Malaysian Tycoon Puts Up $1B To Take Guoco Group Private

Law360, New York (December 12, 2012, 5:50 PM EST) -- Malaysian tycoon Quek Leng Chan on Wednesday launched an HK$8.25 billion (US$1.06 billion) bid to take private Guoco Group Ltd., the Hong Kong-based financial, hospitality and real estate investment firm Chan chairs, as Guoco shares continue to lag behind a rebounding Asian stock market.

At HK$88 per share, Chan's offer values Guoco at HK$28.96 billion, according to a joint statement the would-be buyer and Guoco made to the Hong Kong stock exchange.

“The proposed privatization of Guoco, if successful, will simplify the shareholding structure of Guoco...
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