Aug 7 : Hong Kong-listed brokerage Guotai Junan International said on Friday it received a conditional take-private proposal from Guotai Haitong Financial Holdings, valuing it at HK$28.59 billion ($3.64 billion).
Under the proposal, shareholders will receive HK$3 in cash for every cancelled share, and the company will be delisted from the Hong Kong stock exchange.
The offer price represents a premium of 44.2 per cent to the company’s last close on July 23, before it went on a trading halt.
An application has been made to the stock exchange for the resumption of trading on August 10, the company said.
Guotai Junan International will become a unit of Guotai Haitong Financial Holdings after the proposed transaction.
($1 = 7.8446 Hong Kong dollars)
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