PCCW restates Sunday offer

29 Sep 2005

PCCW has offered to buy the 20.65% of wireless operator Sunday it does not own for HKD0.65 per share. The offer is good until 30 April 2006 and is widely seen as an attempt by the conglomerate to buy itself time to secure an agreement with Huawei, the owner of a 9.91% stake in Sunday. In order be able to make a mandatory offer for the company, 75% of Sunday’s independent shareholders must approve the acquisition and no more than 10% can oppose the deal. Huawei has so far declined to sell its stake, although it is reported to be in ongoing discussions with PCCW.

Hong Kong, PCCW Group, PCCW Mobile (formerly Sunday Communications)