Guotai Junan International receives take-private offer at over $3.6 billion valuation

Aug 7 : Hong Kong-listed brokerage Guotai Junan International said on Friday it received a conditional take-private proposal from Guotai Haitong Financial Holdings, valuing it at HK$28.59 billion ($3.64 billion).Under the proposal, shareholders will receive HK$3 in cash for every cancelled share, and the company will be delisted from the Hong Kong stock exchange.The offer price represents a premium of 44.2 per cent to the company's last close on July 23, before it went on a trading halt.An application has been made to the stock exchange for the resumption of trading on August 10, the company said. Guotai Junan International will become a unit of Guotai Haitong Financial Holdings after the proposed transaction.($1 = 7.8446 Hong Kong dollars)