TVB ruling on whitewash waiver by Takeovers Panel
TVB ruling on whitewash waiver by Takeovers Panel
Introduction and Background
On 10 May 2017, the Takeovers and Mergers Panel (Panel) ruled that a waiver of the general offer obligation (Whitewash Waiver) should be granted, subject to conditions, in relation to a share buy-back offer (Offer), which Television Broadcasts Limited (TVB) announced in January 2017.
On 24 January 2017, TVB announced (First Announcement) the Offer to buy back up to 31.51% of the issued TVB Shares at HK$30.50 per share for a consideration of up to HK$4,209 million. In another announcement on 13 February 2017, TVB reduced the maximum number of TVB Shares to be bought back to 27.40% of issued shares at an increased price of HK$35.075, in order to maintain the same aggregate consideration. Read more…