23 June, 2015

Skadden is representing Mascotte Holdings Limited in the proposed acquisition of control of Mascotte by Evergrande Real Estate Group Limited and Tencent Holdings Limited through a subscription for 75% of the outstanding shares of Mascotte for approximately HKD 750m.  Evergrande and Tencent will also subscribe for top-up warrants of Mascotte, which will allow them to maintain their percentage shareholding in Mascotte.  The transaction, which was preliminarily announced on June 23, 2015, is subject to certain completion conditions, including a “whitewash waiver” under the Hong Kong Takeovers Code (which, if not obtained, will result in the need for Evergrande and Tencent to launch a general offer for the remaining shares of Mascotte should they decide to proceed with the transaction).

The Skadden team included Jonathan Stone, Edward Lam, Audrey Sokoloff, Stuart Levi, Joseph Yaffe, and Tim Sanders.

Conventus Law