HKBN CEO rejects China Mobile’s HK$7.8 billion offer

Business Business: China Mobile’s HK$7.8 billion (about $996 million) takeover offer for Hong Kong HKBN is not enough, according to HKBN CEO William Yeung. He said on Monday that the company is also ready to negotiate with other bidders to get the best value for shareholders.

China Mobile had offered HK$5.23 per share for HKBN in December, but HKBN did not accept it. Yeung said the offer did not take into account HKBN’s growth over the past six months.

Yeung also said the offer ignored HKBN’s past capital expenditure, which is about HK$11 billion, and future growth plans.