With the recent establishment of Carey Olsen's offices in
Hong Kong and Singapore, we have prepared this article reviewing
the Cayman Islands merger regime, "fair value" and
dissenting shareholder rights for the information of our Asia-based
clients. As the law in this emerging field develops, we will
continue to provide regular updates.
Introduction
Mainland PRC businesses owned by holding companies listed on
overseas stock exchanges, commonly in New York or London, have
increasingly been utilizing the Cayman Islands company merger laws
to take the listed company into private hands and de-list, with a
view to re-listing the business on a PRC stock exchange.
A principal commercial driver for these transactions is the
significant increase in share price often attainable on a PRC stock
exchange for the same business. Financial commentators suggest that
this phenomenon may be attributable to: (i) Chinese money being
forced to stay
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