Section 238 of the Cayman Islands Companies Act gives shareholders a statutory right to dissent from the merger of a Cayman Islands incorporated company, and to be paid a judicially determined fair value for their shares, instead of the merger consideration.
Our cross-border team advises and acts on every aspect of fair value appraisal proceedings, from the pre-merger stage all the way through to trial and any appeals.
Our team has acted on mandates from dissenting shareholders, companies and financing parties and is acutely familiar with every aspect of appraisal disputes.
We work closely with leading onshore counsel and have strong relationships with top-tier practitioners and academic experts in all elds of valuation, including market eciency and deal process. We assist clients throughout the world in their own time zones and our team speak fluent English, Mandarin and Cantonese to best service our clients in their native languages.
Recent matters our teams have acted on include:
The US$8.7 billion privatisation of 58.com, Inc. from the New York Stock Exchange, the largest ever section 238 proceeding by a significant margin.
The US$1.4 billion privatisation of iKang Healthcare Group, Inc., a leading Chinese provider of private healthcare services.
The US$362 million privatisation of JA Solar, one of the world's largest manufacturers of high-performance solar power products.
The US$480 million merger of Xiaodu Life Technology, an online food delivery business based in Beijing, ultimately acquired by Alibaba.
The US$937 million privatisation of eHi Car Services Ltd, a prominent car rental and vehicle services provider, based in Shanghai.
The US$2.6 billion privatisation of SINA Corp, a well-known technology services provider and parent to China's second largest social media platform.
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