Home Control International (HKG:1747) became the subject of a takeover after Meta-Wisdom Tech acquired nearly three-thirds of the company, according to a bourse filing Tuesday.
Shares surged over 76% in afternoon trade on Wednesday.
Meta-Wisdom Tech acquired 375 million shares in Home Control from NHPEA IV Home Control, a fund managed by the private equity arm of Morgan Stanley.
The shares represent 74.02% of the business and were sold at HK$0.6133 each for a total consideration of HK$230 million.
The sale triggered a mandatory general offer under which Meta-Wisdom Tech is now required to buy the remaining 131.7 million shares of the business for HK$0.616 apiece in cash.
Home Control International, a maker of TV remote controls, said it had formed an independent board committee to review the fairness of the offer.
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