01:54 AM EST, 01/19/2022 (MT Newswires) -- Drugmaker Yunnan Baiyao Group's (SHE:000538) buyout bid for money lending firm Ban Loong Holdings (HKG:0030) closed on Tuesday, according to a late same-day joint filing.
Yunnan Baiyao received valid acceptances of 3,101,911,000 shares under the offer or 48.11% of Ban Loong's total issued shares, which the drugmaker will settle for HK$0.285 each or HK$884 million ($113.5 million) in cash.
Yunnan Baiyao now owns 5,065,936,360 shares or a 78.56% stake in Ban Loong following deal close.
The drugmaker said it filed an application to the Hong Kong bourse for a temporary waiver of the 25% minimum public float requirement, as only 21.44% of Ban Loong's total issued shares are now held by the public.
Shares of Yunnan Baiyao fell about 4%, while those of Ban Loong rose nearly 4% recently.
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