Belle said it has offered to acquire all the outstanding shares of Mirabell at 6 hkd per share and all of its existing share options at 0.104-3.125 hkd per share.
The offer price of 6 hkd per share represents a premium of approximately 15.16 pct to Mirabell's last closing price of 5.21 hkd and a premium of 18.81 pct to Mirabell's shareholder equity per share.
Substantial shareholders of Mirabell who together control 62.87 pct of its issued share capital have accepted the offer, Belle said.
However, the acquisition requires the approval of independent shareholders of Belle.
Belle manufactures, distributes and sells women's footwear and distributes and sells sportswear and other apparel in China, Hong Kong, Macau and the US.
Mirabell is principally a retailer, wholesaler and manufacturer of footwear in Hong Kong.
At 10:38 am, shares of Belle were trading up 0.16hkd or 1.74 pct at 9.36 while Mirabell surged 0.6 hkd or 11.52 pct at 5.81.
(1 usd = 7.8 hkd)
george.ng@xfn.com
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