Complete Genomics Acquired by BGI-Shenzhen
A representative of BGI-Shenzhen, O'Melveny & Myers LLP has announced the purchase through cash tender offer and short form merger of Complete Genomics. The deal was formalized last March 18, 2013 and this is the first time a Chinese company successfully acquired a listed public company.
The deal was not easy to complete as the companies required antitrust and CFIUS clearances in the Unites States. During the pendency of these clearance applications, a hostile takeover bid was undertaken leading some of the shareholders to file suit against both Complete and BGI. After the US clearances, there was still the question of approval from the NDRC of China, MOFCOM and SAFE. The bid offer was extended several times in order to accommodate the approvals from both countries' governments.
The legal team practice in both China and the US with assistance from partners located in Newport Beach, Silicon Valley, Washington DC, Los Angeles and Shanghai , mainland China.