Bermuda's Supreme Court sanctioned the proposed takeover scheme for Huafa Property Services Group (HKG:0982) without modification, making the scheme binding, according to a Thursday filing with the Hong Kong bourse.
The company's shares are expected to be delisted on Sept. 26, which will complete the process. However, the two transacting parties have until Nov. 30 to complete the deal officially, or it will lapse.
The takeover proposal, jointly prepared by Huafa Properties and Huajin Investment, requires all current shares to be canceled after HK$0.29 per share is paid. The total consideration for the scheme is about HK$1.68 billion. The shareholders approved the scheme in a special general meeting in July.
Huajin International is a unit of Zhuhai Huafa Properties (SHA:600325).
Price (HKD): $0.29, Change: $+0.0050, Percent Change: +1.75%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.