A Lai Sun Development Co. Ltd. subsidiary flagged the possible acquisition of rental property development company Lai Fung Holdings Ltd. for HK$5.22 in cash per share.
Transtrend Holdings Ltd.'s approximately HK$843.3 million possible unconditional and mandatory general cash offer for Lai Fung is dependent on its HK$1.30-per-share voluntary general cash offer for media and entertainment company eSun Holdings Ltd. being declared unconditional.
As of May 27, eSun holds a 50.60% voting stake in Lai Fung, while Transtrend's stake in eSun stands at 36.94%.
The proposals, both subject to a number of conditions, are expected to cost Lai Sun roughly HK$2.17 billion. The offers will be funded through existing internal cash resources and/or external debt financing.
Lai Fung also develops, operates and invests in cultural, leisure, entertainment and related facilities.
The Hongkong and Shanghai Banking Corp. Ltd. is the financial adviser to Lai Sun and Transtrend in respect of the offers.
