Guangzhou Auto increases bid for Denway by 25%

The all-share privatisation offer will cost the Chinese carmaker $4 billion based on the mid-point of its own valuation, and precedes a planned listing of Guangzhou Auto in Hong Kong.

Guangzhou Automobile yesterday increased its privatisation offer to shareholders of Hong Kong-listed Denway Motors by about 25%, by offering them more Guangzhou Auto shares. The improved offering still includes no cash and the buyer said there will be no further revision to the...share exchange ratio.

Guangzhou Auto, China's largest carmaker, is planning to make its 37.9%-owned affiliate Denway a wholly owned subsidiary and then list its own shares on the Hong Kong stock exchange instead. Since the privatisation...

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