Giordano (0709), which is being suspended from trading, announced that Kaisheng Capital, on behalf of the offeror (that is, the company's major shareholder, Chow Tai Fook Holdings), intends to make a voluntary conditional cash offer to independent shareholders to acquire all the offered shares and cancel all outstanding share options.
The offer price per share is 1.88 yuan per share, a premium of 18.2% over the stock before the suspension, and a premium of about 32.3% over the net asset value at the end of last year.
The offeror and its concerted parties currently hold a total of about 388 million shares or 24.57% of Giordano, and if they want to collect the "street goods", the maximum capital involved is 2.24 billion yuan.
The Offeror intends to maintain Giordano's listing on the Main Board of the Stock Exchange and does not intend to exercise any right to compel the acquisition of all shares.
Giordano will resume trading at 9:00 tomorrow morning.