Geo Environ Sweetens Greentech Technology Partial Offer After Rival Bid
Geo Environ (HK) Investment raised the offer price for its voluntary partial cash offer for Greentech Technology International (HKG:195) to HK$0.45 per share from HK$0.25 per share, according to a Monday filing with the Hong Kong bourse.The revised offer covers up to 220 million Greentech Technology shares, or about 16.1% of the company's issued share capital, with the maximum cash consideration increasing to HK$99 million from HK$55 million.Geo Environ said it raised the offer after Yellowstone International launched a competing partial cash offer in June to acquire up to 230 million Greentech Technology shares, or about 16.8% of the company, at HK$0.40 per share.The revised offer price is 12.5% higher than Yellowstone's bid. Other terms of Geo Environ's partial offer remain unchanged.
