haitong-buys-taifook-securities

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 the average closing price of Taifook shares for the 30 consecutive trading days up to November 13. The net asset value NAV per Taifook share as at June 30 was HK$2.73, so Haitong...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222