CALB (HKG:3931) agreed to acquire 87,620,380 A shares in Jiangsu Olive Sensors High-Tech (SHE:300507) from Li Hongqing for 510.8 million yuan, or 5.83 yuan per share, on Tuesday, a same-day Hong Kong bourse filing said.
The shares represent 11% of the auto parts maker Jiangsu Olive Sensors High-Tech's total issued share capital.
The seller has also agreed to give up its voting rights for 155,725,311 A shares he holds in the target company within a period of 60 months.
On the same day, Jiangsu Olive Sensors High-Tech agreed to allot and issue up to 119,482,337 A shares to CALB at 5.63 yuan apiece, or a maximum of 672.7 million yuan in total.
Following completion of the acquisition and subscription of shares, the company will hold roughly 22.61% equity interest in the target.
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.