ENN Energy Gets $11.6 Billion Buyout Offer From Major Holder
The top shareholder of ENN Energy Holdings Ltd. has made a take-private offer that values the Chinese gas distributor about HK$90.5 billion ($11.6 billion), pushing the company's Hong Kong-listed shares up as much as 17%.
Shanghai-listed ENN Natural Gas Co. is offering HK$24.50 in cash and about 2.94 H shares of ENN Natural Gas for each ENN Energy share that it doesn't already own, according to a stock exchange filing Wednesday. The bid values ENN Energy at about HK$80 per share, representing a nearly 35% premium to its last closing price on March 18.
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