PCCW looks to acquire Sunday

Regulators examine potential insider trading following announcement that PCCW wants to acquire Sunday Communications.

It emerged yesterday June 13 that Hong Kong's leading fixed line telco PCCW is seeking to acquire smaller mobile operator Sunday Communications in a deal that will see PCCW re-enter the mobile market it left in 2002. It is understood PCCW intends to pay $200 - $250 million in cash for the company.

At the time of going to press it was unclear what structure the deal would take and what valuation PCCW is proposing to pay. So too, it has emerged that Hong Kong's regulators have begun investigating details surrounding the announcement and the share trading patterns of the two companies involved.

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