Warburg Pincus, Stuart Gibson, Charles de Portes and Jeffrey Shen are in discussions with the Consortium and that they are welcoming of the Indicative Proposal. Gibson, de Portes and Shen are the Founders of ESR.
As at May 13, the Consortium holds 15.7% of ESR, Warburg Pincus 14.04% and the Founders 7.43%. The Founders are also interested in 7.8 milion outstanding share options granted under the pre-IPO employee stock incentive scheme.
The Company has formed an independent Board committee (comprising all of the non-executive directors, including all of the independent non-executive directors but not including any of the Founders or Perlman, who is also a partner of Warburg Pincus. Warburg Pincus and the Founders are having discussion with the Consortium to consider the Indicative Proposal and has retained Citigroup Global Markets Asia as financial adviser to the Company to help evaluate the Proposal.
Based on the "undisturbed price", the median 30-day premiums of successful takeovers in Hong Kong is 30.2% in last 12 months and 29% in last three years. ESR's undisturbed price as at April 24 was HK$8.35.
