SK Telecom (SKM) Offers to Sell China Unicom (CHU) Shares to Company for HK$11.105/Share
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China Unicom (Hong Kong) Limited (NYSE: CHU) announced that the Company received a conditional irrevocable offer from SK Telecom Co., Ltd. (NYSE: SKM).
According to the conditional irrevocable offer, SKT will sell all the China Unicom shares held by SKT to China Unicom, which amounts to 899,745,075 shares. The selling price is HK$11.105 per share, which is determined basing on recent market prices of China Unicom, and total consideration is approximately HK$10 billion. After approved by independent shareholders of China Unicom, the parties will sign a share repurchase agreement and complete the transaction thereafter. Following completion, the repurchased shares will be cancelled and the total shares of China Unicom will be reduced to approximately 22.868 billion from 23.768 billion.
Mr. Chang Xiaobing, Chairman of China Unicom, said, "We are confident of China Unicom's development. The share repurchase would be beneficial for maximising the value of Shareholders investment in the Company. After the share repurchase, China Unicom will be pleased to maintain the sound cooperation partnership with SKT."
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