Wanda Sports Group Completes Initial Tender Offer and Delisting
Wanda Sports Group, 2/01/21
Wanda Sports Group ("the Company"), a China-based global sports events, media and marketing platform, today announced the completion of the initial tender offer (the "Offer"), launched by Wanda Sports & Media (Hong Kong) Holding Co. Limited on December 23, 2020, to acquire all of the issued and outstanding class A ordinary shares of the Company, with no par value (the "Class A Ordinary Shares"), including all Class A Ordinary Shares represented by American depositary shares of the Company ("ADSs"). It also announced a Subsequent Offering Period (as defined below) related to the Offer and changes in its senior management and board of directors (the "Board").
Tender Offer
The Offer and withdrawal rights expired at 5:00 p.m., New York City Time, on January 29, 2021. According to the tender agent for the Offer, a total of 36,471,813.5 Class A Ordinary Shares (including Class A Ordinary Shares represented by ADSs) had been validly tendered (and not properly withdrawn) pursuant to the Offer, representing approximately 73% of the outstanding Class A Ordinary Shares (including Class A Ordinary Shares represented by ADSs), excluding 8,215,616 ADSs held by certain associates of the offeror that are subject to a Standstill Agreement. The foregoing include a total of 17,529,697 ADSs tendered, representing approximately 88% of the outstanding ADSs, excluding the ADSs held by the associates of the offeror. All tendered Class A Ordinary Shares and ADSs have been accepted in accordance with the Offer.
A subsequent offering period (the "Subsequent Offering Period") has commenced as of 9:00 am New York City time February 1, 2021, for all remaining Class A Ordinary Shares and ADSs. The Subsequent Offering Period will expire at 5:00 pm New York City time on February 26, 2021, unless extended. During this Subsequent Offering Period, holders of Class A Ordinary Shares and ADSs who did not previously tender their Class A Ordinary Shares or ADSs, as the case may be, in the Offer may do so and will promptly receive the same USD 1.70 per Class A Ordinary Share in cash (or USD 2.55 per ADS, as appropriate), without interest thereon, offered in the initial offering period. No withdrawal rights will apply to any Class A Ordinary Shares or ADSs tendered during the Subsequent Offering Period.
Termination of ADR Program and Delisting
With effect from January 29, 2021, the deposit agreement under which the ADSs were issued has been terminated. Following the filing on January 19, 2021 with the U.S. Securities and Exchange Commission (the "SEC") of a notice on Form 25 relating to the delisting of the ADSs on the Nasdaq Global Select Market, the ADSs (formerly listed under ticker WSG), have been delisted effective as of January 29, 2021 (the "Delisting Date"). As a result of the termination of the deposit agreement and the delisting, the ADSs are no longer tradeable and there is no longer any listing of any securities of the Company on any stock exchange in the United States or elsewhere.
Keywords: Internet sports Wanda Sports Group Wanda Sports & Media M&A delist
Sending
