Bossini International Holdings Limited (HKG:0592) is set to be taken private in a deal valued at approximately HK$1.5 billion.
The move comes after Viva Goods Company Limited (HKG:0933) and Dragon Leap Consumables Ltd., a company controlled by Bossini's chairman, Zhao Jianguo, proposed a scheme of arrangement to delist the company from the Hong Kong bourse, according to a stock exchange filing on Tuesday.
Under the scheme, Bossini shareholders will receive one Viva Goods share for every five Bossini shares they hold. Additionally, holders of Bossini options will receive one Viva share for every 1,000 options.
Following the privatization, Bossini will be delisted from the Hong Kong stock exchange.
The deal requires the approval of at least 75% of Bossini's shareholders at a court meeting.
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