CDH Investments Selling $916 Million Stake in Pork Producer WHBy
CDH is selling 1.17 billion WH Group shares at HK$5.90 to HK$6.05 apiece, representing a 3.4 percent to 5.8 percent discount to the stock’s last close, according to terms for the deal obtained by Bloomberg. The investment firm is offering 880 million shares to institutional investors, while WH Group Chairman Wan Long and other management will buy the remainder, the terms show.
The maker of Smithfield ham and Farmland bacon has risen 45 percent in Hong Kong trading this year, outpacing the 4 percent rise in the benchmark Hang Seng Index. CDH is cutting its stake after WH Group reported net income in the first half of the year rose 27 percent excluding some fair-value adjustments.
Morgan Stanley is sole bookrunner of the sale, the terms show.
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