Slaughter and May is advising JCDecaux SA (JCDecaux), and its subsidiary, JCDecaux Innovate Limited (JCDI), on their participation in a consortium with Mr. Han Zi Jing, the Chief Executive Officer and Executive Director of Clear Media, Antfin (Hong Kong) Holding Limited and China Wealth Growth Fund III L.P. to form a special purpose vehicle (the Offeror) to make a conditional voluntary offer to acquire all the shares in Clear Media Limited (Clear Media) and to cancel all outstanding share options (the Offer). The maximum amount of cash required to implement the Offer is approximately HK$3.9 billion.
JCDecaux is a multinational corporation headquartered in France listed on Euronext Paris and is the premium outdoor advertising corporation in the world.
Clear Media is listed on the Main Board of the Hong Kong Stock Exchange, and an indirect subsidiary of Clear Channel Outdoor Holdings, Inc. (CCO), which is listed on the New York Stock Exchange. Clear Media and its subsidiaries are principally engaged and the market leader in the operation of bus shelter advertising panels in the PRC.
Clear Channel KNR Neth Antilles NV, a subsidiary of CCO, which owns approximately 50.9% respectively of the issued share capital of Clear Media, has given an irrevocable undertaking to tender its shares in favour of the Offer.