If they are going to start communicating offers to people next week that surely means they expect China's approval on the deal this week so that this isnt a complete train wreck?
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China's a joke as HT said. They are easily paid off, and BC already has a major presence there, contributing to their economy.
It was explicitly and publicly stated that BC does not care about the Chinese approval.
who cares about China's approval. Their management was replaced at least twice for corruption. Business there is small and they steal IP. Best not to do anything there.
https://www.skadden.com/insights/publications/2022/12/2023-insights/more-intense-merger-reviews/demystifying-chinas-merger-review-process
- What if we just don’t file or, if we run into trouble, close without Chinese approval?
If the filing thresholds are met, Chinese law prohibits closing any part of the deal prior to approval. SAMR will not allow the parties to hold separate the China portion of a deal while closing elsewhere or “park” China assets with a financial buyer with no China revenues in order to circumvent the filing obligation.
China recently increased the fines for g-n-jumping (closing before approval) tenfold to about $700,000 for cases that do not pose issues. For a high-profile transaction raising real competition or industrial policy concerns, the fine can now be up to 10% of the acquirer’s global turnover in the previous year. In addition, SAMR can, in theory, order the parties to unwind the transaction and/or revert to the status quo prior to the transaction, although that power has only been used once in China’s merger review history, and that was done in a domestic combination.
Just like Dell deal, it can close without China. That can happen down the road. China does not matter to closure in all other countries.
They can say in the letter it’s pending closure of the deal regardless. I believe the Pivotal letters were like that.
Let me consult my magic 8 ball................ It says "Concentrate and ask again"