Hong Kong’s HKBN gets rival takeover interest from I Squared Capital

HONG Kong telecommunications company HKBN said on Monday (Dec 2) it has received a rival non-binding indication from US private equity firm I Squared Capital for a possible takeover.

The broadband firm said last month that it had received a possible proposal from state-owned China Mobile for an acquisition.

HKBN and I Squared Capital are discussing the terms of the proposal, it said. None of the companies have disclosed the financial terms of the takeover proposals.

HKBN’s market cap is currently at HK$6.37 billion (S$1.1 billion), as per data compiled by LSEG.

Trading HKBN shares were halted pending the release of the new takeover offer and an application has been sent to resume trading of shares, the company said.

I Squared Capital did not immediately respond to Reuters’ request for the details of the offer. REUTERS