Lifestyle International's Shares Rise Sharply on Privatization Offer

Dow Jones2022-08-08

By Yi Wei Wong

Shares of Lifestyle International Holdings Ltd. jump in early trade after the company said its majority stakeholders plan to take the Hong Kong-based retail operator private.

Lifestyle International's shares rose as much as 50% to 4.63 Hong Kong dollars (US$0.59) after it announced the privatization offer Monday. Shares were last up 45% at HK$4.45.

In a stock exchange notice, the company said its majority stakeholders made an offer to purchase 376.8 million shares at HK$5.00 each, a 62% premium to Lifestyle International's closing price on Friday.

Lifestyle International said one of the main reasons for the offer was a downturn in Hong Kong's retail environment caused by citywide protests in mid-2019 and the subsequent Covid-19 outbreak in early 2020.

The acquisition will be financed using a non-revolving credit facility, the company said. Lifestyle International will delist if the offer is successful.

The proposed privatization was a "positive surprise," Citi analysts write in a note.

"Given the significantly decreased investor interest, shown by weak stock liquidity, and the depressed valuation after the pandemic and border closure, we believe the privatization is a reasonable action," the analysts say.

Write to Yi Wei Wong at yiwei.wong@wsj.com

$(END)$ Dow Jones Newswires

August 07, 2022 22:22 ET (02:22 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2257290456?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2022-08-08 10:22","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2257290456","market":"us","top_or_hot":-1,"title":"Lifestyle International's Shares Rise Sharply on Privatization Offer","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Yi Wei Wong \n</p>\n<pre>\n \n</pre>\n<p>\n  Shares of Lifestyle International Holdings Ltd. jump in early trade after the company said its majority stakeholders plan to take the Hong Kong-based retail operator private. \n</p>\n<p>\n  Lifestyle International's shares rose as much as 50% to 4.63 Hong Kong dollars (US$0.59) after it announced the privatization offer Monday. Shares were last up 45% at HK$4.45. \n</p>\n<p>\n  In a stock exchange notice, the company said its majority stakeholders made an offer to purchase 376.8 million shares at HK$5.00 each, a 62% premium to Lifestyle International's closing price on Friday. \n</p>\n<p>\n  Lifestyle International said one of the main reasons for the offer was a downturn in Hong Kong's retail environment caused by citywide protests in mid-2019 and the subsequent Covid-19 outbreak in early 2020. \n</p>\n<p>\n  The acquisition will be financed using a non-revolving credit facility, the company said. Lifestyle International will delist if the offer is successful. \n</p>\n<p>\n  The proposed privatization was a \"positive surprise,\" Citi analysts write in a note. \n</p>\n<p>\n  \"Given the significantly decreased investor interest, shown by weak stock liquidity, and the depressed valuation after the pandemic and border closure, we believe the privatization is a reasonable action,\" the analysts say. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Yi Wei Wong at yiwei.wong@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  August 07, 2022 22:22 ET (02:22 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lifestyle International's Shares Rise Sharply on Privatization Offer</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLifestyle International's Shares Rise Sharply on Privatization Offer\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-08-08 10:22</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Yi Wei Wong \n</p>\n<pre>\n \n</pre>\n<p>\n  Shares of Lifestyle International Holdings Ltd. jump in early trade after the company said its majority stakeholders plan to take the Hong Kong-based retail operator private. \n</p>\n<p>\n  Lifestyle International's shares rose as much as 50% to 4.63 Hong Kong dollars (US$0.59) after it announced the privatization offer Monday. Shares were last up 45% at HK$4.45. \n</p>\n<p>\n  In a stock exchange notice, the company said its majority stakeholders made an offer to purchase 376.8 million shares at HK$5.00 each, a 62% premium to Lifestyle International's closing price on Friday. \n</p>\n<p>\n  Lifestyle International said one of the main reasons for the offer was a downturn in Hong Kong's retail environment caused by citywide protests in mid-2019 and the subsequent Covid-19 outbreak in early 2020. \n</p>\n<p>\n  The acquisition will be financed using a non-revolving credit facility, the company said. Lifestyle International will delist if the offer is successful. \n</p>\n<p>\n  The proposed privatization was a \"positive surprise,\" Citi analysts write in a note. \n</p>\n<p>\n  \"Given the significantly decreased investor interest, shown by weak stock liquidity, and the depressed valuation after the pandemic and border closure, we believe the privatization is a reasonable action,\" the analysts say. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Yi Wei Wong at yiwei.wong@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  August 07, 2022 22:22 ET (02:22 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1122","symbol_name":"百货商店","start_time":0,"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2257290456","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2257290456","pubTimestamp":1659925320,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"By Yi Wei Wong \n\n\n \n\n\n  Shares of Lifestyle International Holdings Ltd. jump in early trade after th","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1122":"百货商店","BK1601":"香港本地股","BK1602":"香港零售股"},"translate_title":"国际生活方式私有化后股价大幅上涨","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01212":0.9,"END":1},"content_text":"By Yi Wei Wong \n\n\n \n\n\n  Shares of Lifestyle International Holdings Ltd. jump in early trade after the company said its majority stakeholders plan to take the Hong Kong-based retail operator private. \n\n\n  Lifestyle International's shares rose as much as 50% to 4.63 Hong Kong dollars (US$0.59) after it announced the privatization offer Monday. Shares were last up 45% at HK$4.45. \n\n\n  In a stock exchange notice, the company said its majority stakeholders made an offer to purchase 376.8 million shares at HK$5.00 each, a 62% premium to Lifestyle International's closing price on Friday. \n\n\n  Lifestyle International said one of the main reasons for the offer was a downturn in Hong Kong's retail environment caused by citywide protests in mid-2019 and the subsequent Covid-19 outbreak in early 2020. \n\n\n  The acquisition will be financed using a non-revolving credit facility, the company said. Lifestyle International will delist if the offer is successful. \n\n\n  The proposed privatization was a \"positive surprise,\" Citi analysts write in a note. \n\n\n  \"Given the significantly decreased investor interest, shown by weak stock liquidity, and the depressed valuation after the pandemic and border closure, we believe the privatization is a reasonable action,\" the analysts say. \n\n\n \n\n\n  Write to Yi Wei Wong at yiwei.wong@wsj.com \n\n\n \n\n\n$(END)$ Dow Jones Newswires\n\n\n  August 07, 2022 22:22 ET (02:22 GMT)\n\n\n  Copyright (c) 2022 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.13","shortVersion":"4.35.13","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2257290456","isCrawlerRequest":true}