Conyers provided Cayman law advice to Jumei International Holding Limited (“Jumei”) on its privatisation by way of tender offer and short form merger.
Jumei is a fashion and lifestyle product retailer in China. It was founded in March 2010 and was listed on NASDAQ in May 2014 (NASDAQ: JMEI). It primarily sells branded beauty, baby, children and maternity products, light luxury products, as well as health supplements through its e-commerce platform. It has also invested in fashion and lifestyle businesses and TV drama series production.
Consultant David Lamb, Counsel Angie Chu and Associate Michael Yu of Conyers’ Hong Kong office advised on the matter working alongside Skadden, Arps, Slate, Meagher & Flom LLP.
David Lamb commented “The Jumei transaction is innovative since it was structured to avoid appraisal rights which normally attend take-private mergers. Even though there is usually a healthy control premium in these deals, in some cases these rights would potentially give rise to unrealistic pricing or tail end price risk from the buy side perspective leading to a no deal, so it was a win-win for the deal to close.”