bullish

Xingda (1899 HK): No Premium Voluntary Conditional Offer to Ward off a Hostile Holder

570 Views24 Sep 2024 21:50
The offer is a reaction to Mr Zhao Yue's “hostile” emergence as a substantial shareholder. It is unattractive and will require a bump to satisfy the minimum acceptance condition.
What is covered in the Full Insight:
  • Overview of the Voluntary Conditional Offer
  • Key Details of the Offer
  • Shareholding Structure and Irrevocables
  • Challenges in Meeting Minimum Acceptance
  • Analysis of Offer Price Attractiveness
Boomeranged on Thu, 24 Oct 2024 22:38
Unsurprisingly, the IFA has opined that the offer is not fair and reasonable, and the independent Board committee recommends not accepting it. The Chairman’s offer, which he has not increased, is designed to place a floor on the share price to stop hostile shareholders (Mr Zhao Yue) from buying shares on the cheap. At the last close, the gross spread was 0.8%.
SUMMARY
(Sign Up to Access)
Begin exploring Smartkarma's AI-augmented investing intelligence platform with a complimentary Preview Pass to:
  • Unlock research summaries
  • Follow top, independent analysts
  • Receive personalised alerts
  • Access Analytics, Events and more

Join 55,000+ investors, including top global asset managers overseeing $13+ trillion.

Upgrade later to our paid plans for full-access.

or
Already have an account? Sign In Now
Full Insight
(Paid Plans Only, 5-minute read)
Discussions
(Paid Plans Only)
chart-bar
x