Soho China Plummets 40% After Blackstone Takeover Falls Apart

Blackstone scraps $3 billion Soho China acquisition offer
Progress in satisfying the preconditions was insufficient

WATCH: Soho China Ltd. shares are plummeting after Blackstone Group Inc. decided not to proceed with its takeover offer. Bloomberg’s Lulu Chen reports. (Source: Bloomberg)

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By Bloomberg News

September 13, 2021 at 1:43 AM UTC

This article is for subscribers only.

Soho China Ltd. tanked in Hong Kong trading after a $3 billion takeover by Blackstone Group Inc. collapsed.

The Beijing-based company fell as much as 40% on Monday after Blackstone decided against proceeding with an acquisition, marking the second failed attempt to sell itself. Progress in satisfying the preconditions of the offer was insufficient, Soho said in a statement to the Hong Kong stock exchange on Friday.