Fashion
Giordano International Ltd. climbed as much as 23% after an investment vehicle owned by Hong Kong’s third-richest person offered to buy the apparel retailer.
Clear Prosper Global Ltd., a BVI vehicle wholly-owned by Chow Tai Fook Nominee Ltd., offered to buy Giordano for HK$1.88 (24 cents) per share, according to a filing late Thursday. That’s an 18% premium on its most recent closing price, and shares surged to as much as HK$1.95 on Friday.
The investment vehicle and its related parties already hold a 24.57% stake in Giordano and the maximum cash consideration is HK$2.56 billion, according to the statement.
Chow Tai Fook Nominee is a private vehicle owned by the Cheng family, whose patriarch, Henry Cheng, is Hong Kong’s third-richest person with a fortune of $22.6 billion, according to the Bloomberg Billionaires Index. The family’s sprawling investment empire includes one of the world’s biggest jewelry chains, as well as real estate, infrastructure and hotels.
Established in 1981, Giordano has around 2,100 shops in more than 30 countries and regions, according to its website. The acquisition offer will let the group continue its existing principal business, and there are no intended job cuts, according to the statement.
