteous Crane has received irrevocable undertakings to accept the offer from shareholders controlling about 63.2 percent of the company which include several Eu family members, Aberdeen Asset Management Asia and First State Investment Management (UK). Eu Yan Sang is an integrative health and wellness company with a unique heritage in TCM. It specialises in the production, distribution and retail of TCM and wellness products and also operates a chain of TCM clinics. Listed on the Main Board of the SGX, it is recognised as one of the largest TCM groups outside of China and a leader in the TCM industry. Directors Sandy Foo and Farhana Siddiqui led the transaction.

HSA Advocates has advised Camlin Fine Sciences in respect of its acquisition of 65 percent stake in Dresen Quimica, a specialty chemical company based in Mexico. Through its subsidary CFS Antioxidantes Mexico, Camlin bought the stake in Dresen. With this acquisition, Camlin expands its market reach in North, Central and South America. Incorporated in 1987, Dresen manufactures specialty intermediate chemicals used by manufacturers of feed, food and other industrial product. The company operates in Mexico, Guatemala, Peru, Colombia and Dominican Republic. Camlin, having operations world over for over 30 years, provides shelf life extension solutions, including antioxidants, aroma ingredients and performance chemicals. They serve the end-consumers with products catering to the food, pharmaceutical, dye, biodiesel, petrochemical, agrochemnical, textile and tanning industries. Partner Abeezar Faizullabhoy led the transaction.

J Sagar Associates has acted as domestic counsel for American & Efird Global LLC (A&E), a part of KPS Capital Partner’s portfolio companies, in respect of an agreement to acquire majority ownership of joint venture company Vardhman Yarns and Threads Ltd from its JV partner, Vardhman Textiles Ltd. Vardhman Yarns and Threads is the second–largest manufacturer and distributor of premium quality industrial and consumer sewing thread in India. Partner Sandeep Mehta led the transaction whilst McGuireWoods, led by partner Harrison L Marshall, acted as international counsel. Vardhman Textiles was represented by Shardul Amarchand Mangaldas & Co led by partner Gunjan Shah.

Khaitan & Co has advised Sun Pharma Advanced Research Company Ltd in respect of its US$38.46 million rights issue. Sun Pharma Advanced Research Company is a pharma research and drug discovery company and part of the leading specialty pharma company, Sun Pharmaceutical Industries Ltd. Partner Nikhilesh Panchal and associate partner Madhur Kohli led the transaction.

Khaitan & Co has also advised Tata Communications Ltd in respect of the sale of its 74 percent stake in Tata Communication’s data centre business in India and Singapore to Singapore Technologies Telemedia Singapore for approximately US$640 million. Partners Sharad Abhyankar and Mehul Shah, assisted by partners Abhishek Sharma, Joy Jacob and Adheesh Nargolkar led the transaction.

WongPartnership is acting for Sharp Vision Holdings Ltd, an indirect wholly-owned subsidiary of China International Marina Containers (Group) Co Ltd, in respect of the voluntary unconditional cash offer made by DBS Bank Ltd, for and on behalf of the offeror, to acquire all the issued and paid-up ordinary shares in the share capital of Pteris Global Ltd, other than those shares held, directly or indirectly, by the offeror and Shenzhen TGM Ltd. Partners Andrew Ang, Mark Choy and Audrey Chng are leading the transaction.

WongPartnership is also acting for a consortium formed by Dymon Asia Private Equity and the promoters of Select Group Ltd in respect of the approximately S$75 million (US$54.2m) voluntary conditional cash offer by International Culinary Management Ltd, a special purchase vehicle incorporated by the consortium, for all the issued and paid-up ordinary shares in the company, other than those shares held, directly or indirectly, by the offeror as at the date of the offer. Partners Andrew Ang and Anna Tan are leading the transaction.