State-owned China Mobile Ltd is exploring a potential buyout of Hong Kong's leading telecoms company HKBN Ltd , which is currently valued at $1 billion, four people with knowledge of the matter said.
China Mobile in recent weeks sent a request for proposal to a small group of banks to advise on acquiring and taking-private the Hong Kong telecom provider, which offers services including broadband and Wi-Fi management, said the people.
The Beijing-based company is still receiving pitches from investment banks and has yet to decide on making a formal offer, said the people, declining to be identified as the information is confidential.Bidders are generally expected to offer a premium to the company’s current trading share price.
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