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Target Insurance chairman, co-founders drop plan to buy stake in company

Target Insurance (Holdings) Ltd. Chairman Cheung Haywood and co-founders Lai Bing Leung and Chiu Sun Ting dropped plans to make an offer to acquire up to a 10% stake in the Hong Kong-based company, according to a Dec. 12 statement.

In addition to Cheung, Lai and Chiu are executive directors of Target Insurance. The company did not provide further details.

The statement came after Target Insurance said Dec. 6 that Cheung, Lai and Chiu were considering making a voluntary partial cash offer to acquire up to a 10% stake in the company.