Ogier Cayman and BVI advises on the recommended cash offer for Promethean World plc
Ogier has acted for VSA Capital Limited in its role as financial adviser to Digital Train Limited, a company incorporated in the BVI, and its group company parent, NetDragon Websoft Inc., in connection with the announcement of a £84.1 million recommended cash offer under rule 2.7 of the City Code on Takeover and Mergers for the entire issued (and to be issued) share capital of Promethean World plc, a company listed on London Stock Exchange.
Promethean World plc is one of the market leaders in the global education technology market with significant sales in North America and Western Europe of front-of-class interactive display. NetDragon Websoft Inc. is a company incorporated in the Cayman Islands whose shares are listed on the Hong Kong Stock Exchange and is a leading online game and mobile internet platform developer and operator in the PRC. In recent years, NetDragon has also become a major player in the online and mobile education. NetDragon expects to support and accelerate Promethean’s hardware and software roll out in its current markets of operation as well as additional markets across the globe.
Ogier worked with Squire Patton Boggs, UK counsel to VSA Capital Limited. Partner Angus Davison and senior associate Mark Santangeli provided Cayman Islands law advice on the offer with partner Simon Dinning and senior associate Wendy Walker advising on BVI law.
Angus Davison said: “The involvement of Cayman and BVI companies in public M&A transactions is becoming more widespread. This is an excellent example of the ability of our cross-border corporate practice to advise not just bidders and issuers, but other participants, on public M&A deals.”