China’s growing appetite for overseas high-tech was showcased in the first acquisition of a US public company by a Chinese corporation, a lawyer involved in the deal said.
But not without a fight. Wendy Pan, a Shanghai-based partner at O’Melveny & Myers, told China Business Law Journal the deal had to clear bureaucratic hurdles from both countries and overcome an aggressive bid from a rival company to succeed.
Chinese genomics company BGI-Shenzhen acquired the Nasdaq-listed Complete Genomics through a cash tender offer, followed by a short-form merger that became effective on 18 March. O’Melveny & Myers acted for BGI. The O’Melveny team was led by Pan and the firm’s Silicon Valley-based partner Paul Scrivano.
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