A new round in the bidding war for TVE (Holdings) is in prospect as South China Morning Post (Holdings) is in talks to revise its takeover offer.
At the close of business yesterday, the SCMP said it had received acceptances in respect of its original share swap offer for TVE amounting to 34.95 per cent of the company.
Robert Kuok, chairman of SCMP, owns 34.9 per cent of both companies.
SCMP director Daniel Doo yesterday said: 'The company is currently discussing with the executive director of the corporate finance division of the Securities and Futures Commission in respect of its intention to revise the offer.' Last month the SCMP offered one SCMP share for every two shares in TVE.
Substantial shareholder Shaw Brothers (Hong Kong) said it planned to reject the SCMP offer and later launched its own cash offer of $2.55 a share for TVE.
