Ashurst has advised Trauson Holdings Company Limited (“Trauson“) in relation to its proposed public takeover by Stryker Corporation (“Stryker“) for a total cash consideration of approximately HKD 5.9 billion (approximately USD 761 million). Stryker’s offer price of HKD 7.50 per share represents a 66.7% premium to the closing price of HKD 4.50 on the last full trading date, 7 January 2013.
Trauson is a leading producer of orthopaedic products in China, and is principally engaged in the design, manufacture and sale of a broad range of trauma and spine orthopaedic implants and related surgical instruments. Stryker is one of the world’s leading medical technology companies and offers a range of innovative medical technologies, including reconstructive implants, medical and surgical equipment and neurotechnology and spine products.
Ashurst initially acted as Hong Kong and United States counsel to UBS as underwriter on Trauson’s Hong Kong IPO in 2010 and thereafter became counsel to Trauson, a role which culminated in this latest mandate.
The Ashurst team was led by corporate partner Lina Lee and comprised corporate M&A partner Robert Ogilvy Watson, counsel Jonathan Hsui, associate Tracy Li and trainee solicitor Lilian Leung.
Lina Lee commented:
“Our team at Ashurst is proud to have been involved in various milestone achievements by Trauson from its IPO through to the announcement of its proposed takeover. This transaction demonstrates that despite the negative publicity recently associated with a number of publicly listed PRC companies, the Hong Kong public equity market continues to provide opportunities for investors to realise the value associated with solid China-based business.”
