Hygon Information Technology (SHA:688041) plans to absorb Dawning Information Industry (SHA:603019) for about 116 billion yuan, according to a Monday filing by Hygon with the Shanghai bourse.
Each Dawning share will be converted to 0.55 Hygon shares at 79.26 yuan per Dawning share and 143.46 per Hygon share, the filing said.
Upon completion, Dawning will be delisted from the Shanghai bourse, and Hygon will be the surviving entity, taking over the assets, liabilities, businesses and personnel of Dawning, the filing said.
Shares in Hygon slipped 4% during late morning trading on Wednesday while Dawning's shares jumped 4%.
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