Remembering that the previous buyout was done at a sizeable discount to net asset value, many investors were sceptical about the long-term intentions of the controlling shareholder, however. This limited the total demand and forced the deal to be priced close to the bottom of the indicated range, or at a discount of more than 40% to the estimated post-money NAV.
The deal comprised 450 million new shares, which were offered at HK$3.50 to HK$4.70 apiece and were priced at HK...
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