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GD Midea Jumps by Daily Limit on Parent Buyout: Shenzhen Mover

GD Midea Holding Co. shares surged the most in more than two years in Shenzhen trading after the household appliance maker’s parent announced plans to buy out the listed company.

The maker of air conditioners and rice cookers rallied by the 10 percent daily limit to 10.10 yuan at the 11.30 a.m. break in Shenzhen, ending a trading suspension of more than seven months. The shares posted the biggest intraday gain since February 2011. China’s benchmark Shanghai Composite Index declined 0.2 percent.

Midea Group, whose businesses range from selling appliances to providing logistics services, is taking its unit private as part of plans to list the group, according to a Shenzhen stock exchange filing yesterday. The group, which holds 41 percent of GD Midea, will offer the equivalent of 15.96 yuan for each share in the unit through a stock swap, according to the statement. That’s a 74 percent premium to the closing price on Aug. 24, before the shares were halted.

Under the transaction terms, GD Midea shareholders will get 0.3582 shares of the parent for every share they own, the company said. The stock swap is still awaiting approval from China’s commerce ministry and the nation’s securities regulator, Midea Group said.

Midea Group plans to sell about 713.2 million shares priced at 44.56 yuan each on the Shenzhen stock exchange, it said. The company, founded by billionaire He Xiangjian, said net income fell 6.1 percent in 2012 to 3.26 billion yuan ($525 million) and forecast net income will rise to 4.42 billion yuan this year, according to yesterday’s statement.

GD Midea said in a separate statement yesterday that 2012 net income was 3.48 billion yuan versus a restated 3.71 billion yuan in 2011.

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