Baker McKenzie advised China Merchants Hoi Tung Trading Company Limited (CMHT), wholly-owned by China Merchants Group Limited, in connection with its acquisition of 49% total issued shares in Best Mart 360 Holdings Limited (Best Mart 360) (Stock Code: 2360). The deal, valued at HKD 862.4 million, triggers the mandatory general offer obligations under the Hong Kong Takeovers Code.
Best Mart 360 is principally a leisure food retailer operating under the brands “Best Mart 360°” and “FoodVille” in Hong Kong, Macau and Mainland China, which has more than 150 chain retail stores.
CMHT is a comprehensive trading company covering food, transportation, and commodity, with subsidiaries in 10 cities in China and seven branches overseas.
A cross-practice team of transactional specialists worked on this deal, led by Capital Markets Partner Christina Lee. Also involved in this transaction were Partner Brian Wong and Associates Ray Chan and Ivy Chui from the capital markets team; and Partner Gerry Wong from the banking & finance team.
Commenting on the deal, Christina Lee said, “Drawing on our strong experience in takeovers, we are pleased to have advised CMHT on this significant transaction, which will strengthen CMHT’s presence in the market and lead to greater synergies and connectivity for both parties. This deal also demonstrates our capability in public mergers and acquisitions transactions involving the Hong Kong Takeovers Code.”
Baker McKenzie is one of the leading firms for complex transactions, providing strategic advice on deals involving the world's leading financial institutions and multinational companies. The Firm regularly advises target companies, offerors, selling shareholders and financial advisers on the acquisition and disposal of companies listed on stock exchanges in key major financial centers, as well as issuers on their proposed listing and fundraising activities in different jurisdictions.
With many of its lawyers enjoying established working relationships with local regulators in Hong Kong and other key markets, the Firm is able to guide clients through all stages of the process, providing valuable insights on regulatory developments that could impact the value and feasibility of cross-border transactions, as well as on ongoing compliance issues. The team also assists listed companies in the restructuring of shareholdings, use of stock as consideration, and block trades. Moreover, the team has extensive experience in advising clients on cross-border capital fund raising under different schemes, including the Shanghai-London Stock Connect and the China-Switzerland Stock Connect.