HONG KONG, Feb 14 (Reuters) - Hong Kong’s Television Broadcasts Ltd (TVB) said it was cutting the size of a planned share buyback although it will lift the offer price, as it wants to ensure that at least 25 percent of its shares are held by the public.
It now plans to buy back 120 million shares, instead of 138 million shares, but will raise its offer price to HK$35.075 per share from HK$30.50. The total value of the deal remains the same at HK$4.21 billion ($543 million)
Last week, TVB said it has received a proposed conditional offer from privately owned TLG Movie and Entertainment Group Ltd for about 30 percent stake of the company.
A spokesman for TVB said on Tuesday that the share buyback and offer from TLG were unrelated.
The new share buyback price represents 15.6 percent premium to the stock’s previous close on Feb. 10, TVB said in a filing to the Hong Kong bourse.
Its shares jumped 10.4 percent to HK$33.50 in early Tuesday trade.
$1 = 7.7592 Hong Kong dollars Reporting by Donny Kwok; Editing by Edwina Gibbs