Trading in Hong Kong Broadband (1310.HK) was suspended in the afternoon of the day before yesterday and resumed trading this afternoon (2nd).
The Board of Directors of HKBN issued an announcement today stating that it had earlier received a preliminary non-binding letter through I Squared Asia Advisors Pte Ltd., indicating that it intends to conduct a transaction involving a possible offer with HKBN. If the transaction proceeds, it is expected that The transaction may be completed through Global Global Communications Limited (HGC) and one of its affiliates.
The board indicated that it intends to hold further discussions with potential bidders, but has not yet reached any agreements with potential bidders, nor has it expressed any position on a possible offer.
Bloomberg previously quoted sources as saying that Hong Kong Broadband has received an acquisition offer from HGC, with a valuation of more than US$1 billion (approximately HK$7.85 billion). HGC is currently fully owned by private equity firm I Squared Capital.
source:HKBN
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