Baker McKenzie advised CMB International Capital Limited ("CMB International") in relation to the privatization of Golden Eagle Retail Group Limited ("Golden Eagle") by way of scheme of arrangement pursuant to the Companies Act (as revised) of the Cayman Islands. The cash consideration paid by the offeror is approximately HKD 2.25 billion. The shares of Golden Eagle were delisted from the Hong Kong Stock Exchange on 9 October 2023.
CMB International is the financial adviser to the offeror, Golden Eagle Retail Investment Limited. Golden Eagle and its subsidiaries principally engage in the development and operation of a lifestyle center and a stylish department store chain, in addition to property development and hotel operation in China.
A cross-practice team of transactional specialists are working on the transaction, led by Capital Markets Partner Christina Lee, who is the chair of Baker McKenzie’s Asia Pacific Capital Markets Practice and co-chair of the Hong Kong and Mainland China Capital Markets Practice. Other members of team include: Partner Brian Wong and Associates Daisy Chen and Charlotte Cao from the Capital Markets team; and Banking & Finance specialist Gerry Wong.
Commenting on the deal, Christina Lee, said, "We are very pleased to have assisted our long-standing client, CMB International, on this transaction.”
Christina continued: “We expect to see more listed companies go private amidst the low stock markets valuation. We look forward to continue drawing on our strong public M&A, capital markets and finance capabilities, and offer a holistic legal solution to our clients in need.”
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 fund-raising 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.