Deals
New World China Jumps to 8-Year High on Privatization Offer
- The Hong Kong developer offers HK$7.80 for each share of unit
- Company failed in bid to take China unit private in 2014
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New World China Land Ltd. shares surged to the highest in more than eight years in Hong Kong on an offer by its parent to take the China unit private for HK$21.5 billion ($2.8 billion), after a similar bid was rejected by minority shareholders in 2014.
The shares jumped 21 percent to HK$7.50, the highest since November 2007, at the midday break. New World Development Co., the developer controlled by the family of Hong Kong billionaire Cheng Yu-tung, is offering HK$7.80 for each share of New World China, a 26 percent premium to the last closing price, the company said in a statement to the Hong Kong exchange Wednesday.