One thing that distinguishes Hong Kong and Singapore from the rest of the region is the vigour with which they uphold their takeover codes. And thus with Sun Hung Kai's ownership of Hong Kong mobile operator, Smartone breaching 30%, it has been forced to make a general offer.
ING has been appointed as independent financial advisor to the independent directors on the board, and will give a verdict by December 17 as to whether minority shareholders should accept the offer. Sun Hung Kai is offering to purchase stock at HK$8.25 per share, which is a discount to the closing price on Friday of HK$8.80.
Its offer lapses at the end of December, unless...
