1. Dalian Wanda makes $4.4 bln offer to take Hong Kong-listed property arm private

Dalian Wanda makes $4.4 bln offer to take Hong Kong-listed property arm private

The company is planning to delist just 15 months after its stock market debut, unhappy with its share performance and preferring to place its bets on an upcoming Shanghai listing where it believes it will get better valuations.

By: | Hong Kong | Published: May 30, 2016 11:28 AM
wanda-reu-L The HK.80 per share offer represents a 44.5 percent premium to the unit’s closing price on March 29, the day before the company first announced its intention to delist and a 5.6 percent premium to its last traded price. (Reuters)

China’s Dalian Wanda Group, owned by tycoon Wang Jianlin, is offering HK$34.45 billion ($4.4 billion) in cash to buy out Hong Kong-listed unit Dalian Wanda Commercial Properties, taking it private before it relists in Shanghai.

The company is planning to delist just 15 months after its stock market debut, unhappy with its share performance and preferring to place its bets on an upcoming Shanghai listing where it believes it will get better valuations.

The HK$52.80 per share offer represents a 44.5 percent premium to the unit’s closing price on March 29, the day before the company first announced its intention to delist and a 5.6 percent premium to its last traded price.

 

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