China Mobile (941 HK)'s Offer for HKBN Ltd (1310 HK) will be declared unconditional tomorrow (3rd September), the first closing date.
As I type, 19.03% of shares out have tendered, lifting Mobile's stake to 48.9%. Additional shares will tip in today and tomorrow, as per your typical last minute flurry.
It is not Mobile's intention to delist HKBN. There will be investors playing the backend on the expectation of a higher Offer down the track.
The Trade:
This is done.
And trading tight (0.5% gross), as it has done for months.
Comps are up 18% since the initial Offer.
Unless you have a strong opinion on the back-end (I don't), look elsewhere.