Soho China Loses 33% After Forgoing Blackstone Offer By Investing.com

Soho China Loses 33% After Forgoing Blackstone Offer By Investing.com
Soho China Loses 33% After Forgoing Blackstone Offer By Investing.com

© Reuters.

By Gina Lee

Investing.com – marks another heavy fall at the start of the week after the Blackstone fund’s nearly $ 3 billion offer on Soho China collapsed (-33% to HK $ 2.28 and lows of sessions seen even at -40%).

Contrasted the other stock exchanges in Asia / Pacific, with a rise of 0.2%, Shenzhen down by 0.6% and a positive 0.2%.

According to the document filed with the Hong Kong Stock Exchange by the real estate operator Soho China, the preconditions of Blackstone’s offer were insufficient, despite last June the Chinese state administration for market regulation formally accepted the agreement with revision expected in August.

The US fund and the Chinese real estate operator concluded that the pre-conditions of the offer were not met, not extending the expected deadline. Blackstone had offered HK5 per share, about $ 3.1 billion, with a premium of 31.6% of the market price, a transaction that would be the second largest acquisition in the Chinese real estate market.

Founded by President Pan Shiyi and CEO Zhang Xin in 1995, SC’s major properties include SOHO and Wangjing SOHO office buildings in Shanghai and Beijing, respectively.

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Soho China Loses Forgoing Blackstone Offer Investingcom

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