March 20, 2020 / 10:34 AM / 12 days ago

Li & Fung receives $931 mln offer to go private

HONG KONG, March 20 (Reuters) - Hong Kong-listed global sourcing and logistics group Li & Fung Ltd said on Friday it had received an offer worth $931 million to take the company private.

Golden Lincoln Holdings, an entity formed by Li & Fung’s controlling shareholders and Singaporean warehousing and logistics firm GLP, proposed to buy out Li & Fung’s controlling shareholders for HK$1.25 per share, the company said in a filing to the Hong Kong Stock Exchange.

The deal values the company at around $1.4 billion.

The price is about 72.7% over the company’s average closing price in the last 60 days and more than double its Friday close of HK$0.50 apiece.

The buyer will pay about HK$7.22 billion ($931 million) in cash for the deal, and will not increase the price, according to the filing. ($1 = 7.7568 Hong Kong dollars) (Reporting by Kane Wu; Editing by Kim Coghill)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below