HONG KONG, May 5 (Economic Information Daily) -- Cheefung Industrial Electronics (01710) announced that on last Tuesday (29th), the board was informed that Luxshare Precision (02475) (Shenzhen: 002475), as a potential buyer, and Cheefung Industrial Electronics Holdings, as a potential seller, entered into a non-binding memorandum of understanding regarding a potential transaction for the possible purchase of 75% equity interest in the group. The company's shares have been suspended from trading on the Hong Kong Stock Exchange since last Wednesday (30th) and have applied to the Stock Exchange for resumption of trading effective from 9:00 a.m. today.
The group stated that, in accordance with the Takeovers Code, the offer period commenced last Friday (2nd). If the potential transaction is finalized and completed, it will result in a change of control of the group, triggering the mandatory general offer under Rule 26.1 of the Takeovers Code. According to the memorandum of understanding, the potential seller has committed to a two-month exclusivity period and shall use best efforts to assist the potential buyer in conducting due diligence on the group. (wh)
The group stated that, in accordance with the Takeovers Code, the offer period commenced last Friday (2nd). If the potential transaction is finalized and completed, it will result in a change of control of the group, triggering the mandatory general offer under Rule 26.1 of the Takeovers Code. According to the memorandum of understanding, the potential seller has committed to a two-month exclusivity period and shall use best efforts to assist the potential buyer in conducting due diligence on the group. (wh)
