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The Hong Kong court has delivered an important judgment on the interpretation of Rule 2.10 of the Takeovers Code and provided practical guidance on the types of court meeting that may be approved for privatisation of a Hong Kong incorporated company pursuant to a scheme of arrangement under the Companies Ordinance and the Takeovers Code. In view of the pandemic-related travel restrictions, the Court also directed a hybrid court meeting, allowing overseas shareholders to attend physically or online by way of electronic means. Parties which seek to use a scheme of arrangement to privatise a Hong Kong incorporated company should take heed of this decision when preparing the relevant documents.
1 The reasons for judgment was handed down on 18 October 2021. Baker & McKenzie advised Chong Hing Bank Limited in this case.
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