January 21, 2018 / 11:35 AM / a year ago

CORRECTED-Sportswear retailer Pou Sheng Intl receives $1.4 bln privatization proposal

(Corrects amount to HK$11 billion, from $11 billion, in first paragraph)

HONG KONG, Jan 21 (Reuters) - Hong Kong-listed Chinese sportswear retailer Pou Sheng International (Holdings) Ltd has received a proposal from Pou Chen Corp to be taken private that values it at around HK$11 billion ($1.4 billion), it said on Sunday in a stock exchange filing.

Pou Chen Corp has offered Pou Sheng International a cancellation price of HK$2.03 per share, which represents a premium of around 31.82 percent over Pou Sheng’s last closing price.

Pou Sheng International shareholder Yue Yuen Industrial (Holdings) Ltd will sell its 62.41 percent stake in Pou Sheng to Pou Chen as part of the proposal at the cancellation price for a total of HK$6.8 billion, according to the stock filing.

Citigroup is acting as financial advisor to Pou Chen. (Reporting by Kane Wu; Editing by Susan Fenton)

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