HKBN (1310 HK): Pre-Cons Satisfied. Offer To Open Shortly

• Almost exactly eight months after HKBN Ltd (1310 HK) announced a pre-conditional Offer, China Mobile (941 HK) has now satisfied all pre-cons.

• The Offer Doc will be dispatched on or around the 12th August, at which time the Offer will be open for acceptances.

• This could turn unconditional early September. Trading tight at a gross spread of 1.5%. Keep in mind a basket of peers are up 23% since the Offer was announced.

The NEW News

• HKBN has announced that all pre-cons have been satisfied.

• The last pre-con was Hong Kong's Communication Authority (CA).

  • Industry submissions expired on the 28th June. I'm not quite sure why the CA took over a month to finally reach a decision.

  • Mobile had proposed commitments to address concerns identified by the CA, and that the CA considered that the commitments were sufficient to effectively address its concerns.

    • CA's concerns were addressed in a 29th May release - see here.

  • At any rate - here is CA's approval announcement.