China International Development Eyes Semiconductor Firm; Shares Jump 4%
MT Newswires Live
Nov 24
China International Development (HKG:0264) entered into a non-legally binding memorandum of understanding to acquire up to 100% equity interest in Lonten Semiconductor from its shareholders, a Nov. 21 Hong Kong bourse filing said.
Shares of the leather company were up 4% in Monday afternoon trading.
The parties expect a consideration of between HK$4.5 billion and HK$9 billion for the deal. The MoU has a three-month exclusivity period that can be extended.
The potential acquisition of the target firm, a provider of power semiconductor devices and system solutions, is part of the company's business expansion strategy.
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