Cases & Deals

China Electronics and its wholly owned subsidiary CEIEC (H.K.) involved in $1.15 billion consortium takeover bid with Mitsui & Co. for TPV Technology

Clients China Electronics Corporation

Jones Day advised China Electronics Corporation and its wholly owned subsidiary CEIEC (H.K.) Limited on a consortium takeover bid with Mitsui & Co., Ltd. for TPV Technology Limited whose shares are dual listed in Hong Kong and Singapore. The 3-pronged approach comprising a block trade, a share subscription and a joint mandatory cash offer, with aggregate amount of up to approximately US$1.15 billion, is believed to be the first of its kind in a friendly takeover.

The deal involved regulatory approvals for the Chinese state-owned enterprise China Electronics Corporation, anti-monopoly approval by Ministry of Commerce of the PRC, and State Administration of Foreign Exchange approval for a foreign currency bank loan to finance the deal. The broad geographical coverage called for antitrust due diligence and assessment under the rules of the U.S., European Union and 17 EU member states. Securities law advice in 21 jurisdictions straddling different continents was also required.

China Electronics Corporation is a state-owned conglomerate directly under the administration of the central government of the PRC. Mitsui Corporation is one of the largest general trading companies from Japan. TPV Technology Limited is one of the world's largest PC monitor and LCD TV original design manufacturers by unit sales.

This transaction was awarded "M&A Deal of the Year" at the Asian Legal Business Hong Kong Law Awards 2010 ceremony. Organized by Asia-Pacific's leading magazine for legal professionals, the annual Hong Kong Law Awards recognize some of the best legal work of the year in Hong Kong.

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