HK apparel chain Giordano posts biggest drop in over 8 yrs as takeover offer lapses

Giordano International

14/09/2022 03:12

** Shares of apparel retail chain operator Giordano
International Ltd  0709.HK  fall as much as 11.9% to HK$1.63 
($0.2077), their biggest drop since May 2014
    ** Stock hits lowest since June 7; fifth biggest decliner on
the Hong Kong bourse
    ** Giordano says a takeover offer by major shareholder
lapsed on receiving insufficient shareholders acceptance and
failing to meet the 50% shareholder threshold  urn:newsml:reuters.com:*:nFWN30K0T6
    ** In June, co's major shareholder Chow Tai Fook (Holding)
Ltd made a voluntary conditional cash offers for all outstanding
shares it does not already own in the firm at HK$1.88 each, or
18.2% premium over its previous close, and said it will review
the firm's operation  urn:newsml:reuters.com:*:nFWN2YA0DH
    ** Hang Seng Commerce & Industry Index  .HSNC  drops 2.5%
and Hang Seng consumer goods and services index  .HSCGSI 
plunges 3%
    ** Hang Seng Composite Index  .HSCI  declines 1.9% and the
benchmark Hang Seng Index  .HSI  falls 2%
    ** As of last close, stock had surged 24.2% this year


($1 = 7.8490 Hong Kong dollars)

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