Luxvisions Innovation Technology Limited made an offer to acquire 55.13% stake in Cowell e Holdings Inc. (SEHK:1415) for HKD 2.7 billion on December 2, 2020. Under the terms, Luxvisions Innovation will acquire 459.76 million shares at HKD 5.87 per share and 2.15 million options with an exercise price of HKD 3.76 per option at HKD 2.11 per option and 2 million options with an exercise price of HKD 1.814 at HKD 4.056 in cash. In a related transaction, Luxvisions Innovation Technology Limited signed an agreement to acquire 44.87% stake in Cowell e Holdings Inc. for HKD 2.2. billion on December 10, 2020. Luxvisions Innovation intends to finance the total consideration of the Acquisition and Offers by internal resources and/or external debt-financing. The Independent Board Committee comprising Kim Chan Su, Song Si Young and Jung Jong Chae, being all the independent non-executive Directors of Cowell, has been established by Cowell to make recommendation to the shareholders. Luxvisions Innovation intends to maintain the listing of the Shares on the Stock Exchange following the close of the Offers. The Board of Cowell is currently made up of five Directors, comprising of two executive Directors, being Kwak Jung Young an Cho Young Hoon; and three independent nonexecutive Directors, being Kim Chan Su, Song Si Young and Jung Jong Chae. It is intended that all of the existing Directors will resign from the Board at the earliest time permitted under the Takeovers Code. As on January 15, 2021, Offeror has nominated Wu Ying-Cheng and Meng Yan as executive Directors and Su Yen-Hsueh, Tsai Chen-Lung and Luo Zhenbang as independent non-executive Directors. The Option Offer will be conditional on the Share Offer becoming or being declared unconditional in all respects and valid acceptance of 50% of the voting rights in Cowell e Holdings. As of December 31, 2020, additional time is required to dispatch the composite document. Now composite document will be dispatched by January 22, 2021. The offer period commenced on December 2, 2020. The Offers are capable of acceptance on and from January 15, 2021 and will remain open for acceptance until February 5, 2021, being the First Closing Date, unless extended or revised in accordance with the Takeovers Code. Alliance Capital Partners Limited acted as financial advisor to Independent Board Committee. China International Capital Corporation Hong Kong Securities Limited acted as financial advisor to Luxvisions Innovation.