Corporate Event

I.T privatization seen a harbinger of corporate events for Hong Kong brands

Proposal to take fashion retailer private underlines need for city’s brands to diversify businesses globally to remain relevant, Jefferies says.

I.T’s shares may have surged to a level not seen in more than a year after the fashion retailer received a HK$1.3 billion $167 million proposal to take it private, but the development is seen by some analysts as another sign that the city’s brands need to adapt to remain in business.

Over the last weekend, the company announced a proposal for its privatization that is backed by private equity firm CVC Capital Partners. On completion, major shareholder Sham Kar Wai will effectively own a majority 50.65% and CVC the remainder.

The offer price of HK$3 apiece for shares not already owned by I.T’s founders...

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