IDT International Faces Mandatory Offer After 72% Stake Sale; Shares Jump 52%

MT Newswires Live11-18

IDT International (HKG:0167) is now subject to a mandatory takeover offer after Hong Kong Hunglap Technology and Horizon Heights acquired a 72.1% stake via a court-appointed receiver, according to a joint Monday bourse filing.

Shares of the electronics manufacturer were up nearly 52% in Tuesday late-morning trade.

The offer price of HK$0.5941 represents a 68.9% discount to IDT's last close, and a 70.9% discount to the five-day average, the filing showed.

The buyers purchased 312.4 million shares, representing 72.1% of the company, for HK$185.6 million at HK$0.5941 per share. The deal triggered an unconditional mandatory cash offer for all remaining shares at the same price.

Lego Securities will handle the offer on behalf of the joint offerors, who have confirmed they will not increase the offer price.

The joint offerors said they intend to maintain IDT's existing business and retain current employees following the offer.

They plan to review operations and explore potential expansion into electronic and information-related investments, though no targets or deals have been identified, the filing added.

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