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2003-7-9 09:33:00 a.m. HKT, XFNA
HK's Tai Ping Carpets says privatization offer terminated
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HONG KONG (AFX-ASIA) - Tai Ping Carpets International Ltd (146.HK) said
the Kadoorie family, its major shareholder, has terminated the proposal to
privatize the company.
In a statement, Tai Ping said a consortium comprising of Esko Ltd and
Hesko Ltd and acting in behalf of the Kadoories approached the company with
the provatization proposal, but were unable to come to conclusive terms
during negotiations.
According to the Hong Kong code on takeovers and mergers, the members of
the consortium are now banned from making an offer for Tai Ping for six
months from the date of the latest announcement.
The Kadoorie family indirectly owns about 51.6 pct of Tai Ping Carpets.
susanna.tai@afxasia.com
st/ds/skb
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