Guernsey-incorporated The Prospect Japan Fund (TPJF) has been acquired by Japanese-based Prospect Co in a $147 million takeover.
TPJF, which is listed on the London Stock Exchange Main Market, was advised by Mourant Ozannes’ Guernsey team.
The offer was an all-share offer of Japanese listed shares and is believed to be the first of its kind in the UK. It was completed via a Guernsey scheme of arrangement.
The fund was launched in December 1994 and its investment strategy is focused on consolidation in Japan, especially in domestic demand and J-REIT sectors. The investment process is driven by proprietary fundamental research identifying companies with below-average valuations and above-average earnings growth and ROE.
The fund also invests in companies that have undervalued assets, where it identifies a realistic catalyst for positive change.
The transaction included bespoke settlement mechanics to comply with the requirements of the Takeover Code and Japanese requirements and a combination of legal undertakings and post-offer intention statements (under the Takeover Code) for the benefit of shareholders in TPJF.
Partner Caroline Chan led the Mourant Ozannes team advising TPJF, assisted by Corporate Counsel Alex Davies and Corporate Associate Alana Nisbet, with litigation Partner Abel Lyall assisted by litigation Associate Ryan Hallett. TPJF was also advised by Herbert Smith Freehills in London.