HK Stock Market Move | SOMERLEY CAP (08439) surged over 17% after announcing acquisition of 75.9599 million shares by Wu Haigan and cash tender offer.

SOMERLEY CAP (08439) surged over 17% as of the time of writing, up 17.62% to HK$2.47, with a turnover of HK$3.8268 million. On the news side, SOMERLEY CAP announced earlier this month that Sky Links Group Limited, the offeror, is purchasing 75,959,900 shares or 51.9% of the company from the seller, New Pearly Group, for a total consideration of HK$62.1324 million. After the completion of the transaction, the company is required to make a mandatory unconditional cash offer at a cash offer price of HK$0.818 per share, which is a discount of approximately 4.9% compared to the price of HK$0.86 before the suspension. The company expects to declare a special cash dividend of HK$0.1 per share. The offeror is owned by Wu Haigan. The offeror intends to maintain the listing status of the shares on the Stock Exchange after the offer closes. It is reported that Wu Haigan, 52 years old, has over 25 years of experience in investment banking and the financial industry, specializing in providing services such as initial public offerings, mergers and acquisitions, corporate restructuring, and other financial advisory services to Hong Kong-listed companies and applicants. He has led and completed a number of capital market transactions in various sectors, including healthcare, technology, utilities, and finance, as well as large and complex merger transactions, including those involving Chinese state-owned enterprises.