Hong Kong's HKBN gets rival takeover interest from I Squared Capital (updated)

HKBN

02/12/2024 09:21

(Adds details, background throughout)
       Dec 2 (Reuters) - Hong Kong telecommunications company
HKBN  1310.HK  said on Monday it has received a rival
non-binding indication from U.S. private equity firm I Squared
Capital for a possible takeover.
    The broadband firm said last month that it had received a
possible proposal from state-owned China Mobile  0941.HK  for an
acquisition.
    HKBN and I Squared Capital are discussing the terms of the
proposal, it said. None of the companies have disclosed the
financial terms of the takeover proposals.
    HKBN's market cap is currently at HK$6.37 billion ($818.7
million), as per data compiled by LSEG.
    Trading HKBN shares were halted pending the release of the
new takeover offer and an application has been sent to resume
trading of shares, the company said.
    I Squared Capital did not immediately respond to Reuters'
request for the details of the offer.

($1 = 7.7809 Hong Kong dollars)

 (Reporting by John Biju in Bengaluru; Editing by Savio D'Souza
and Varun H K)
 ((John.Biju@thomsonreuters.com;))