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Lai Sun unit's bid for media company becomes fully unconditional

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Lai Sun unit's bid for media company becomes fully unconditional

Lai Sun Development Co. Ltd. subsidiary Transtrend Holdings Ltd.'s offer to buy media and entertainment company eSun Holdings Ltd. has become unconditional in all respects as the resolutions relating to the takeover bid were approved at an Aug. 8 general meeting.

As at the meeting date, Transtrend amassed a total of 796,248,719 shares in eSun, representing roughly 53.37% of the issued share capital of the target company. The offer became unconditional for acceptances in July after the level of valid acceptances went beyond 50% of the voting rights in eSun.

The offer for eSun remains open until Aug. 22, and eSun shareholders who tendered their shares will receive their payouts by Aug. 31, according to a joint release.

With the eSun bid becoming fully unconditional, Transtrend can now proceed with its offer to take over rental property development company Lai Fung Holdings Ltd. for HK$5.22 per share, pursuant to an offer made in late May.

The proposed transactions to buy eSun and Lai Fung will cost Lai Sun a total of approximately HK$2.17 billion, according to a previous report.