Tak Chun CEO may make mandatory bid for Macau Legend

Tak Chun CEO may make mandatory bid for Macau Legend

Tak Chun CEO Chan Weng Lin may make a mandatory offer for all of the outstanding shares in Macau Legend for HK$1.9 billion (US$245 million) after acquiring a stake in the operator.

According to a filing with the Hong Kong Stock Exchange, Chan agreed to buy 20.65 percent of the Macau operator from co-Chairman David Chow and his wife Melinda. The purchase was made at HK1.05 a share through a unit known as Perfect Achiever Group.

Following the acquisition, Perfect Achiever and parties in concert with the group will represent 67.4 percent of Macau Legend’s shares and therefore are required to make a cash bid for all outstanding stock at the same price. The total consideration for minority shares should the offer be taken up in full is HK$1.9 billion, the filing said. The bid is being made at a 9.3 percent premium over the closing price of the stock on Sept. 11, when the shares were halted pending news.

Following the transaction, David Chow will continue to be the Co-Chairman of the company and will become a non-executive director and Melinda Chan will continue to act as an executive director and CEO.

“We are very pleased to have Mr. Chan joining as a strategic investor of the company,” Chow said in the statement. “He has extensive experience in the Macau gaming and non gaming industries.”

Macau Legend operates the Fisherman’s Wharf property in Macau and Savan Legend in Laos.

The statement said the buyer is not planning any major changes to the group’s activities.


Related Articles

Levo Chan

Levo Chan becomes CEO of Macau Legend

Chan Weng Lin, also known as Levo Chan, has become the CEO of Macau Legend in addition to his role as co-chair of the board. He replaces Melinda Chan in the executive post.

Macau’s Nightclub D2 to close

Nightclub D2 at Macau’s Fisherman’s Wharf will close by the end of the year due to the reduction in tourism numbers caused by the pandemic.
Legend Palace Macau

Chan Weng Lin becomes largest shareholder in Macau Legend

Chan Weng Lin, also known as Levo Chan, chief executive of the junket-related Tak Chun Group, has become the largest shareholder in Macau Legend Development after the company’s founder, David Chow, and others sold down their shares. In a series of steps that unfolded this week, it first became clear that the Chan had taken […]
news, macau

Tak Chun junket boss acquires slice of Macau Legend

The mystery behind Macau Legend’s trading halt was resolved when it became known that Chan Weng Lin, also called Levo Chan, chief executive of the junket firm Tak Chun Group, has acquired a roughly 20.7 percent stake in Macau Legend. The purchase deal took place on September 11 through an offshore firm called Perfect Achiever […]
Macau Legend and Get Nice suspend trading under takeover and merger code

Macau Legend and Get Nice suspend trading under takeover and merger code

Macau Legend Development Limited and Get Nice Holdings have separately announced that they have been hit by trading halts over the takeover and merger code. The Macau Legend notice read, “trading in the shares of the company on the Stock Exchange of Hong Kong Limited has been halted with effect from 9:00 am on September […]

Macau Legend presses on with Cape Verde project

Cape Verde’s Minister of Tourism, Carlos Santos, is confident that Macau Legend will continue with its hotel and casino project, which at EU250 million ($294.8 million) is the largest on the island.

Macau Legend CEO says visitor numbers will remain muted

Macau Legend Development CEO Melinda Chan says that the gaming company does not expect a surge in tourist numbers as a result of the partial opening of the Macau-Guangdong border. Speaking to Macau News Agency on Friday, Chan said “We are waiting but I don’t think for these tourists we will see a large increase […]

Macau Legend’s Siem Reap land deal delayed

Macau Legend Development’s deal to acquire a 1,200-hectare plot of land in Siem Reap has been delayed due to “difficulties to the process caused by the COVID-19 pandemic,” according to a filing from the company to the Hong Kong Stock Exchange.  In December 2018, Macau Legend said it had agreed to buy land in Siem […]