Shandong Energy Group New Material Co., Ltd. made a tender offer to acquire 51.31% stake in Zibo Qixiang Tengda Chemical Co., Ltd (SZSE:002408) for CNY 10.4 billion on November 14, 2022. Under the terms, Shandong Energy Group New will acquire 1458.6 million shares of Zibo Qixiang Tengda at a price of CNY 7.14 per share. As on October 19, 2022, Shandong Energy Group New board of directors have approved the transaction.

As of January 14, 2023, the tender offer has approved by Shandong Provincial State-Owned Assets Supervision And Administration Commission. The tender offer period is of 30 days. On March 8, 2023, the State Administration for Market Regulation issued “Decision on No Implementation of Further Review on Business Concentration Anti-monopoly,” deciding to not prohibit the tender offer.

As of March 24, Shandong Energy Group New Material Co., Ltd. will issue a tender offer to all shareholders of the Zibo Qixiang Tengda Chemical except Zibo Qixiang Petrochemical Industry Group Co., Ltd. The tender offer period is 30 natural days, from March 27, 2023 to April 25, 2023. He Chengda and Yao Langxuan of CSC Financial Co., Ltd acted as financial advisor and Han Jie and Sun Yong of King & Wood Malleson acted as legal advisor to Shandong Energy Group New Material in transaction.