Guangdong Weide Industrial Investment Co., Ltd made a tender offer to acquire 10.5% stake in Guang Dong Sitong Group Co.,Ltd for approximately CNY 220 million.
July 19, 2021
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Guangdong Weide Industrial Investment Co., Ltd made a tender offer to acquire 10.5% stake in Guang Dong Sitong Group Co.,Ltd (SHSE:603838) for approximately CNY 220 million on July 19, 2021. Guangdong Weide Industrial Investment will acquire 33.6 million shares at an offer per share of CNY 6.6. If the number of shares pre-accepted for the offer is less than 16 million (accounting for 5% of the total number of shares in the company), the tender offer will not take effect. As of August 4, 2021, the number of shares pre-accepted is 9,101 shares, accounting for 0.00284% of total capital. As of August 16, 2021, the number of shares pre-accepted is 17,300 shares. The transaction was approved by the shareholders of Guangdong Weide Industrial Investment. The tender offer period is 30 natural days, from July 28, 2021 to August 26, 2021. China Merchants Securities Co., Ltd. (SHSE:600999) acted as financial advisor and Grandall Law Firm acted as legal advisor for Guangdong Weide Industrial Investment.
GUANG DONG SITONG GROUP CO., LTD. is engaged in the research, design, manufacture and sale of new home life ceramics. Its products cover daily ceramics, sanitary ceramics, art pottery and other full range of home life porcelain.
Guangdong Weide Industrial Investment Co., Ltd made a tender offer to acquire 10.5% stake in Guang Dong Sitong Group Co.,Ltd for approximately CNY 220 million.