Landing International Ltd and its owner Yang Zhihui has made a mandatory cash offer to acquire all remaining shares in real estate and casino investment firm Landing International Development Ltd.
The mandatory offer, as required by the Hong Kong Takeover Code, follows the earlier purchase of a 5.26% stake in the company last Wednesday, which pushed Landing International’s total stake to 51.41%.
Mr Yang will pay a purchase price of HK$0.075 per share with the 59,953,375,634 offer shares worth around HK$4.5 billion, payable in cash via a loan from Kingston Securities.
In a joint announcement to the Hong Kong Stock Exchange, Landing International Ltd – an investment holding company wholly owned by Mr Yang – and Landing International Development Ltd of which he is Chairman, said an Independent Board Committee has been formed to advise the independent shareholders as to whether the terms of the offer are fair and reasonable. Veda Capital Limited has also been appointed as independent financial adviser.
The announcement stated that Mr Yang is “optimistic in the prospects of the Group” and that he “considers the acquisition an opportunity for it to increase its stake and consolidate control in the company.”
“Following completion of the offer, [Mr Yang] intends that the Group will continue to operate its business in substantially its current state,” it said. “However, [Mr Yang] reserves the right to make any changes that he deems necessary or appropriate to the Group’s businesses and operations to increase the value of the Group.”
Landing International Development Ltd, which operates Landing Casino in Korea and Le Ambassadeurs Club in London, will remain listed on the Hong Kong Stock Exchange.
