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Discover Thomson Reuters Directory of sitesLoginContactSupport World Business Markets Breakingviews Video More for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up Cyclical Consumer Goods Invalid DateInvalid DateUpdated 11 years ago CORRECTED-UPDATE 2-LI & FUNG SAYS PLANS TO BUY HANG TEN FOR $347 MLN By 3 Min Read (Recasts to show offer comes from a privately held unit of Li & Fung group, not the listed company) * Offers 59 pct premium to buy Hang Ten-statement * Hang Ten has about 790 retail stores, mainly in Asia * Acquisition to grow casual apparel with mass appeal * Trading to resume on Tuesday, 20 Dec at 9.00 a.m. By Stephen Aldred HONG KONG, Dec 19 (Reuters) - Hong Kong trading group Li & Fung, controlled by the billionaire Fung family, said on Monday that it plans to buy Hang Ten Group Holdings Ltd for about HK$2.7 billion ($347 million), confirming an earlier Reuters story. Li & Fung (Retailing) Ltd said it was offering HK$2.70 per Hang Ten share, a 59 percent premium over the last traded price. Privately owned Li & Fung (Retailing) is a sister company of Hong Kong-listed Li & Fung Ltd, a major supplier of merchandise to U.S. retailers Target Corp and Wal-Mart Stores Inc. The planned acquisition is to enter the growing segment of mass casual fashion brands, and to increase Li & Fung’s presence in key Asian markets such as Taiwan, South Korea, mainland China and Southeast Asia, the company said in a joint statement with Hang Ten to the Hong Kong stock exchange. It has already received acceptances of 69 percent from core Hang Ten shareholders, and will delist the target if it gets above 90 percent. Founded in 1906 as a porcelain and silk trader in southern China during the Qing dynasty, Li & Fung is an exporter of consumer products and has grown through acquisitions. Hong Kong-based investment holding company Hang Ten designs, markets, retails and wholesales apparel and trademarks. The company had about 790 retail stores under the brands Hang Ten, H&T and Arnold Palmer at end-March covering Taiwan, South Korea, China, Singapore, Malaysia, Hong Kong and Macau. Li & Fung’s previous acquisitions include British high street and mass retail apparel supplier Visage Group and beauty industry company Jackel Group. Its Perfect Lead unit is set to make the offer. Hang Ten stock has been suspended since Dec. 16, and will resume trading on December 20 at 9:00 a.m. Li & Fung has a global sourcing network of around 240 offices and distribution centres in over 40 economies. Its shares are down about 37 percent this year, compared with a 22 percent fall in the benchmark Hong Kong share index .HSI. Hang Ten, whose shares are down about 27 percent in 2011, operates in soft goods and hard goods, in north America, Europe, Australasia, and central and Latin America. Earlier this month, ratings agency Standard & Poor’s said it saw Li & Fung’s aggressive growth strategy, mainly through acquisitions, as a risk to its stable A-minus rating. Citigroup C.N is the sole financial advisor on the deal, and is providing a committed loan facility to back the transaction. ($1 = 7.784 HK dollars) (Reporting by Stephen Aldred; Editing by Denny Thomas and Dan Lalor) Trending Stories * Apps * Newsletters * Advertise with Us * Advertising Guidelines * Cookies * Terms of Use * Privacy * Do Not Sell My Personal Information All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. © 2022 Reuters. All Rights Reserved. for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up RIGHT TO WITHDRAW CONSENT UNDER GDPR We and our partners will store and access information on your device with your consent. Browsing data is collected through the use of cookies to process personal data. 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