Kaisa share purchase agreement terminated May 26; cash offers halted

By Caroline Salls

Pittsburgh, May 28 – Kaisa Group Holdings Ltd. said a purchase agreement for substantially all of the issued shares in its capital was terminated on Tuesday, according to a news release.

As previously reported, Kaisa and Sunac China Holdings Ltd. announced on Feb. 6 possible mandatory conditional cash offers on behalf of Ease Success Holdings Ltd. to acquire the Kaisa shares, other than shares already held by Ease and its concert parties and non-acceptance shares.

The purpose of the offer was the cancellation of all of Kaisa’s outstanding share options and convertible bonds.

According to the release, the making of the offers is conditional on completion of the share purchase agreement. With the termination of the purchase agreement, the offers will not proceed, and the offer period for the purpose of the Takeovers Code ended on Thursday.

Kaisa Group is a Shenzhen, China-based property development company.

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