Xu offers $310m to take Peak private

Xu Jingnan, Chairman of Chinese sportswear brand Peak Sport, is reportedly ready to take the company private for US$310 million (HK$2.41 billion).

Earlier this year, Peak Sport said that it may go private, joining a growing queue of mainland firms looking to exit Hong Kong's stock market. Xu, who holds 61% of Peak, believed the company’s stock prices have been unsatisfactory since its September 2009 listing.

A firm owned by Xu is offering HK$2.60 per share, a 10.6% premium over Peak Sport's last trading price, to buy all the shares not owned by Xu or firms he controls, Peak Sport stated in a filing.

Following Dalian Wanda Commercial Properties, TCL Communication Technology and the Aupu Group, Peak has become the fourth Chinese firm to move for a delisting within a month.

Peak Sport Products is a Chinese sportswear and sports equipment company founded in 1989. The company was listed in Hong Kong in September 2009 and has a market capitalisation of US$1.4 bn.

Source: Reuters

Proofread by Sean O Diobhilin