Leung 1 billion acquisition of pleasant Goat into the mainland animation of the first big takeover case

The rumored takeover of Pleasant Goat is finally confirmed. Italian Horse International (00585.HK), a Hong Kong listed company Leung, chaired by the father of red chips, has announced the acquisition of copyright management and ownership of the famous animated "Pleasant Goat and grey wolf" at the cost of HK $814 million to HK $1.047 billion, the owner ——— anime train Group,　　This is by far Hong Kong companies on the mainland animation companies the largest takeover case. The acquisition of the main business of the cartoon Train "pleasant goat" copyright consumer goods licensing business, not directly involved in film and television content production business.　　However, the announcement also pointed out that Italy and Malaysia in the future or through the "Joint brand management agreement" to share from the "pleasant goat" production company part of the income. Italy-Malaysia International will buy the cartoon train group by issuing shares to the buyer and placing shares with investors including many Hong Kong billionaires.　　And the mainland animation industry is the most pleasant goat's consumer goods licensing business will be expected to be listed in Hong Kong. A number of Hong Kong capital market bosses have creators in Italy and Malaysia earlier this month. To further consolidate the animation, media and entertainment industry market position, and has been expanding animation industry projects with a number of potential partners for later consultations, the transfer of one of the procurement project, it is in recent years, "red through" the mainland and Hong Kong "pleasant goat", purchase "Pleasant Goat" production company original Power.　　But since then, the original power has denied the company to sell "pleasant goat" copyright.　　In addition to Italy-Malaysia international, after the Disney Company also purchased original impetus, but last October, the two sides reached a cooperation agreement, the original impetus and Disney to achieve overseas broadcast cooperation, and jointly develop derivative products. Italy MA International Day issued a merger announcement said, Italy MA International acquisition of the animation train group, involving HK $814 million, to 330 million Hong Kong dollars in cash and 1.38 billion shares to pay the price. 1.38 billion new shares will be issued to the seller, with a capital of HK $480 million, valued at HK $0.35 per share, compared with a discount of 11.4% before the suspension. In addition, the issue of 12.800 million shares, involving 3.600 million Hong Kong dollars, the subscription price of HK $0.28 per share, used to pay the cash portion of the transaction of HK $330 million. The major shareholders of the cartoon train, including senior screenwriter Louyongqian (original Power general manager) and Hong Kong businessmen Su Yongle (known as "pleasant goat and gray wolf" father). After the deal is completed, they will hold 1.08% and 7.83% Italian horses.　　After the completion of the acquisition, the cartoon train chief executive Su Siwei will serve as international executive director and chief executive officer of Italy Ma. It is reported that the current animation train and original power operating 6 major business segments, including television production and playback, film production, publishing, puppet Show/Carnival, interactive media and consumer goods licensing business.　　The content creation and transmission part is operated by the original power, the remaining authorized business of the consumer goods will be directly responsible for the management by the anime train. Several power companies and celebrities in the capital market participated in the Italian-Malaysia international issue subscription, including Li Ka-shing's Yangtze River technology, Citic Pacific chairman Larry Yung, CO and vice President of industryHe Bingzhang, director of the Beijing Office of Private equity fund m Oussepartners Lin Xunyi, as well as CITIC funds Citic Secu-rities A Lphaleaders, and so on, a total of interested horse 15.29% equity. Can share movie, TV business profit "pleasant goat" copyright is so attractive, because "pleasant goat and gray wolf" since the broadcast since the heat, affecting the 2003 to date almost all children.　　Industry insiders pointed out that, according to the "Pleasant Goat and gray wolf" the current development momentum, its brand continued life will be very long, is expected to be such as Disney's "Mickey Mouse and Donald Duck", brand can be developed and operated in a wide range of areas, the future performance of high-speed growth can be period. The relevant financial data also confirms this judgment. Anime train sales in 2009 and 2010 were HK $17.133 million and HK $74.604 million respectively. A loss of HK $869,000 was recorded in 2009, while a profit of HK $28.941 million was achieved in 2010. The growth momentum is very strong. According to the agreement on sale and purchase, the anime train set a profit target for 2011 and 2012, representing HK $85 million and HK $157 million, totalling HK $242 million.　　According to this profit forecast, the overall acquisition of the average price-to-earnings ratio of about 7.84 times times, the valuation advantage is obvious. It should be noted that the transaction does not directly involve the "Pleasant goat" series of movies and television content production business. Pleasant Goat's first film version of "Pleasant Goat and gray Wolf's bullish" in the Spring Festival in 2009, the mainland crazy 80 million yuan box office. The next two years of two films, the box office more than billion, to the original impetus to contribute a huge profit. However, according to the agreement, the animation train through the Joint brand Management agreement to share the original power of the profit, 90% original power of the operating performance; on the contrary, if the original power loss, the Italian horse will have to pay for its operating performance of 100% of the amount of direct spending.　　This also ensures that Italy and Malaysia international share the original power of the film and television business profits. Good at 3D production of Italy and Malaysia International said that between 2011 and 2016 will be with the original power and other partners to launch 3 sets of "pleasant goat and gray wolf" film, will use 3D technology production.