bullish

Giordano International

Giordano’s Conditional Offer at HK$1.88

Event-Driven
439 Views, 24 Jun 2022 02:41
EXECUTIVE SUMMARY
  • Giordano International (709 HK) announced a voluntary conditional offer from the Cheng Yu Tung family at HK$1.88 per share, an 18.2% premium to the undisturbed price.  
  • The VGO is conditional on the offeror and concert parties holding more than 50% of the voting rights (currently own 24.57%). The VGO price is underwhelming.
  • David Webb’s (the retail activist investor) presence on the shareholder register likely deterred a privatisation bid. We think there is a 50% chance that the VGO becomes unconditional.  
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Arun George
IPOs and Catalysts/Events
Global Equity Research Ltd
Information TechnologyEquitiesEquity Capital MarketsEvent-Driven

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start... 

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