Lens Technology Moves to Acquire Ju Teng International
Lens Technology (HKG:6613, SHE:300433) is offering to acquire Ju Teng International (HKG:3336) for HK$2.20 per share in cash following a deal to build a substantial stake in the business, according to a Monday filing with the Hong Kong bourse.Shares of the notebook casing maker fell over 22% in Tuesday morning trade. Shares of Lens Technology fell nearly 1%.Lens Technology agreed to acquire 333.7 million shares of the company from Cheng Li-Yu and individuals and entities associated with the Ju Teng chief executive for HK$2.20 per share, or HK$734.2 million in total.The shares to be acquired represent 27.81% of Ju Teng, and Lens Technology has offered to acquire the rest of the business on the same terms, conditional upon completion of the share purchase.Ju Teng said it had set up an independent board committee to advise shareholders on the offer.
