Li & Fung Comp, owned by the Fung family, which controls blue-chip trading firm Li & Fung Ltd., is offering to buy apparel firm Hang Ten Group Holdings Ltd. for US$340.7 million. Hang Ten had its origins in surf wear now makes mass-market casual clothing to sell mainly in Taiwan and South Korea. Perfect Lead Investments Ltd. is offering HK$2.70 (35 U.S. cents) in cash for each of Hang Ten's 982.3 million
shares, which represents a 59% premium over their last closing price of HK$1.70, according to a joint announcement made by the firms late Monday. Citigroup advised Perfect Lead on the deal, and is providing a committed loan on to help finance this acquisition, a person familiar with the situation said. Shares of Hang Ten, which were suspended from trading Friday pending the release of this announcement, were set to resume trade on Tuesday, upping 56% during afternoon trade, the biggest gain since listing in 2003, to HK$2.65 while Hong Kong's benchmark Hang Seng Index closed up by 0.2%. Hong Kong-listed YGM Trading Ltd., which owns the Michel Rene and Guy Laroche clothing brands, and Taiwan's Kung family have already agreed to sell 69% of the company to Perfect Lead, the statement said. Read Full: Li & Fung Company offers USD 340.7 Million for Hang Ten - Fashion - news - Fashion News India, jobs, network, apparel
