Victor Xu Ltd Buys 74.75% Stake In Smart International, Launches Full Offer

Victor Xu Ltd (VXL), controlled by Shaanxi Shengtang Dairy's controlling shareholder and Xu Changcheng, who holds 18.6% of Shengtang Holdings (8306), has bought a 74.75% stake, or 1.495 billion shares, in Smart International (6063) from chairman Chu Kwok-wan for HK$101.6 million in cash, according to Ming Pao. The deal was completed, and VXL then made a general offer to all shareholders at the same price of HK$0.068 per share. The offer price represents a 94.65% discount to Smart International's closing price of HK$1.27 before trading was suspended on September 2. The total consideration for the transaction is expected to reach about HK$34 million.