Sichuan Hongda (SHA:600331) received a tender offer from its controlling shareholder, Shudao Group, for the acquisition of around 69% of the company's total share capital for 6.35 billion yuan, according to a Shanghai Stock Exchange disclosure on Saturday.
The stake represents 1.40 million shares, with each share priced at 4.55 yuan.
Prior to the offer, Shudao held 26% of the company.
The tender offer is valid between Nov. 4 and Dec. 3, the Chinese chemical manufacturer said.
The company's shares closed 7% lower.
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