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Hong Kong's TVB says offer received for 29.9 pct of broadcaster
February 9, 2017 / 2:16 AM / 10 months ago

Hong Kong's TVB says offer received for 29.9 pct of broadcaster

HONG KONG, Feb 9 (Reuters) - Hong Kong broadcaster Television Broadcasts Ltd (TVB)said it has received a proposal from a third party to consider a possible conditional offer for 29.9 percent of the issued share capital of the company.

In a separate statement, privately-owned TLG Movie and Entertainment Group Ltd said it had sent a letter to TVB stating that it was in a position to discuss a voluntary conditional cash offer to buy the stake in TVB.

TLG, which is involved in cultural industry and real estate development, said the offer would be subject to conditions including TVB shareholders voting down a share buy back plan and approval from the Communications Authority of Hong Kong.

TVB said it would obtain additional information as the third party was not known to the company, while the identity of the ultimate owner of the party, its source of funds and proof of financial soundness had not been disclosed.

In January, TVB offered to buy back 31.51 percent of the company’s shares for HK$4.21 billion ($542.7 million), a deal to be funded by cash.

TVB shares rose 5.9 percent to HK$31.40 in resumed trade, the highest since Mar. 14, 2016 (Reporting by Donny Kwok; Editing by Stephen Coates)

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