In today’s briefing:
- Haitong International (665 HK): Haitong Securities’ Pre-Conditional Privatisation Offer at HK$1.52
- Haitong Int’l Securities (665 HK): A 114% Offer Premium Should Do The Trick
Haitong International (665 HK): Haitong Securities’ Pre-Conditional Privatisation Offer at HK$1.52
- Haitong International Securities Group (665 HK) announced a pre-conditional privatisation offer from Haitong Securities Co Ltd (H) (6837 HK), the controlling shareholder, at HK$1.52, a 114.1% premium to the undisturbed price.
- The pre-condition related to regulatory approvals are a formality as Haitong Securities’ largest shareholder is the Shanghai SASAC. The offer price is final.
- The key conditions are approval by at least 75% of independent shareholders (<10% of independent shareholders rejection) and headcount test. The highest HKEx takeover premium in a year facilitates approval.
Haitong Int’l Securities (665 HK): A 114% Offer Premium Should Do The Trick
- When Haitong International Securities Group (665 HK) was suspended on the 27 September, a punchy premium was expected if controlling shareholder Haitong Securities Co (600837 CH) was launching an Offer.
- And that is what we got: a $1.52/share Offer, by way of a Scheme, and a 114% premium to last close. Terms have been declared final.
- This is a pre-conditional Offer, requiring approvals from approvals from Shanghai SASAC, CSRC, NDRC, and the Shanghai branch of the PBOC.
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