TLG Movie and Entertainment said it needs additional time to consider the structure and terms of the proposed offer for Television Broadcasts Limited (TVB) (00511) and expects that the announcement pursuant to the Takeovers Code in relation to the proposed offer will be made during the week commencing on 27 February.
The company noted TVB will revise its repurchase offer, which was initially announced by TVB on 24 January, such that the maximum number of shares of TVB to be repurchased will be reduced from 138 million to 120 million and the offer price will accordingly be increased from HK$30.5 to HK$35.075 per share of TVB.
Furthermore, on 17 February, an announcement was made by TVB in response to a press release published by Silchester International Investors LLP, pursuant to which the board of TVB has taken note of Silchester's specific proposal for a special dividend.
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