July 11, 2023 | Industrials | Asia | Ended

NWS Holdings / CTFE: Deal Insights

On 26-Jun-23, Chow Tai Fook Enterprises (“CTFE”) announced its plan to acquire NWS Holdings (“NWS”) for nearly HKD 35.5bn, or HKD 9.15 per share. The offer consideration represents a 14.5% premium over NWS’ share price prior to a pre-announcement trading halt and a 22.2% premium over its undisturbed, previous day’s closing. Since NWS is incorporated in Bermuda and listed in Hong Kong, both the Bermuda Companies Act and the Hong Kong Takeover Code are applicable; the takeover offer is not extended to NWS’ sponsored ADS’ (illiquid securities which trade under NWSGY US). Target shareholders will additionally receive NWS’ final dividend for its fiscal year ending 30-Jun-23 (estimated at HKD 0.31 per share per Bloomberg, with a record date in late November 2023). However, CTFE reserves the right to downwardly adjust the consideration by any other distribution. NWS has established an independent board committee to make a recommendation to its shareholders and has appointed Quam Capital as ...

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