Summary by Moomoo AI
Ping An Insurance's lufax Holdings Co., Ltd. (referred to as lufax) announced on October 16, 2024, that Morgan Stanley, on behalf of the consortium, issued a mandatory unconditional cash tender offer to acquire all issued lufax shares and American depositary shares, as well as cancel all unexercised lufax options. This was triggered by lufax's stock dividend plan, causing the consortium's equity to increase from 41.4% to 56.8%, requiring the consortium to make the offer according to the 'Takeover Rules'. The lufax independent directors' committee and independent financial advisor recommended shareholders not to accept the offer, deeming the price unfair. In addition, the consortium was granted waivers from certain rules of the 'Takeover Rules' for settlement purposes. The announcement emphasized that shareholders should carefully consider whether to accept the offer and consult professional advisors.
