saturdaypowerballresults| Colin Electric's battle for controlling rights: Will the "Hisense Group" suddenly launch a tender offer for minority shareholders buy it?
With the "Hisense system" suddenly launched a tender offer, around Colin Electric (603050Saturdaypowerballresults(.SH) the battle for equity has become white-hot.
On the evening of May 13, Colin Electric announced that the company recently received a tender offer report from Qingdao Hisense Network Energy Co., Ltd. (hereinafter referred to as "Hisense Network Energy"). Hisense intends to make a partial offer to all shareholders of Colin Electric and intends to acquire 20% of the shares in the listed company.
So far, Hisense can hold 24.51% of the voting rights of Colin Electric, and once the tender offer is completed, the total voting rights will reach 44.51%. According to the measures for the Administration of acquisitions of listed companies, investors who can actually control more than 30% of the shares of a listed company are considered to have control of the listed company, so Hisense hopes to win the control of Colin Electric.
On the same day, Colin Electric received a supervision letter from the Shanghai Stock Exchange dealing with the tender offer of Colin Electric shareholders, including listed companies, directors, supervisors, senior managers, controlling shareholders and actual controllers.
It is worth mentioning that forSaturdaypowerballresultsAfter taking control, Hisense net can offer a bid price of 33 yuan per share, a premium of nearly 15% over the previous day's closing price of 28.69 yuan. It is estimated that the maximum capital required for this offer is about 1.499 billion yuan.
Stimulated by the above news, Colin Electric rose by the daily limit on May 14, closing at 31.56 yuan per share, with a total market capitalization of 7.167 billion yuan.
Hisense became a shareholder of Colin Electric in March this year.
On March 18, Colin Electric announced that Li Yanru, vice chairman of the company, and qu Guowang, director and president of the company, plan to transfer 3.19% of the total share capital of the listed company to Hisense net to hold, and entrust 9.57% of its remaining shares to Hisense net to exercise.
At the same time, Hisense can quietly increase its holdings of Colin Electric through the secondary market. As of May 13, Hisense can hold 14.94% of Colin Electric's shares (of which 5.10% of the shares have not been transferred), plus the voting rights of 9.57% of the shares entrusted by Li Yanru and qu Guowang, and a total of 24.51% of the voting rights of listed companies.
According to public data, Colin Electric is headquartered in Shijiazhuang, Hebei Province, mainly engaged in power distribution equipment plate business, smart energy plate business, power engineering service plate business, products include smart grid substation equipment, smart grid distribution equipment, smart grid electrical equipment, high and low voltage switches and complete sets of equipment, new energy and so on. As of May 9, the controlling shareholder and actual controller Zhang Chengsuo held 11.54% of the shares.
In the face of the "defection" of Li Yanru and qu Guowang, Zhang Chengsuo also held a 17.46% stake in Colin Electric with three senior executives, including Qiu Shiyong, through actions such as increasing his holdings and signing a concerted action agreement. Among them, from April 25 to May 9, Zhang Chengsuo increased his shareholdings in the company to 1.0775 million shares.
Another force comes from Shijiazhuang State Investment Group, the second largest shareholder with a background of local state-owned assets, which has become an "X factor" in the tender offer through several increases in its shareholding ratio of 10%.
Speaking of the offer, Shi Wenbo, general manager of Hisense NetNeng, said in an interview with the Shanghai Securities News, "put an end to the instability of the current ownership structure of listed companies as soon as possible, and fundamentally solve the problem of control rights." it will be a fundamental measure to promote the operational stability of listed companies. Of course, the company's stability is the fundamental premise of the company's business development, which is conducive to the improvement of the interests of all shareholders and the growth of value in the future. "
Shi Wenbo also said that after Hisense successfully controls Colin Electric, the company's place of registration, place of production, place of tax payment, production site and management organization will never move out of Shijiazhuang, and the existing backbone staff will remain stable.
However, Zhang Chengsuo regarded the entry of Hisense NetNeng as a "barbarian attack" and said that he had no prior knowledge of the transaction, and that Hisense did not formally communicate with him after the transaction was disclosed. Zhang Chengsuo said, "Hisense and Colin Electric do not have any industrial coordination, Hisense is very unlikely to empower Colin," and is confident of winning the battle to defend the shareholding.
Colin Electric's share price has fluctuated all the way up thanks to the struggle over control.
Obviously, it is not easy for Hisense to take control of Colin Electric, and the tender offer still faces many uncertainties.
Interface news noted that in addition to real money, Hisense needs at least 15.1% of minority shareholders to accept the offer in the next 30 days. If, at the expiration of the term of the offer, the number of shares offered in advance does not meet the number required by the effective conditions for the acquisition, the offer shall not take effect.
From the perspective of the secondary market, thanks to the struggle over controlling shares, Colin Electric's share price has fluctuated all the way up, reaching a high of 33.96 yuan per share from a phased low of 12.50 yuan per share on February 6, with a cumulative increase of more than 170% during this period.
With the rising stock price, even if Hisense net can give a "sincere price" of 33 yuan per share this time, it is still unknown whether it can successfully get the chips in the hands of minority shareholders.
In addition, assuming that Shijiazhuang state-owned assets and Zhang Chengsuo unite, the shares and voting rights of Colin Electric controlled by it will exceed 27%, exceeding the voting rights currently held by Hisense. It remains to be seen whether the two will fight back against the offer.
(article Source: interface News)