TVB’s suitor abandons its buyout bid for Hong Kong broadcaster
Beijing Top Legend Group missed its deadline, and said it’s decided not to proceed with the buyout of TVB
TLG Movie & Entertainment Group, the little known media company that had expressed its intention to buy a controlling stake in Hong Kong’s premier free-to-air broadcaster, said it has decided to abandon its takeover plan.
TLG, a unit of Beijing’s Top Legend Group, has “decided not to proceed with the offer” to buy 29.9 per cent of TVB, according to a facsimile sent to the broadcaster, just before the expiry of a 5 pm bid deadline imposed by TVB.
TVB imposed a March 7 deadline on TLG to make good on its declaration to take over the broadcaster. It was required to to announce a firm intention to make an offer for TVB, or abandon the takeover, the broadcaster said on March 1.
Alex Chow, founder of TLG, declined to comment but confirmed the company had filed a notice to TVB and the Securities Futures Commission.
TLG proposed last month to buy 29.9 per cent of the issued share capital of the 49-year-old broadcaster, in what it described as a “formal discussion” with TVB regarding a possible conditional cash partial offer.