Haitong International Securities Group is planning to acquire the London-based brokerage Japaninvest Group for $20m.
Haitong, which is pursuing expansion abroad, has proposed to offer JPY18,000 (HKD1,290) per share for Japaninvest in cash, which is a 77% premium to closing price of Japaninvest shares of JPY10,150.
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Japaninvest is slated to be delisted from the Japanese stock market following go-ahead from the country’s regulatory body.
The Board of Haitong expects that the Japaninvest deal will improve the group’s equities research and global sales platform, as well as broaden its Greater China and global institutional investor client base.
Haitong is presently working with Japaninvest’s management for sketching out the business plan for Japaninvest in case the offer goes ahead.
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