Shanghai-listed Haitong Securities said yesterday it will buy a 52.86% stake in Taifook Securities from NWS Holdings for HK$1.82 billion $235 million, triggering an open offer to Taifook's retail shareholders.
Haitong is paying NWS HK$4.88 per share of Taifook. The price represents a premium of 0.62% over the closing price of Taifook on the Hong Kong stock exchange on November 13, the last trading day before shares were suspended. It also represents a premium of 41.79% over the average closing price of Taifook shares for the 30 consecutive trading days up to November 13. The net asset value NAV per Taifook share as at June 30 was HK$2.73, so Haitong...
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