Telecom
HKBN Shares Jump After China Mobile Makes $882 Million Offer
- State-owned carrier moves ahead with formal takeover offer
- Infrastructure investor I Squared has also expressed interest
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HKBN Ltd. shares jumped after China Mobile Ltd. made a takeover bid that values the Hong Kong broadband provider at about HK$6.86 billion ($882 million), pushing forward with a formal offer in an emerging bidding war.
The state-backed carrier is planning to make a general offer to buy all of HKBN’s shares for HK$5.23 each in cash, it said in an exchange filing Monday. That represents a 41% premium to HKBN’s undisturbed share price. Bloomberg News first reported last month that China Mobile was in talks on a potential acquisition.