TOM ONLINE SURGES ON BUY-OUT OFFER作者：Robin | 原始出处：ftchinese | 2007-3-13 10:11:15 | 已阅 2566 次

By Robin Kwong in Hong Kong
Tuesday, March 13, 2007
 
Shares in Tom Online surged 29 per cent to HK$1.47 yesterday after its parent, controlled by tycoon Li Ka-shing, confirmed a US$200m buy-out offer.

Tom Group said it would offer HK$1.52 a share for the 1.03bn shares in Tom Online, or 24.3 per cent of the company, held by minorities.

The offer represents a 33.2 per cent premium over Tom Online's previous close of HK$1.14. The company's shares were suspended on March 2 ahead of the announcement and only resumed trading yesterday.

The move was seen as a purchase of internet-related assets undervalued by the market, rather than as a sign of emerging regulatory clarity in China's telecommunications market.

Tom Online derives 90 per cent of its revenues from providing value-added services for mobile phones in China. As a consequence, it saw its share price drop 60 per cent to just above HK$1 during the first half of last year, when Chinese regulators and wireless operators tightened industry regulations
 
http://www.ftchinese.com/sc/story_english.jsp?id=001010017