June 7, 2017 / 1:13 AM / 3 years ago

New World Development offers to take department store unit private for $120 mln

HONG KONG, June 7 (Reuters) - New World Department Store China Ltd said its parent firm plans to take it private for HK$934.5 million ($120 million), so that it can better tackle a challenging operating environment and take risks in implementing strategy.

Property developer New World Development Co Ltd, which owns 72.29 percent of New World Department Store, is offering HK$2 apiece for all outstanding shares it does not already own.

That represents a 50.4 percent premium to the previous close, the department store operator said a filing to the Hong Kong bourse late on Tuesday. (Reporting by Donny Kwok; Editing by Edwina Gibbs)

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