Clifford Chance has advised Japanese industrial conglomerate Mitsui & Co Ltd on an innovative PIPE investment in, and consortium takeover bid for, Hong Kong-listed TPV Technology Ltd.
Mitsui’s proposed 10 per cent PIPE investment in the world’s largest contract LCD makers came as TPV’s existing shareholder, China Electronics Corporation (CEC), completed a block trade to buy a further 9.75 per cent stake from global electronics company Philips NV.
CEC’s increased stake triggers a mandatory takeover offer under the Hong Kong Takeovers Code, which will be undertaken on an agreed consortium basis with Mitsui.
Together, the three elements of the transaction ? the PIPE deal, the block trade and the takeover ? are valued at over US$1 billion.
“We are delighted at the result for Mitsui and pleased that the company chose us to advise it on such an innovative deal,” said partner Andrew Whan, who led the team advising Mitsui.
“This is the first time that a takeover, PIPE and block trade have been combined in this way in Hong Kong ? the involvement of companies and exchanges in six countries in total added to the complexity of this transaction.”
TPV Technology Limited specialises in the design and production of desktop monitors and LCD TVs. It has been listed on the Hong Kong and Singapore stock exchanges since October 1999.
Andrew, counsel Neeraj Budhwani and associate Bryan Koo advised on the main aspects of the transaction, assisted by colleagues in specialist areas such as China antitrust and trade regulations and in related jurisdictions, including Singapore and Japan.
