PRC sanitary wares maker purchases German peer

    February 16, 2011 | BY

    Candice Mak

    PRC-based sanitary wares company, Joyou has made a takeover offer for German company, Grohe Asia. Grohe Group, the parent company of Grohe Asia accepted the…

    PRC-based sanitary wares company, Joyou has made a takeover offer for German company, Grohe Asia. Grohe Group, the parent company of Grohe Asia accepted the voluntary public tender offer of EUR13.50 (US$18.27) in cash per share.

    The target has secured irrevocable commitments from Joyou shareholders safeguarding voting rights of at least 30% in Joyou upon completion of the tender offer. As a result of the transaction, the Grohe Group will become a strategic anchor shareholder of Joyou.

    Hong Kong and Beijing-based teams at Weil Gotshal & Manges represented Grohe Group. Leading the Weil China teams were Beijing counsel Yan Yang and Hong Kong partner Henry Ong.

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