Ritamix Global (HKG:1936) said its controlling shareholders have agreed to sell a 77.08% stake in the company for HK$224.5 million, which could trigger a mandatory cash offer for the remaining shares, according to a Sept. 25 filing with the Hong Kong bourse.
The shares will be sold at HK$0.617 each, according to the filing.
Following completion, the purchasers and parties acting in concert with them will hold about 77.08% of Ritamix's issued shares.
Subject to completion, the offeror intends to make an unconditional, mandatory cash offer for the remaining shares at HK$0.617 per share.
Based on nearly 103 million offer shares, the maximum consideration would be about HK$63.5 million.
The company is also considering a special dividend of HK$0.29 per share, or a lower amount, which would total about HK$135.4 million if paid at the proposed rate.
The board is scheduled to consider the dividend and a proposed reallocation of HK$56.5 million in unused initial public offering proceeds on Oct. 7.
Shares of Ritamax soared nearly 106% in Monday's late-morning trade.
