Latest news with #HKBN
Business Times
26-05-2025
- Business
- Business Times
HKBN CEO says China Mobile's HK$7.8 billion offer not good enough, open to more bidders
[HONG KONG] China Mobile's HK$7.8 billion (S$1.3 billion) takeover offer for broadband operator HKBN is not good enough and the Hong Kong-based company is open to engage with more bidders to get the best value for shareholders, its CEO said on Monday (May 26). State-owned China Mobile made an offer for HKBN at HK$5.23 a share in December, and Reuters reported last Friday, citing sources, that it was moving closer to a deal after its rival US-based I Squared Capital dropped out of the race. HKBN chief executive William Yeung, who is also a board member and executive vice-chairman of the company, told Reuters China Mobile's offer, which the board has not accepted, does not reflect the company's growth over the past six months. HKBN reported a 5 per cent rise in earnings before interest, taxes, depreciation, and amortisation (Ebitda) for the six months through May, higher than the 3 per cent by its major competitor Hong Kong Telecom, Yeung said. The offer also did not take into account HKBN's past capital expenditure, which has reached some HK$11 billion and future growth projections, Yeung said. 'I will look at our business, who we are, where we are, where we are playing in our interim resource enhancement, I'm very happy in continuing a 4 per cent to 5 per cent Ebitda goal in the years ahead,' he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up China Mobile's HK$5.23 apiece offer for HKBN would translate into some HK$4.91 a share excluding dividend, Yeung said. In response to Reuters story on Friday, Yeung said it was a 'rumour' that Chinese sovereign wealth fund China Investment Corp (CIC) had vetoed I Squared's plan to present a formal offer for HKBN, saying the board was still talking to both bidders. CIC is a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong. 'We are still talking to both parties (China Mobile and I Squared), and we are even open to talking to any others. I think the company should always look for the best and consider the interest of minority shareholders as well,' Yeung said. Reuters reported in January that I Squared was preparing to trump China Mobile's offer but would not go higher than HK$6 a share. Yeung said I Squared made HKBN an 'initial' competing offer, but declined to comment further. His views were personal and would not represent the view of HKBN's board, he added. 'There are still diverse views within the board,' Yeung said. HKBN declined to comment. REUTERS
Time of India
26-05-2025
- Business
- Time of India
HKBN's chief executive says China Mobile offer not good enough, open to more bidders
By Kane Wu HONG KONG : China Mobile 's HK$7.8 billion ($996.1 million) takeover offer for broadband operator HKBN is not good enough and the Hong Kong-based company is open to engage with more bidders to get the best value for shareholders, its CEO said on Monday. State-owned China Mobile made an offer for HKBN at HK$5.23 a share in December, and Reuters reported last Friday, citing sources, that it was moving closer to a deal after its rival U.S.-based I Squared Capital dropped out of the race. HKBN Chief Executive William Yeung, who is also a board member and executive vice chairman of the company, told Reuters China Mobile's offer, which the board has not accepted, does not reflect the company's growth over the past six months. HKBN reported a 5% rise in earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the six months through May, higher than the 3% by its major competitor Hong Kong Telecom, Yeung said. The offer also did not take into account HKBN's past capital expenditure, which has reached some HK$11 billion and future growth projections, Yeung said. "I will look at our business, who we are, where we are, where we are playing in our interim resource enhancement, I'm very happy in continuing a 4% to 5% EBITDA goal in the years ahead," he said. China Mobile's HK$5.23 apiece offer for HKBN would translate into some HK$4.91 a share excluding dividend, Yeung said. In response to Reuters story on Friday, Yeung said it was a "rumour" that Chinese sovereign wealth fund China Investment Corp (CIC) had vetoed I Squared's plan to present a formal offer for HKBN, saying the board was still talking to both bidders. CIC is a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong. "We are still talking to both parties (China Mobile and I Squared), and we are even open to talking to any others. I think the company should always look for the best and consider the interest of minority shareholders as well," Yeung said. Reuters reported in January that I Squared was preparing to trump China Mobile's offer but would not go higher than HK$6 a share. Yeung said I Squared made HKBN an "initial" competing offer, but declined to comment further. His views were personal and would not represent the view of HKBN's board, he added. "There are still diverse views within the board," Yeung said. HKBN declined to comment.
Mint
26-05-2025
- Business
- Mint
HKBN CEO Says China Mobile's Takeover Offer Undervalues Company
China Mobile Ltd.'s takeover offer for HKBN Ltd. undervalues the company, according to the Hong Kong broadband provider's top executive. 'I can swear to you, it does not reflect the value we deserve,' HKBN Chief Executive Officer and co-founder William Yeung said in an interview with Bloomberg News on Monday. China Mobile in December made a general offer to buy all of HKBN's shares for HK$5.23 each in cash, valuing the company at about HK$6.86 billion . In April, the state-owned company bought a 15.5% holding in HKBN from buyout firm TPG Inc. HKBN had also attracted interest from suitors including I Squared Capital. The US investment firm's potential takeover offer hit a snag after it struggled to convince China's sovereign wealth fund of the merits of a deal, Bloomberg has reported. I Squared already owns broadband operator HGC Global Communications Ltd., where China Investment Corp. is a minority investor, and wanted to combine it with HKBN but couldn't get approvals from CIC to move forward with a formal offer for HKBN, people with knowledge of the matter have said. 'We don't need to rush,' into a deal, said Yeung, adding that the business is growing at a faster pace than that of its competitors. 'I am very upbeat,' he said. The executive said he has received many inquiries from business partners who are requesting HKBN to respect the terms and conditions of their contracts. 'I must be very careful with our operation,' he said. 'We cannot leak any data related to our contract with them to China Mobile, and we are honoring that commitment as of today as we are still in control.' This article was generated from an automated news agency feed without modifications to text.
Mint
26-05-2025
- Business
- Mint
HKBNs chief executive says China Mobile offer not good enough, open to more bidders
HONG KONG, - China Mobile's HK$7.8 billion takeover offer for broadband operator HKBN is not good enough and the Hong Kong-based company is open to engage with more bidders to get the best value for shareholders, its CEO said on Monday. State-owned China Mobile made an offer for HKBN at HK$5.23 a share in December, and Reuters reported last Friday, citing sources, that it was moving closer to a deal after its rival U.S.-based I Squared Capital dropped out of the race. HKBN Chief Executive William Yeung, who is also a board member and executive vice chairman of the company, told Reuters China Mobile's offer, which the board has not accepted, does not reflect the company's growth over the past six months. HKBN reported a 5% rise in earnings before interest, taxes, depreciation, and amortisation for the six months through May, higher than the 3% by its major competitor Hong Kong Telecom, Yeung said. The offer also did not take into account HKBN's past capital expenditure, which has reached some HK$11 billion and future growth projections, Yeung said. "I will look at our business, who we are, where we are, where we are playing in our interim resource enhancement, I'm very happy in continuing a 4% to 5% EBITDA goal in the years ahead," he said. China Mobile's HK$5.23 apiece offer for HKBN would translate into some HK$4.91 a share excluding dividend, Yeung said. In response to Reuters story on Friday, Yeung said it was a "rumour" that Chinese sovereign wealth fund China Investment Corp had vetoed I Squared's plan to present a formal offer for HKBN, saying the board was still talking to both bidders. CIC is a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong. "We are still talking to both parties , and we are even open to talking to any others. I think the company should always look for the best and consider the interest of minority shareholders as well," Yeung said. Reuters reported in January that I Squared was preparing to trump China Mobile's offer but would not go higher than HK$6 a share. Yeung said I Squared made HKBN an "initial" competing offer, but declined to comment further. His views were personal and would not represent the view of HKBN's board, he added. "There are still diverse views within the board," Yeung said. HKBN declined to comment. This article was generated from an automated news agency feed without modifications to text.
Yahoo
26-05-2025
- Business
- Yahoo
HKBN's chief executive says China Mobile offer not good enough, open to more bidders
By Kane Wu HONG KONG (Reuters) -China Mobile's HK$7.8 billion ($996.1 million) takeover offer for broadband operator HKBN is not good enough and the Hong Kong-based company is open to engage with more bidders to get the best value for shareholders, its CEO said on Monday. State-owned China Mobile made an offer for HKBN at HK$5.23 a share in December, and Reuters reported last Friday, citing sources, that it was moving closer to a deal after its rival U.S.-based I Squared Capital dropped out of the race. HKBN Chief Executive William Yeung, who is also a board member and executive vice chairman of the company, told Reuters China Mobile's offer, which the board has not accepted, does not reflect the company's growth over the past six months. HKBN reported a 5% rise in earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the six months through May, higher than the 3% by its major competitor Hong Kong Telecom, Yeung said. The offer also did not take into account HKBN's past capital expenditure, which has reached some HK$11 billion and future growth projections, Yeung said. "I will look at our business, who we are, where we are, where we are playing in our interim resource enhancement, I'm very happy in continuing a 4% to 5% EBITDA goal in the years ahead," he said. China Mobile's HK$5.23 apiece offer for HKBN would translate into some HK$4.91 a share excluding dividend, Yeung said. In response to Reuters story on Friday, Yeung said it was a "rumour" that Chinese sovereign wealth fund China Investment Corp (CIC) had vetoed I Squared's plan to present a formal offer for HKBN, saying the board was still talking to both bidders. CIC is a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong. "We are still talking to both parties (China Mobile and I Squared), and we are even open to talking to any others. I think the company should always look for the best and consider the interest of minority shareholders as well," Yeung said. Reuters reported in January that I Squared was preparing to trump China Mobile's offer but would not go higher than HK$6 a share. Yeung said I Squared made HKBN an "initial" competing offer, but declined to comment further. His views were personal and would not represent the view of HKBN's board, he added. "There are still diverse views within the board," Yeung said. HKBN declined to comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
