Haitong buys Taifook Securities

China's Haitong Securities acquires Hong Kong-based Taifook Securities for an outlay of up to $445 million.

Shanghai-listed Haitong Securities said yesterday it will buy a 52.86% stake in Taifook Securities from NWS Holdings for HK$1.82 billion $235 million, triggering an open offer to Taifook's retail shareholders.

Haitong is paying NWS HK$4.88 per share of Taifook. The price represents a premium of 0.62% over the closing price of Taifook on the Hong Kong stock exchange on November 13, the last trading day before shares were suspended. It also represents a premium of 41.79% over...

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