By Tracy Qu
Hong Kong's telecommunication company HKBN shares are sharply higher after China Mobile's offer to buy the company.
Shares are 6.0% higher at 5.15 Hong Kong dollars, equivalent to 66 U.S. cents, at Hong Kong midday Tuesday. Shares are up 48% so far this year.
China Mobile offered HK$5.23 for each HKBN share, a 7.6% premium to their last close, according to a filing on Hong Kong Stock Exchange after the market closed Monday. The deal values the company at HK$6.86 billion.
The Hong Kong telecommunication operator's shares gained as much as 15% in late November, after it received a non-binding proposal from China Mobile.
HKBN, established in 1999, is one of the largest telecommunications service providers in Hong Kong. It offers broadband, Wi-Fi, and other services that could help China Mobile expand its presence in the financial hub.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
December 02, 2024 23:32 ET (04:32 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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