IDS shareholders approve acquisition by Li & Fung (Hong Kong)
Integrated Distribution Services Group Limited shareholders voted by a strong margin to approve the scheme of arrangement in respect of the offer made by Hong Kong-based multinational Li & Fung Limited to acquire IDS.
The Scheme was approved at the Court Meeting held on October 7, 2010, and various matters for the implementation of the Scheme were approved at the Special General Meeting of IDS held immediately after conclusion of the Court Meeting on October 7, 2010. For details of the results of the Court Meeting and the Special General Meeting of IDS, please refer to the announcement of 7 October 2010 jointly published by Li & Fung and IDS.
Commenting on the voting by IDS shareholders, Mr Bruce Rockowitz, President of Li & Fung (Trading) Limited, said, “We are very pleased that the IDS' shareholders have approved the transaction. This acquisition is an important step for us as we continue to pursue our growth strategy. The IDS platform strengthens our end-to-end supply chain solution offerings. It also expands our global network for future growth as we will not only sell to developed nations, but with IDS, we’ll also be able to distribute to emerging markets. We are also confident that we can maintain a good balance between organic growth and growth by acquisition.”
Commenting on the voting, Mr Ben Chang, Group Managing Director of IDS, said: “The opportunity to merge with Li & Fung provides IDS with significant advantages by quickly accessing a strong customer base and expanding globally especially in our US logistics operations. We will also work with Li & Fung to rapidly grow the wholesaling of apparel and hardgoods in China by leveraging our solid Asian distribution and logistics network. Additionally, IDS will benefit from Li & Fung's consolidation of their export logistics operations.”
The Scheme was approved at the Court Meeting held on October 7, 2010, and various matters for the implementation of the Scheme were approved at the Special General Meeting of IDS held immediately after conclusion of the Court Meeting on October 7, 2010. For details of the results of the Court Meeting and the Special General Meeting of IDS, please refer to the announcement of 7 October 2010 jointly published by Li & Fung and IDS.
Commenting on the voting by IDS shareholders, Mr Bruce Rockowitz, President of Li & Fung (Trading) Limited, said, “We are very pleased that the IDS' shareholders have approved the transaction. This acquisition is an important step for us as we continue to pursue our growth strategy. The IDS platform strengthens our end-to-end supply chain solution offerings. It also expands our global network for future growth as we will not only sell to developed nations, but with IDS, we’ll also be able to distribute to emerging markets. We are also confident that we can maintain a good balance between organic growth and growth by acquisition.”
Commenting on the voting, Mr Ben Chang, Group Managing Director of IDS, said: “The opportunity to merge with Li & Fung provides IDS with significant advantages by quickly accessing a strong customer base and expanding globally especially in our US logistics operations. We will also work with Li & Fung to rapidly grow the wholesaling of apparel and hardgoods in China by leveraging our solid Asian distribution and logistics network. Additionally, IDS will benefit from Li & Fung's consolidation of their export logistics operations.”
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