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Jinke Smart Gets $606 Million General Cash Offer From Shareholder

By Yifan Wang

 

Jinke Smart Services Group Co. is expecting to receive a $606 million cash offer from an existing shareholder to acquire all eligible shares of the company.

The general cash offer, to be made by China International Capital Corp. on behalf of an entity controlled by shareholder Boyu Group LLC, sets the offer price at HK$12 a share, representing a premium of about 33.04% to Jinke's last closing price.

The deal is expected to carry a maximum consideration of 4.76 billion Hong Kong dollars (US$$606.4 million), the Chinese company said in a stock exchange filing on Tuesday.

Jinke said Boyu Group, which currently holds about a 23% stake, intends for the company to maintain its listing status.

The offeror is acting with several other shareholders, which together hold over 53% of Jinke Smart.

Trading in shares of Jinke has been halted since early September, and is expected to resume Tuesday afternoon.

 

Write to Yifan Wang at yifan.wang@wsj.com

 

(END) Dow Jones Newswires

September 27, 2022 01:17 ET (05:17 GMT)

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