China Mobile's (HKG:0941, SHA:600941) Hong Kong unit launched an offer to acquire broadband service provider HKBN (HKG:1310) for as much as HK$7.79 billion.
The Chinese wireless carrier is offering to pay HK$5.23 for each of HKBN's 1.3 billion outstanding shares for a total of HK$6.86 billion.
It will also pay the same price for unvested share units and vendor loan notes, raising the takeover bid by HK$937.7 million, according to a Monday filing with the Hong Kong Exchange.
The offer is 7.6% higher than HKBN's closing price of HK$4.86 on Nov. 29, the filing said.
The deal is seen to help China Mobile grow its market presence in Hong Kong.
The takeover bid comes after HKBN received a non-binding preliminary indication of interest from I Squared Capital. The private equity firm intends to acquire all outstanding shares of HKBN.
If the proposal proceeds, I Squared Capital plans to execute the deal through its portfolio company, HGC Global Communications.
Shares of HKBN jumped 6% in Tuesday's late morning trade.
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