Hong Kong's TVB says offer received for 29.9 pct of broadcaster

Television Broadcasts

09/02/2017 02:12

HONG KONG, Feb 9 (Reuters) - Hong Kong broadcaster 
Television Broadcasts Ltd  0511.HK  (TVB)said it has received a 
proposal from a third party to consider a possible conditional 
offer for 29.9 percent of the issued share capital of the 
company. 
    In a separate statement, privately-owned TLG Movie and 
Entertainment Group Ltd said it had sent a letter to TVB stating 
that it was in a position to discuss a voluntary conditional 
cash offer to buy the stake in TVB. 
    TLG, which is involved in cultural industry and real estate 
development, said the offer would be subject to conditions 
including TVB shareholders voting down a share buy back plan and 
approval from the Communications Authority of Hong Kong. 
    TVB said it would obtain additional information as the third 
party was not known to the company, while the identity of the 
ultimate owner of the party, its source of funds and proof of 
financial soundness had not been disclosed. 
    In January, TVB offered to buy back 31.51 percent of the 
company's shares for HK$4.21 billion ($542.7 million), a deal to 
be funded by cash.  urn:newsml:reuters.com:*:nFWN1FE082 
    TVB shares rose 5.9 percent to HK$31.40 in resumed trade, 
the highest since Mar. 14, 2016 
 
 (Reporting by Donny Kwok; Editing by Stephen Coates) 
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: TVB EQUITY/TLG