White & Case Advises Aixtron on Takeover Bid by Grand Chip Investment
Global law firm White & Case LLP has advised Aixtron SE (Aixtron) on the agreement that it will be taken over by Chinese financial investor Fujian Grand Chip Investment (Grand Chip).
Grand Chip plans a voluntary public takeover bid to acquire all outstanding shares in Aixtron, including common stock represented by American Depositary Shares. The transaction is valued at around €670 million and is subject to reaching an acceptance threshold of 60 percent and approval by regulatory authorities.
Germany-headquartered Aixtron is a leading provider of deposition equipment for the semiconductor industry. The company, which was founded in 1983 and is listed on the German stock market (TecDAX) and the American NASDAQ, has offices in Europe, Asia and the US. With around 750 employees, it generated revenue of around €198 million during 2015.
Aixtron and Grand Chip concluded a Business Combination Agreement in relation to the announcement of the takeover. Aixtron's headquarters, board and staff are to remain in place, and the company's existing strategy is to be maintained. Aixtron expects that the acquisition will lead to strengthened ties to the Chinese semiconductor industry and long term growth in critical technological areas.
The takeover bid was submitted by the German company Grand Chip Investment GmbH, which is a wholly owned subsidiary of Fujian Grand Chip Investment Fund LP. Businessman Zhendong Liu holds 51 percent of the Chinese investment fund, with 49 percent held by Xiamen Bohao Investment Ltd.
The White & Case team which advised on the transaction was led by partner Markus Hauptmann with support from partner Tobias Heinrich (both Frankfurt), and included partners Robert Weber (Frankfurt), Börries Ahrens (Hamburg), Frank-Karl Heuchemer (Frankfurt), Alex Zhang (Shanghai), Chang-Do Gong (New York) and Farhad Jalinous (Washington, DC), local partners Carola Glasauer and Matthias Kieswetter (Frankfurt and Hamburg), counsel Jiong Deng (Shanghai) and Karalyn Mildorf (Washington, DC), and associates Vanessa Seibel (Frankfurt), Frank Shu (both Shanghai) and Keith Schoming (Washington, DC).
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