Temasek-backed consortium to take China’s ANE private at HK$14.33 billion valuation
[SINGAPORE/HONG KONG] ANE (Cayman) said on Tuesday (Oct 28) a consortium comprising its largest shareholder, Centurium Capital, Temasek Holdings and True Light have offered to take it private in a deal valuing the China-based transportation and delivery services group at HK$14.33 billion (S$2.4 billion).
Under the proposal, shareholders can opt for a cash consideration of HK$12.18 per ANE share or a share alternative, or a combination of both.
The offer is at a premium of 48.5 per cent from the firm’s closing price on Sep 3 – deemed the undisturbed premium – before irregular trading volumes and price movements in the stock, the company said.
Trading in shares of the company was halted on Sep 18, a day after it initially received the takeover proposal, and resumed on Oct 17 after it was made public for the first time.
Centurium Capital already owns about 24.32 per cent of ANE’s shares, while Temasek and True Light do not currently hold any stake in the company.
ANE’s shares went on a trading halt again on Monday pending details of the take-private offer and the company said it had applied to the stock exchange to resume trading on Oct 30.
ANE operates one of China’s largest less-than-truckload logistics networks, serving e-commerce and industrial clients.
The company, listed in Hong Kong in 2021, runs thousands of line-haul trucks and trailers across China. REUTERS
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