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The proposal to privatise China’s sportswear retailer, Pou Sheng International, is reported to have been cancelled as over 10% of the shareholders voted against the proposal.
Upon the announcement, shares of Pou Cheng are reported to have dropped by nearly 36% on April 10. Taiwanese Yue Yuen had agreed to sell its stake in Pou Sheng at a cancellation price of HK$2.03 per share (US$0.258), which would had valued the retailer at HK$11 billion (US$1.4 billion). However, the offered price is said to still have been at a discount to Pou Sheng’s initial public offering price of HK$3.05 (US$0.388) per share.
As reported by ILM, Yue Yuen had said that if the proposal went ahead, it would dispose all of its Pou Sheng shares, representing approximately 62.38% of the total issued share capital of Pou Sheng. With the privatisation cancelled, there will be no special dividend.
Pou Sheng was spun off from Yue Yuen and listed separately in 2008. No other privatisation proposal can be put forward in the next 12 months.