News on January 27th, TVB has repeatedly reported selling in recent years. Prospective buyers are all over the mainland and Taiwan, but each time is "no rice porridge", but on the night of 26th, his real son suddenly flashed up. TVB announced on the Stock Exchange that the Shaw Brothers sold 26% of TVB ’s equity and other assets to the “Shell King†Chen Guoqiang, the daughter of Taiwan ’s late rich Wang Yongqing and an investment group formed by a private equity fund, the first generation TV The kingdom will change. Market participants estimate that although the market value of the 26% equity is about 5.2 billion yuan in terms of stock price, the actual transaction may involve more than 10 billion yuan, and believes that TVB's stock price has room to rise under the stimulus of good news.
The TVB notice stated that the investment group headed by Chen Guoqiang will purchase all assets of the Shaw Brothers, including 114 million shares (or 26% equity) of TVB. The other two members of the group are Wang Xuehong, the daughter of Taiwan ’s late rich Wang Yongqing, and a private placement Providence Equity Partners, the fund, expects the transaction to be completed on or before March 31, 2011, but the notice does not disclose the transaction price. As for the TVB interest of 27.29 million shares (or 6.23%) held by Shaw Foundation (Hong Kong), it will also sell part of the equity to an independent third party before or after the resale of the shares is completed.
The circular also stated that when the above two transactions are completed, Shaw Fund (Hong Kong), TV Broadcasting Vice Chairman and Managing Director Fang Yihua, Investment Consortium, Chen Guoqiang, Wang Xuehong and Providence Equity Partners will directly and indirectly hold a small number of TVB Yu Sancheng.
TVB also pointed out in a press release that Chen Guoqiang is a well-known entrepreneur. With the background and experience of the entire investment group's media industry, he can definitely play a better role in the company's business. He believes that after the investment group joins, it can inject new momentum into the company and release positive energy. , Has a very positive impact on the entire Hong Kong media industry. In addition, after the completion of the transaction, Chen Guoqiang, Wang Xuehong and Providence CEO Jonathan Nelson, the current management including the chairman, deputy executive chairman, chairman and managing director, etc. remain unchanged.
In fact, as early as September 2010 when Hengdi Vice Chairman Li Jiajie privately negotiated to buy TVB, Chen Guoqiang also publicly expressed interest at the time, but the funds were insufficient. This time was supported by Wang Yongqing, the daughter of Formosa Plastics Chairman Wang Yongqing, and the power of private equity funds Support, the "head" should be sufficient.
Both buyers and sellers did not announce the terms and prices of the transaction, but based on TVB's closing price of 45.9 yuan on January 26, the book purchase price will be at least 5.23 billion yuan, but generally speaking, such large acquisitions all have a premium In addition to holding TVB, Shaw also owns several plots of land. The valuation of the land has exceeded several billion yuan. Refer to the previous bid of prospective buyers. For example, Country Garden Chairman Yang Guoqiang negotiated to buy Shaw ’s equity for 11 billion yuan in 2008. In September 2010, Hengdi Li Jiajie planned to acquire it with 9.2 billion yuan. At that time, it was reported that the "talker" Fang Yihua suspected that the shot was too low. In addition, Li Jiajie wanted to lower the price, and the transaction ended. The market estimates that the acquisition can be successful and the capital involved should exceed 10 billion yuan.
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