K-bird intends to acquire Will’s

‍‍‍‍

K-bird announced on 16th December that they intend to purchase 100% of Will’s shares. The purchase would be considered a large capital reconstruction, meaning the trading of K-bird stock has to be suspended. The price is estimated to be more than 1 billion Yuan. If the acquisition is completed, this will be the largest acquisition in the history of the Chinese fitness industry. Will's is a famous fitness company.

K-bird also claimed in this announcement that they are still waiting for the projections on this capital reconstruction by their internal auditing and evaluation department. The sides can then discuss and confirm the final trade price, even though the companies have already signed the agreement. The initial evaluation showed that the final price will not be less than 50% of the company's latest net assets.

In an internal letter, "Will’s President’s Letter to Employees," Wang Wenwei wrote to the Will’s employees that Will’s would merge with K-bird to form a new publicly traded company, which aims to create China's largest sports industry chain. Will’s at present has 115 fitness clubs nationwide with 800 thousand members.

K-bird is a Chinese clothing brand who started to be involved in the sports industry last year.

Proofread by Sean O Diobhilin

‍‍‍‍