Simpson Thacher represented Morgan Stanley, UBS, ABN AMRO Rothschild and Citigroup Global Markets in a US$2.19 billion global offering of common stock of LG.Philips LCD Co., Ltd., which comprised of offerings by LG.Philips LCD as well as its two major shareholders, LG Electronics and Philips Electronics, in the forms of American depositary shares and common stock.
LG.Philips LCD issued and sold 32,500,000 shares of common stock in the form of 65,000,000 American depositary shares with gross proceeds of US$1.4 billion, including an over-allotment option of 4,600,000 shares of common stock in the form of 9,200,000 American depositary shares. Concurrently, LG Electronics and Philips Electronics each sold 9,375,000 shares of common stock. Philips Electronics sold 7,000,000 shares of common stock in the form of 14,000,000 American depositary shares and 2,375,000 shares in an off-hour block trade on the Korea Exchange, and LG Electronics sold all of those shares in an off-hour block trade on the Korea Exchange.
LG.Philips LCD is the world's largest merchant supplier (supplier to third-party customers) of large-size thin film transistor liquid crystal displays (TFT-LCD) panels. Simpson Thacher also represented the underwriters in the initial public offering by LG.Philips LCD in July 2004, which was the first ever concurrent dual-listed IPO by a Korean company. The common stock of LG.Philips LCD are listed on the Korea Exchange and its American depositary shares on the New York Stock Exchange.
The Simpson Thacher team who worked on this transaction included Jin Park, Youngjin Sohn, Kristina Kang and Changsu Oh in the Hong Kong office, and Wei Cui (tax), Jeanne Annarumma (ERISA), Mark Lab and Sean Cotton (blue sky) in the New York office.