Guangdong Galanz Household Appliances Manufacturing Co.,Ltd. completed the acquisition of 51.1% stake in Whirlpool China Co., Ltd. from Whirlpool Investment Co., Ltd. and others for CNY 2 billion.
April 29, 2021
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Guangdong Galanz Household Appliances Manufacturing Co.,Ltd. offered to acquire 61% stake in Whirlpool China Co., Ltd. (SHSE:600983) from Whirlpool (China) Investment Co., Ltd. and others for CNY 2.4 billion on August 21, 2020. Guangdong Galanz Household Appliances Manufacturing Co.,Ltd. will acquire 467,527,790 Whirlpool China Co., Ltd. shares at CNY 5.23 per share. Guangdong Galanz Household Appliances Manufacturing Co.,Ltd. expects to acquire not less than 51% and more than 61% stake of Whirlpool China Co., Ltd. Whirlpool (China) Investment Co., Ltd. owns 51% stake in Whirlpool China Co., Ltd. The tender offer is subject to regulatory approvals and Whirlpool China Co., Ltd's board approval, and shares cannot be tendered until regulatory transfer restrictions expire on February 1, 2021. As of March 26, 2021, antitrust and all the necessary approval were achieved. As of April 1, 2021, the total number of shares tendered is 238,371,849 shares. The cash offer will start from March 31, 2021 to April 29, 2021. CITIC Securities Company Limited (SHSE:600030) acted as financial advisor and Zhong Lun Law Firm acted as legal advisor to Guangdong Galanz Household Appliances Manufacturing Co., Ltd. in the deal.
Guangdong Galanz Household Appliances Manufacturing Co.,Ltd. completed the acquisition of 51.1% stake in Whirlpool China Co., Ltd. (SHSE:600983) from Whirlpool (China) Investment Co., Ltd. and others for CNY 2 billion on April 29, 2021. Minimum tender is achieved. Whirlpool Corporation sold 31% stake in the offer. Greenhill & Co., Inc. (NYSE:GHL) acted as the financial advisor to Whirlpool Corporation.
Whirlpool (China) Co., Ltd., formerly Hefei Rongshida Sanyo Electric Co., Ltd, is a China-based company, principally engaged in the manufacture and distribution of household electrical appliances. The Company mainly provides washing machines, refrigerators and microwave ovens. The Company also provides electric machines. The Company distributes its products under Whirlpool, Sanyo, DIQUA and Rongshida brands. It distributes its products within domestic market and to overseas markets.
Guangdong Galanz Household Appliances Manufacturing Co.,Ltd. completed the acquisition of 51.1% stake in Whirlpool China Co., Ltd. from Whirlpool Investment Co., Ltd. and others for CNY 2 billion.