Latest news with #HKBN
Time of India
30-06-2025
- Business
- Time of India
US-based I Squared Capital dumps plans to make separate offer for Hong Kong's HKBN
By Rishav Chatterjee U.S.-based infrastructure investment firm I Squared Capital has withdrawn plans to make a takeover offer for Hong Kong's HKBN , the broadband operator said on Monday, as a competing bid backed by a state-owned entity takes center stage. The announcement comes over a month after Reuters reported that China Mobile was nearing a deal to take over HKBN with I Squared having dropped out. I Squared already owns Hong Kong-based broadband provider HGC Global Communications , in which China Investment Corp. holds a minority stake. However, the Miami-based firm has so far been unable to secure approval from the Chinese sovereign wealth fund to proceed with a formal bid for HKBN, according to the Reuters report. Rival suitor China Mobile built a 15.5% stake in HKBN from buyout company TPG and has offered HK$7.8 billion ($993.64 million) for the broadband firm. I Squared was preparing to trump China Mobile's offer of HK$5.23 per HKBN share, which was made in December, but was not keen to pay more than HK$6 apiece, Reuters reported in January. HKBN CEO William Yeung said in May it was a "rumour" that China Investment Corp had vetoed I Squared's plan to present a formal offer for HKBN. The takeover offer from China Mobile was not good enough and HKBN was open to engage with more bidders to get the best value for its shareholders, Yeung had said. "Despite the HKBN CEO's comments that the China Mobile offer is not good enough, China Mobile has no pressing need to bump if a competing offer fails to materialise," Smartkarma's Arun George said in a note before HKBN's announcement on Monday. I Squared Capital did not immediately respond to Reuters' request for comment over why it decided to walk away from making an offer. China Mobile also did not respond to a request for comment.
Business Times
30-06-2025
- Business
- Business Times
US-based I Squared Capital dumps plans to make separate offer for Hong Kong's HKBN
[HONG KONG] US-based infrastructure investment firm I Squared Capital has withdrawn plans to make a takeover offer for Hong Kong's HKBN, the broadband operator said on Monday (Jun 30), as a competing bid backed by a state-owned entity takes centre stage. The announcement comes over a month after Reuters reported that China Mobile was nearing a deal to take over HKBN with I Squared having dropped out. I Squared already owns Hong Kong-based broadband provider HGC Global Communications, in which China Investment Corp holds a minority stake. However, the Miami-based firm has so far been unable to secure approval from the Chinese sovereign wealth fund to proceed with a formal bid for HKBN, according to the Reuters report. Rival suitor China Mobile built a 15.5 per cent stake in HKBN from buyout company TPG and has offered HK$7.8 billion (S$1.3 billion) for the broadband firm. I Squared was preparing to trump China Mobile's offer of HK$5.23 per HKBN share, which was made in December, but was not keen to pay more than HK$6 apiece, Reuters reported in January. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up HKBN CEO William Yeung said in May it was a 'rumour' that China Investment Corp had vetoed I Squared's plan to present a formal offer for HKBN. The takeover offer from China Mobile was not good enough and HKBN was open to engage with more bidders to get the best value for its shareholders, Yeung had said. 'Despite the HKBN CEO's comments that the China Mobile offer is not good enough, China Mobile has no pressing need to bump if a competing offer fails to materialise,' Smartkarma's Arun George said in a note before HKBN's announcement on Monday. I Squared Capital did not immediately respond to Reuters' request for comment over why it decided to walk away from making an offer. China Mobile also did not respond to a request for comment. REUTERS
Yahoo
30-06-2025
- Business
- Yahoo
US-based I Squared Capital dumps plans to make separate offer for Hong Kong's HKBN
(Reuters) -U.S.-based infrastructure investment firm I Squared Capital has withdrawn plans to make a takeover offer for Hong Kong's HKBN, the broadband operator said on Monday, as a competing bid backed by a state-owned entity takes center stage. The announcement comes over a month after Reuters reported that China Mobile was nearing a deal to take over HKBN with I Squared having dropped out. I Squared already owns Hong Kong-based broadband provider HGC Global Communications, in which China Investment Corp. holds a minority stake. However, the Miami-based firm has so far been unable to secure approval from the Chinese sovereign wealth fund to proceed with a formal bid for HKBN, according to the Reuters report from May. Rival suitor China Mobile built a 15.5% stake in HKBN from buyout company TPG and has offered HK$7.8 billion ($993.64 million) for the broadband firm. I Squared was preparing to trump China Mobile's offer of HK$5.23 per HKBN share, which was made in December, but was not keen to pay more than HK$6 apiece, Reuters reported in January. HKBN CEO William Yeung said in May it was a "rumour" that China Investment Corp had vetoed I Squared's plan to present a formal offer for HKBN. I Squared Capital did not immediately respond to Reuters' request for comment over why it decided to walk away from making an offer. ($1 = 7.8499 Hong Kong dollars) Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Reuters
30-06-2025
- Business
- Reuters
US-based I Squared Capital dumps plans to make separate offer for Hong Kong's HKBN
June 30 (Reuters) - U.S.-based infrastructure investment firm I Squared Capital has withdrawn plans to make a takeover offer for Hong Kong's HKBN ( opens new tab, the broadband operator said on Monday, as a competing bid backed by a state-owned entity takes center stage. The announcement comes over a month after Reuters reported that China Mobile ( opens new tab was nearing a deal to take over HKBN with I Squared having dropped out. I Squared already owns Hong Kong-based broadband provider HGC Global Communications, in which China Investment Corp. holds a minority stake. However, the Miami-based firm has so far been unable to secure approval from the Chinese sovereign wealth fund to proceed with a formal bid for HKBN, according to the Reuters report from May. Rival suitor China Mobile built a 15.5% stake in HKBN from buyout company TPG (TPG.O), opens new tab and has offered HK$7.8 billion ($993.64 million) for the broadband firm. I Squared was preparing to trump China Mobile's offer of HK$5.23 per HKBN share, which was made in December, but was not keen to pay more than HK$6 apiece, Reuters reported in January. HKBN CEO William Yeung said in May it was a "rumour" that China Investment Corp had vetoed I Squared's plan to present a formal offer for HKBN. I Squared Capital did not immediately respond to Reuters' request for comment over why it decided to walk away from making an offer. ($1 = 7.8499 Hong Kong dollars)
Yahoo
30-06-2025
- Business
- Yahoo
US-based I Squared Capital dumps plans to make separate offer for Hong Kong's HKBN
(Reuters) -U.S.-based infrastructure investment firm I Squared Capital has withdrawn plans to make a takeover offer for Hong Kong's HKBN, the broadband operator said on Monday, as a competing bid backed by a state-owned entity takes center stage. The announcement comes over a month after Reuters reported that China Mobile was nearing a deal to take over HKBN with I Squared having dropped out. I Squared already owns Hong Kong-based broadband provider HGC Global Communications, in which China Investment Corp. holds a minority stake. However, the Miami-based firm has so far been unable to secure approval from the Chinese sovereign wealth fund to proceed with a formal bid for HKBN, according to the Reuters report from May. Rival suitor China Mobile built a 15.5% stake in HKBN from buyout company TPG and has offered HK$7.8 billion ($993.64 million) for the broadband firm. I Squared was preparing to trump China Mobile's offer of HK$5.23 per HKBN share, which was made in December, but was not keen to pay more than HK$6 apiece, Reuters reported in January. HKBN CEO William Yeung said in May it was a "rumour" that China Investment Corp had vetoed I Squared's plan to present a formal offer for HKBN. I Squared Capital did not immediately respond to Reuters' request for comment over why it decided to walk away from making an offer. ($1 = 7.8499 Hong Kong dollars)
