Acquisition

Investor makes CMB offer

PUBLISHED : Tuesday, 23 April, 2002, 12:00am
UPDATED : Tuesday, 23 April, 2002, 12:00am

Franchised bus operator-turned-property investor China Motor Bus (CMB) has received a cash offer by Asia Time Investments for its entire issued share capital but full terms have yet to be announced. CMB yesterday said it had received a letter of a voluntary conditional cash offer through Yu Ming Investment Management last Saturday but considered a number of the terms vague. CMB shares were suspended yesterday but resume trade today. Based on the HK$66.50 Friday close the company was valued at HK$3.04 billion.