lotte-shopping-wins-chinese-retailer-times

Lotte Shopping wins Chinese retailer Times

Korean retail chain Lotte secures Chinese supermarket and discount store operator Times with an aggressive $629 million all-cash bid that includes a general offer to minority shareholders.

South Korean department store chain Lotte Shopping has emerged the winner in an auction for Chinese retailer Times with a bid that implies a total equity value of HK$4.9 billion $629 million.

Lotte has agreed to buy the 72.3% of Hong Kong-listed Times that is owned by its controlling shareholder, CS International, at a price of HK$5.575 per share in cash. Lotte will now make an offer to buy out the 27.7% held by minority shareholders at the same price. If it crosses the 90% threshold, Lotte intends to delist Times from the Hong Kong exchange where it has traded since 2007.

The deal is the largest acquisition by a Korean...

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