ENN Natural Gas (SHA:600803) is offering HK$24.50 and 2.9427 of its H shares for each ENN Energy (HKG:2688) share that it doesn't already own, valuing the gas distributor at about HK$90.5 billion.
The offer values each ENN Energy share at about HK$80, according to a filing with the Hong Kong bourse. This marked a nearly 35% premium on ENN Energy's March 18 closing price.
ENN Natural Gas currently owns 34.28% of ENN Energy through its unit, Xinneng (Hong Kong) Energy Investment.
Shares of ENN Energy surged 10% in recent trade on the Hong Kong bourse, while shares of ENN Natural Gas climbed 1% on the Shanghai bourse.
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