RAMON Ltd is to pay $468.83 million to buy a 27 per cent shareholding and about 37.83 per cent of outstanding warrants in property investment firm Hong Kong Fortune from Townson Ltd. The proposed acquisitions will trigger a general offer for Hong Kong Fortune by holding vehicle Ramon, valuing the company at $1.64 billion. Under the deal, Ramon has agreed to buy from the other holding company, Townson, 165.74 million shares in Hong Kong Fortune at $2.55 each, and 31.03 million warrants at $1.47 each. After the acquisition, Ramon, which is a major shareholder in Hong Kong Fortune, will have a 54.78 per cent shareholding and 75.63 per cent of its outstanding warrants. The acquisitions will be followed by unconditional cash offers for all remaining Hong Kong Fortune shares in issue and outstanding warrants at the same prices. The offer price of $2.55 per share represents a 15.6 per cent discount to the closing price of $3.025 on Monday, but a 118 per cent premium over the audited consolidated net asset value of $1.17 per share as at December 31, 1992. The offer price of $1.47 per warrant represents a 24.1 per cent discount to Monday's closing price of $1.94. Ramon is owned by Hong Kong Fortune chairman Dhanin Chearavanont and director Sunthorn Arunanondchai and their associates, who have extensive business interests such as agriculture and telecommunications in various companies including CP Pokphand and Orient Telecom and Technology Holdings. Ramon intends that Hong Kong Fortune should continue its existing businesses in property investment and related activities. China Development Finance has been retained by Ramon as its financial adviser and to make the general offers. Schroders Asia has been appointed to advise shareholders and warrant holders of Hong Kong Fortune on the offers.