Lufax Holding Ltd, a company incorporated in the Cayman Islands, announced on October 16, 2024, that Morgan Stanley, on behalf of the Joint Offerors, has made mandatory unconditional cash offers to acquire all issued Lufax shares and American Depositary Shares (ADSs), excluding those already owned by the Offeror Group. This move was triggered by the election of a Lufax special dividend, which led to the Offeror Group's shareholding increasing from 41.4% to 56.8%, necessitating the offers under the Takeovers Code. The offers also include the cancellation of all outstanding Lufax options and a supplemental announcement regarding the arrangement for all unvested Lufax Performance Share Units (PSUs). The Lufax Independent Financial Adviser has advised shareholders not to accept the offers, deeming them unfair and...Show More

Lufax Holding Ltd, a company incorporated in the Cayman Islands, announced on October 16, 2024, that Morgan Stanley, on behalf of the Joint Offerors, has made mandatory unconditional cash offers to acquire all issued Lufax shares and American Depositary Shares (ADSs), excluding those already owned by the Offeror Group. This move was triggered by the election of a Lufax special dividend, which led to the Offeror Group's shareholding increasing from 41.4% to 56.8%, necessitating the offers under the Takeovers Code. The offers also include the cancellation of all outstanding Lufax options and a supplemental announcement regarding the arrangement for all unvested Lufax Performance Share Units (PSUs). The Lufax Independent Financial Adviser has advised shareholders not to accept the offers, deeming them unfair and unreasonable. Despite this, the Joint Offerors intend to take necessary steps to ensure Lufax remains publicly listed in Hong Kong and the United States. The announcement also outlines potential benefits and detriments of the offers to shareholders and the company, and details the settlement process for the Locked Lufax PSUs. Waivers from the Takeovers Code have been granted by the Executive for certain settlement arrangements.