New World Development's NWS hits 2-yr peak on buyout offer at premium

CTF Services

27/06/2023 03:25

** Shares of NWS Holdings  0659.HK  jump as much as 9.8% to
HK$8.77 in resumed trading, highest since June 2021, after
construction-to-transportation group says it receives buyout
offer at a premium
    ** Stock set for biggest one-day pct rise since March 2020
if gains hold; third-biggest pct gainer in Hang Seng Composite
Index  .HSCI  
    ** NWS Holdings, a subsidiary of New World Development
 0017.HK , said it received an offer from Chow Tai Fook
Enterprises, valuing it at HK$35.78 bln ($4.6 bln) 
    ** The offer represents a premium of 14.5% to NWS' last
close prior to a trading halt; values Chow Tai Fook Enterprises'
offer at HK$35.47 bln   
    ** On completion of deal, New World Development intends to
declare special dividend of HK$4 bln, or HK$1.59 per share
    ** Shares of New World Development jump as much as 10.1% to
HK$21.50, highest since May 9  
    
  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))