Li & Fung, a giant in global supply chain solutions, is moving to privatize its business in a deal worth 7.22 billion Hong Kong dollars ($930 million), its CEO Spencer Fung said, as the firm grapples with the unprecedented challenges of the coronavirus outbreak, which has compounded preexisting difficulties from the U.S.-China trade war and upheaval in the retail sector.
A consortium of the Fung family, which founded the business, and Singapore-based GLP Pte Ltd., an investment management firm specializing in logistics, has offered 1.25 Hong Kong dollars per share to take the firm private — a premium of about 150% to the stock’s last closing price. The deal is subject to shareholder approval and other conditions.
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