Greatview chairman-led group's possible bid for firm to not proceed (updated)

Greatview Aseptic Packaging Co

24/01/2025 10:36

(Updates with further details and background from paragraph 2
onwards)
       Jan 24 (Reuters) - Greatview Aseptic  0468.HK  said on
Friday the potential takeover by a group of individuals from its
management, including its chairman, will not proceed, days after
the buyout offer from a Shenzhen-listed bidder became
unconditional. 
    Shandong Newjf Technology Packaging  301296.SZ  had in May
2024 offered to buy out Greatview, a dairy packaging firm,
valuing it at HK$3.73 billion ($478.92 million). 
    Greatview said earlier this week the offer from Shandong had
become unconditional, with 46.71% of shareholders voting in
favour of the offer. 
        Greatview chairman Jeff Bi and co-founder Hong Gang had
in August sent a non-binding letter of interest to the firm,
saying they were mulling a potential counter-offer, sparking a
possible bidding war.
  
        Bi and Gang together owned a stake of around 15% in the
firm. 
  
    Shandong became Greatview's largest shareholder after
acquiring a 28% stake in the company in 2023 from
Singapore-listed Jardine Matheson  JARD.SI .  
    Bi had then strongly expressed his opposition to the stake
buyout, saying the deal would raise concerns among the firm's
customers over a certain share sale to one of Greatview's
biggest market rivals.
        
  
($1 = 7.7883 Hong Kong dollars)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Shreya
Biswas)
 ((Rishav.Chatterjee@thomsonreuters.com;))