Reuters: Global Markets: Chong Hing shares set to fall 7 percent after $1.5 billion Yue Xiu bid

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Chong Hing shares set to fall 7 percent after $1.5 billion Yue Xiu bid Oct 28th 2013, 01:40 HONG KONG | Sun Oct 27, 2013 9:40pm EDT HONG KONG (Reuters) - Shares in Chong Hing Bank Ltd (1111.HK) are set to open down 7 percent on Monday after a unit of China's Guangzhou city government agreed to buy up to three quarters of the Hong Kong bank for HK$11.64 billion ($1.5 billion) at a discount to its last traded price. On Friday, Yue Xiu Enterprises (Holdings) Ltd offered to pay HK$35.69 per share, or a 4.6 percent discount to Chong Hing's Thursday's closing price, to buy the family run Hong Kong bank. Chong Hing shareholders are also eligible to receive an extra HK$4.52 in special dividend if certain conditions are met. Chong Hong shares were indicated to open down 7 percent at HK$34.80, while the benchmark Hong Kong share index .HSI was set to open up 0.33 percent.

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