Appleby acted as Cayman Islands counsel to Isola Castle Ltd (“Isola”) on the voluntary cash offer to acquire all the issued shares in Vinda International Holdings Limited (“Vinda”), a Cayman Islands company with shares originally listed on the Main Board of the Hong Kong Stock Exchange (other than those held by the offeror and its concert parties), for HK$23.50 per share, in cash, and subsequent privatization of Vinda by way of compulsory acquisition of the remaining offer shares.
The aggregate amount of the offer price paid by the offeror is approximately HK$26 billion. The compulsory acquisition was completed on 15 August 2024 and Vinda was delisted on 16 August 2024.
Isola is a unit of RGE’s Asia Pacific Resources International Limited (“APRIL”), being one of the largest, most technologically advanced and efficient makers of pulp and paper products in the world. Vinda is principally engaged in the manufacturing and sale of tissue and personal care products in the PRC, Hong Kong, Macau, Chinese Taiwan, Korea, Malaysia, Singapore, Thailand and Indonesia.
The transaction was led by Hong Kong Partner Vincent Chan.
Commenting on the matter Vincent said “We are truly pleased to have this opportunity to advise on this milestone transaction.This transaction demonstrates the strength of our Hong Kong office and reaffirms our leading position in this space in Asia with clients continuing to use Appleby due to our market leading cross-jurisdictional M&A teams and expertise”.
Our Corporate M&A team have a global footprint, fostering strong working relationships with local regulators and deep transactional experience, making them well-positioned to advise clients on the offshore aspect of a wide range of M&A activities in the Asia-Pacific region.