I'm LongbridgeAI, I can summarize articles.MAXNERVA TECH announced that Foxconn (Far East), a subsidiary of Hon Hai, acquired a 33.85% stake for HKD152 million. This transaction increases the offeror's holding to 40.46%, triggering a mandatory general cash offer for the remaining shares. The maximum consideration for the offer is approximately HKD272 million.
MAXNERVA TECH (01037.HK) +0.060 (+14.286%) announced that Foxconn (Far East), a subsidiary of Hon Hai and acting as the offeror, entered into a share purchase agreement yesterday (27th) with vendors FSK and FDG Fund to acquire a total of 239 million company shares, representing approximately 33.85% of the issued share capital, for a total consideration of HKD152 million.
The share offer price is HKD0.6374 per share, representing a premium of approximately 55.46% over last Friday's (24th) closing price of HKD0.41.
Upon completion, the offeror's shareholding will increase from 6.61% to 40.46%, while FSK and FDG Fund will cease to hold any shares, thereby triggering a mandatory conditional cash offer. The offer will involve a total of 420 million shares and, together with the share option offer, the maximum consideration will be approximately HKD272 million.
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