Conyers acted as Cayman Islands counsel to Orthoise Investment Holdings Ltd., established by MagiCapital, in connection with the acquisition and privatisation of Taiwan listed company, On-Bright Electronics Incorporated (“On-Bright”) (Taipei Exchange: 4947), by way of a scheme of arrangement under the Cayman Islands Companies Law. The acquisition price was estimated at approximately TWD12.9 billion. This merger transaction represents the first few successful precedents of privatisation of a Cayman Islands incorporated Taiwan listed company by way of Cayman scheme of arrangement.
On-Bright is principally engaged in the design, manufacturing and distribution of integrated circuits (ICs). The Company mainly provides alternating current (AC)/direct current (DC) power supply management ICs, cold cathode fluorescent lighting (CCFL) inverter controlling ICs, light-emitting diode (LED) power supply management ICs, among others. The Company’s IC products are primarily applied in network communication equipment, liquid crystal display (LCD) televisions, LCD monitors, storage equipment, computer power supplies, LED backlights and lighting, home appliances, among others. The Company mainly distributes its products in China mainland and Hong Kong markets.
Partner Flora Wong, Counsel Angie Chu and Associate Michael Yu of Conyers’ Hong Kong office advised on the matter, working alongside Baker & McKenzie Taipei Office.