Acquisitions

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Paul Hastings advised China ZhongDi Dairy Holdings on its acquisition; Dechert advised New Century Asset Management on termination of its New Century REIT

Paul Hastings advised China ZhongDi Dairy Holdings on its acquisition and privatisation by dairy company Yili Group in Inner Mongolia.

On completion of the HK$1.66 billion (US$212.7 million) mandatory conditional cash offer by capital markets and investment group CLSA, on behalf of Wholesome Harvest, a subsidiary of Yili, ZhongDi will be privatised and delisted from the Hong Kong Stock Exchange.

ZhongDi is principally engaged in breeding and selling dairy cows, producing and selling premium raw milk, and import trading business in cows, alfalfa hay, and other animal husbandry-related products.

Dechert advised New Century Asset Management on termination of its New Century REIT, and disposal of its operating businesses and assets to Huge Harvest International. The REIT will undergo liquidation and be delisted from the Hong Kong Stock Exchange.

Huge Harvest International, the largest unitholder of New Century REIT, will pay about HK$1.92 billion (US$247.2 million).