Rundong Auto Fortune Investment’s Unconditional Mandatory General Offer
August 16, 2016
Cleary Gottlieb advised China Rundong Auto Group Limited in relation to its unconditional mandatory general offer made by Rundong Fortune Investment Limited to the shareholders of Rundong Auto for all issued ordinary shares in Rundong Auto under the Takeovers Code.
The offer price was HK$3.5273 per ordinary share, and Rundong Auto was valued at HK$5.68 billion. The transaction was completed on August 17, 2016.
Rundong Auto primarily engages in the operation of luxury automobile dealership stores and showrooms and the sales and services of motor vehicles in China. It principally focuses its business in Eastern China, including Jiangsu, Zhejiang, Shanghai and Anhui provinces.
Cleary initially acted as Hong Kong and United States counsel to Rundong Auto on its Hong Kong IPO in 2014 and thereafter became counsel to Rundong Auto.