Li & Fung Gets $930 Million Privatization Offer From Consortium
- Founding family to take company private with Singapore’s GLP
- Profit has plunged with rise of e-commerce, retail slump
An employee works on a 3D graphic rendering of a garment design at the Li & Fung Ltd. offices in Hong Kong, China/
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The family that founded the world’s largest supplier of consumer goods, Li & Fung Ltd, is trying to take the company private in a HK$7.22 billion ($930 million) deal amid the double whammy of the U.S.-China trade war and the widening coronavirus pandemic.
A consortium of the Fung family -- which started the trading business over a century ago -- and Singapore-based GLP Pte Ltd., a logistics warehouse operator and investor, has offered HK$1.25 per share in the privatization deal, said a statement on Friday. That represents a premium of about 150% to the stock’s last closing price.