MoFo News Item

Morrison & Foerster's M&A Triple

10/21/2008

HONG KONG, October 21, 2008Morrison & Foerster is advising on three merger and acquisition transactions set to raise a total of US$1.72 billion.  The deals include: 

  • Representing China Medical Technologies, Inc. (NASDAQ: CMED), a leading China-based medical device company that develops, manufactures, and markets advanced in-vitro diagnostic products and high-intensity focused ultrasound tumor therapy systems, in its acquisition of HPV-DNA Biosensor Chip and Surface Plasmon Resonance based Analysis System (the “SPR System”) for the detection of human papillomavirus (HPV), which causes cervical cancer and sexually transmitted disorders.  Under the terms of the definitive acquisition agreement, China Medical will pay the seller, Molecular Diagnostics Technologies Limited, a privately held Hong Kong and PRC based company, US$345 million in cash.  The deal team was led by Hong Kong partner Paul Boltz.
  • Representing Deutsche Bank and China Merchant Securities (HK), the joint financial advisors to Hong Kong-listed Enric Energy Equipment Holdings Ltd. in its US$1.2 billion acquisition from major shareholder, China International Marine Containers (Group) Co. Ltd. and certain European shareholders, their entire interests in certain tank and storage equipment businesses based in China and Europe.  The transaction will be considered a reverse takeover of a Hong Kong-listed entity and will involve a new deemed listing application under the Hong Kong Stock Exchange rules.  Partners Xiaohu Ma and Tien-yo Chao, and Of Counsel Raymond Oh led the transaction.
  • Representing ChinaHR Holdings Ltd., the leading online recruiting and employment operator in China, and its selling shareholders in the acquisition of ChinaHR by Monster Worldwide.  NASDAQ-listed Monster Worldwide is a leading global online recruitment services provider.  Morrison & Foerster previously represented ChinaHR in connection with Monster’s initial Series A investment for 45% of ChinaHR.  Under the terms of the current transaction, Monster paid US$174 million in cash for the remaining 55% stake.  China represents one of the fastest-growing recruitment markets in the world, with an estimated 6.4 million new jobs created in the first half of 2008.  To support its nationwide recruiting portal, ChinaHR operates 12 offices across the country’s major markets, including Beijing, Shanghai, Guangzhou, and Shenzhen.  Partners Steve Toronto and Paul Boltz led the transaction.
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