Guoco Group, which serves as a holding company for a range of investment, real estate and hospitality businesses, received an offer of about $11 a share from conglomerate Hong Leong Co. (Malaysia) Bhd.
Malaysian tycoon Quek Leng Chan, who owns a 75 percent stake in Hong Leong and a 49 percent share of Guoco Group, serves as chairman of both companies. The deal is being pitched as a way to simplify the two companies’ shareholding structures, as well as reduce the costs associated with compliance and maintaining the listing of shares for Guoco Group.
Freshfields Hong Kong-based Asia managing partner Robert Ashworth is leading the team advising Hong Leong, with Hong Kong partners David Winfield and Royce Miller also working on the deal. Offshore firm
is representing the company as well.
Slaughter and May Hong Kong partner Benita Yu is acting for Guoco Group.
is acting for Standard Chartered Bank Plc., which is providing financing for the offer.