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  4. Soho China Shares Dive up to 40% as Blackrock Takeover Fails
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Soho China Shares Dive up to 40% as Blackrock Takeover Fails

By Gina Lee AiVIF.com – Soho China Ltd.'s (HK:0410) Hong Kong shares plummeted after a $3 billion takeover bid by Blackstone Group Inc. (NYSE:BX) ended in failure. Shares...
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Soho China Shares Dive up to 40% as Blackrock Takeover Fails © Reuters.

By Gina Lee

AiVIF.com – Soho China Ltd.'s (HK:0410) Hong Kong shares plummeted after a $3 billion takeover bid by Blackstone Group Inc. (NYSE:BX) ended in failure.

Shares plummeted 34.86% to HK$2.28 ($0.29) by 1:02 AM ET (5:02 AM GMT) on Monday, after falling up to 40% earlier in the session.

Blackstone’s decision against moving ahead with the acquisition was Soho’s second failed attempt in selling itself. Progress in satisfying Blackstone’s preconditions of the offer was insufficient, Soho said in a statement to the Hong Kong Stock Exchange on Friday in explaining the reason behind the failure.

On the market since early 2020, Soho was banking on profits from a sale to help ease the pressure from a lack of new pipeline assets and declining office rents in key Chinese cities on its profits. It is also dealing with an intensifying crackdown on developers that are leaving them with tight liquidity positions.

Blackstone made an offer to acquire Soho for as much as HK$23.7 billion, or $3.05 billion subject to regulatory approval, in June 2021. China’s State Administration for Market Regulation formally accepted the deal for review in August 2021.

The HK$5 per-share offer in June, representing a 31.6% premium, was announced by Blackrock (NYSE:BLK) in June 2021. Blackrock and Soho concluded that the pre-conditions could not be satisfied before the long-stop date, but the date would not be extended, the statement said.

Founded by Chairman Pan Shiyi and Chief Executive Officer Zhang Xin in 1995, Soho’s key assets include the Bund SOHO and Wangjing SOHO office buildings in Shanghai and Beijing respectively.

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31-03-2024 10:19:50 (UTC+7)

EUR/USD

1.0793

+0.0006 (+0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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Sell (5)

EUR/USD

1.0793

+0.0006 (+0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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GBP/USD

1.2624

+0.0002 (+0.02%)

Summary

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USD/JPY

151.38

0.01 (0.00%)

Summary

↑ Buy

Moving Avg:

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AUD/USD

0.6522

+0.0007 (+0.11%)

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EUR/JPY

163.37

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EUR/CHF

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Silver Futures

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83.11

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 EUR/USD1.0793Sell
 GBP/USD1.2624Sell
 USD/JPY151.38↑ Buy
 AUD/USD0.6522Sell
 USD/CAD1.3543Buy
 EUR/JPY163.37↑ Sell
 EUR/CHF0.9738↑ Buy
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
(7,910/ 8,080) # 1,364
SJC HCM7,830/ 8,080
(0/ 0) # 1,364
SJC Hanoi7,830/ 8,082
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SJC Danang7,830/ 8,082
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SJC Nhatrang7,830/ 8,082
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SJC Cantho7,830/ 8,082
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Cập nhật 31-03-2024 10:19:52
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$2,232.75-1.61-0.07%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.600,0024.970,00
EUR26.020,0327.447,78
GBP30.490,4131.787,64
JPY158,93168,22
KRW15,9119,28
Cập nhật lúc 10:12:31 31/03/2024
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