The proposal offers a scheme consideration of HK$155 for each scheme share, representing a 33% premium over the undisturbed 30-days average closing price of HK$116.5 per share. This represents an attractive and significant premium to Hang Seng’s historical trading prices, and analyst consensus targets, and is more than Hang Seng’s highest share price in 3.5 years, the announcement says.
HSBC Holdings plc has announced that HSBC Group, together with The Hongkong and Shanghai Banking Corporation Asia-Pacific, has put forward a conditional proposal to privatise Hang Seng Bank through a scheme of arrangement.
If approved, the proposal would result in HSBC Asia Pacific acquiring all remaining shares of Hang Seng held by the minority shareholders and the withdrawal of listing of the Hang Seng shares from the Hong Kong Stock Exchange.
