Maxnerva Tech (1037 HK): Foxconn’s MGO
On the 27th July 2026, IT integrator Maxnerva Technology Services (1037 HK) announced its two top shareholders - FSK and FDG - had entered into SPA’s with Foxconn at HK$0.6374/share.
Assuming the SPAs complete (primarily requiring Vietnam Competition Commission approval), Foxconn’s stake increases from 6.61% (indirect) to 40.46%, triggering a conditional mandatory general offer (50% tendering condition) also at HK$0.6374/share.
Arguably this is a Hon Hai/Foxconn internal restructuring exercise. It’s a decent premium though; enough to (likely) clear the 50% tendering condition. Listing status maintained, hence a decent back-end proposition
Maxnerva Technology Services (1037 HK) is illiquid. Look away now if this is not your bag.
A reader flagged the deal; so I opted to flesh out my thoughts.
Trade:
If illiquid arbs are your thing, get involved here, either for the MGO (current 6.2% spread); or for the back-end re-rate.
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