MBK-Backed Hong Kong Broadband Network Receives Buyout Offer From China Mobile [Forbes]
HONG KONG EX&CL UNSP/ADR (HKXCY)
NASDAQ:AMEX Investor Relations:
hkexgroup.com/investor-relations?sc_lang=en
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Source: Forbes
Hong Kong Broadband Network, whose major shareholders include private equity giant TPG and South Korean billionaire Michael Kim 's MBK Partners, announced Wednesday it is discussing a non-binding takeover bid from Chinese state-owned wireless carrier China Mobile. The board of HKBN received a non-binding proposal from China Mobile for a cash offer to acquire all of its issued ordinary shares, the company said in a Wednesday filing to the Hong Kong Stock Exchange. Addressing “media reports” that included “market rumours and speculations,” HKBN did not disclose details of the sale, adding that it is “still in discussions” with China Mobile on the terms of the bid, including the share price. In its buyout offer, China Mobile may pay at least HK$5 per share for their holdings, Bloomberg News reported Tuesday, citing people familiar with the matter. The privatization would value HKBN at more than HK$6.5 billion. HKBN shares, which was halted from trading on Tuesday morning in Hong K
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