Wumart Surges 80% in Hong Kong on Takeover Offer From ParentDaryl Loo
Wumart Stores Inc., the Chinese supermarket operator, jumped as much as 80 percent after controlling holder Wumei Holdings Inc. offered to buy the remainder of the company it doesn’t own.
Wumei offered HK$6.22 for each of Wumart’s Hong Kong-listed shares, and 5.07 yuan per share listed in mainland China, according to the company late on Tuesday. Wumei owns 39 percent of Wumart’s total share capital, according to the listed company’s website.
Beijing-based Wumart’s shares, which were suspended since Oct. 6 pending a takeover announcement, rose 75 percent to HK$5.72 each as of 9:38 a.m. in Hong Kong trading.