Hengdeli (HKG:3389) is now subject to a voluntary unconditional general cash offer after Empire Charm moved to buy all remaining shares it does not own, according to a Nov. 28 joint Hong Kong bourse filing.

Shares of the consumer goods retailer were up over 10% in Monday afternoon trade.

The offer covers 2.29 billion shares, or about 52% of Hengdeli's issued capital, and would total HK$320.6 million on full acceptance, the filing showed.

Empire Charm is offering HK$0.14 per share, representing premiums of 12% to the last close and 14.8% to the five-day average.

The offeror, wholly owned by Chairman and Chief Executive Cheung Wing Lun Tony, will fund the deal with internal resources and a financing facility from CMBC Securities, which is acting as one of the offer agents alongside Guotai Junan Securities (Hong Kong).

Empire Charm said it intends to maintain Hengdeli's existing business and retain its listing status.