Wang Jianlin gets some support from China Life for his re-listing plan
Wang Jianlin took another step toward his dream of privatising his Wanda commercial property business this week when the $4.4 billion plan received backing from one of his biggest shareholders, while the wannabe entertainment impresario made what is said to be his last offer for his second US theatre chain. Read on for all these stories and more from around Asia.
China Life Endorses Wanda’s $4.4B HK Buyout Plan
Billionaire Wang Jianlin clinched the endorsement of China’s biggest insurer on his plans to buy out all outstanding Hong Kong-listed shares in his property unit for $4.4 billion, gaining a key ally with less than a month to go before the deal goes to a vote.
China Life Insurance Co. has provided a letter of intent in favor of the privatization plan, Dalian Wanda Commercial Properties Co. said in a statement on Monday in Hong Kong. China Life, which bought in Wanda Commercial shares when the firm went public in late 2014, owns a 7.4 percent stake and is the biggest holder of the listed shares. Read more>>
Wang Jianlin’s AMC Says $1.2B is Final Offer for Carmike Cinemas
AMC Entertainment Holdings Inc., controlled by Chinese billionaire Wang Jianlin, sweetened its offer to buy Carmike Cinemas Inc. by about 10 percent to $1.2 billion, seeking to persuade holdout shareholders to accept the takeover.
Carmike investors will get the choice of receiving $33.06 in cash or 1.0819 shares of AMC’s Class A common stock, Leawood, Kansas-based AMC said in a statement today. The deal, which also includes the assumption of Carmike’s net debt, represents a premium of about 32 percent over Carmike’s stock price on March 3 – the day before the original transaction was announced. Read more>>
Vanke Vs Baoneng Becomes a Test for China’s Newbie Stock Regulator
The takeover tussle embroiling top Chinese developer China Vanke has unveiled how local banks are increasingly exposed to highly volatile domestic stock markets through risky shadow lending products that mask their worsening asset quality.
In their hunt for higher investment returns in a slowing economy and to offset the impact of rising bad loans, Chinese banks are putting their depositors’ money into so-called asset management plans (AMPs), products set up for the purpose of lending to companies and backed by shares as collateral. Read more>>
Fosun Buys UK’s Wolverhampton Football Club
Championship club Wolves have confirmed that they have been bought by Chinese conglomerate Fosun International. The takeover sees 100% of the club’s shares and assets transferred from previous owner Steve Morgan to Fosun in a deal thought to be worth £45m.
In an open letter to supporters, Morgan said Fosun had “made a commitment to invest between £20-£30m over the next two years” into the club. Read more>>
P2P Lending Collapse Expected to Leave Hole in SH Office Market
Shanghai will see a surge in empty office space over the next 18 months, as a large number of peer-to-peer (P2P) lenders exit the market, pushingvacancy levels to new peaks, according to leading property agents.
“The widespread retreat by P2P lending sector tenants has pushed up vacancy rates,” said Cary Zheng, senior director at estate agency Savills Shanghai Commercial. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
Leave a Reply