HK-listed Guoco hits 11-mth low as shareholders reject buyout offer

Guoco

02/11/2018 02:09

** Shares of property and financial services firm Guoco
Group Ltd  0053.HK  fall 24 pct to HK$100, lowest since Dec. 29,
after shareholders reject a buyout offer by a major shareholder
    ** The stock is set for the biggest daily percentage decline
since October 1987 
    ** Company says a buyout offer by parent Hong Leong Co
(Malaysia) Berhad was voted down in a court meeting with only
about two-thirds of shareholders in favour of the offer, less
than the required 75 pct  urn:newsml:reuters.com:*:nFWN1XC0VX
    ** Hong Leong had in July offered to take Guoco private for
HK$12.49 bln ($1.59 bln) in a move to save cost and simplify
group structure  urn:newsml:reuters.com:*:nFWN1TY0C5
    ** As of the last close, Guoco's stock has risen 31 pct so
far this year

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)