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HANG SENG BANK Once Mushrooms 41% on Privatization Offer from HSBC; HSBC HOLDINGS Slumps 6%+
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In a joint announcement, HSBC HOLDINGS (00005.HK) and HANG SENG BANK (00011.HK) revealed that HSBC plans to privatize Hang Seng Bank through a scheme of arrangement, offering HKD155 per share, representing a 30.25% premium over Hang Seng Bank’s closing price of HKD119 yesterday (8th). HSBC also proposed to cancel the listing status of Hang Seng Bank’s shares.

HANG SENG BANK’s shares opened 14.96% higher at HKD136.8, soaring as much as 41.1% to peak at HKD168 during early trading. The stock last traded at HKD149.3, up 25.46%, with a trading volume of 10.0939 million shares and a turnover of HKD1.535 billion.

Related NewsG Sachs Raises HSBC HOLDINGS TP to HKD113; Rating Kept Buy
Meanwhile, HSBC HOLDINGS' shares opened 2.8% lower at HKD107.5 and last traded at HKD103.6, down 6.33%, with a trading volume of 11.7771 million shares and a turnover of HKD1.237 billion.
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