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Article: HONG KONG'S LI & FUNG TO ACQUIRE COLBY GROUP HOLDINGS.
- Article from:
- AsiaPulse News
- Article date:
- November 9, 2000
CopyrightCOPYRIGHT 2000 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HONG KONG, Nov 9 Asia Pulse - Hong Kong-based export trading house Li & Fung Limited (SEHK: 494) signed a sale and purchase agreement Wednesday to acquire buying agent Colby Group Holdings Limited.
In a statement, Li & Fung said the consideration consists of a payment of HK$247.5 million (US$31.73 million) in cash and an issue of 113.2 million new Li & Fung shares (equivalent to 3.95 percent of the enlarged share capital) at HK$17.25 each. The issue price represents a premium of 14 percent to yesterday's closing price of HK$15.15. The total consideration comes to approximately HK$2.2 billion, and is equivalent to approximately 16.35 times Colby's projected ...