Allied Properties (H.K.) Ltd. has offered to acquire 6.85 percent of Tian An China Investments Co. in a stock swap, according to a statement from the companies to the Hong Kong stock exchange.
Allied Properties will offer four shares for every Tian An share, or approximately 5.94 percent of its equity, for about 103.2 million Tian An shares, the statement said.
The offer price represents a 20.56 percent premium over Tian An’s average closing share price of HK$4.28 over the last five consecutive trading days, the statement said.
Tian An, Allied Properties and Allied Group Ltd. shares will resume trading today, the statement said.