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…
