VXL Launches Mandatory Cash Offer For Zhichina International At 6.8 HK Cents A Share

VICTOR XU LIMITED (VXL) has agreed to buy 74.75% of Zhichina International (06063) from other shareholders for about HK$100 million and has launched a mandatory unconditional cash offer at HK$0.068 per share, a 94.6% discount to the last suspended close of HK$1.27, according to ETNet. The company said the maximum cash consideration payable if the offer is fully accepted is HK$34 million. Zhichina International said it has applied to resume trading at 9:00 a.m. today after a suspension that began last Thursday (the 3rd).