China Development Financial acquires Taiwan International Securities
Clients China Development Financial Holding Corp.
Jones Day represents China Development Financial Holdings ("CDFH"), one of the top 10 financial holding companies in Taiwan, in an attempt to acquire and take over Taiwan International Securities Corporation ("TISC"), paid-in capital of which is approximately USD 360 Million. CDFH's attempt to acquire TISC is a landmark case featured as one of the few cases of hostile takeover in Taiwan and has been widely reported by local media. CDFH had tried to secure majority representation on TISC's board in the annual shareholders meeting at the end of June 2009 but was blocked by TISC's disputable tactic. Various administrative and legal proceedings have been initiated as either offensive or defense strategies by CDFH or TISC in the governmental authorities and courts.