TLG tight-lipped on TVB stake bid

Business | Esther Yu 16 Feb 2017

Top Legend Group, the mainland firm bidding for a controlling stake in TVB, said it is backed by other capital sources, Sing Tao Daily reported.

Alex Chow, chief and founder of TLG, told the media that the identity of the true buyer will be disclosed along with the offer price in two weeks.

Chow also revealed that the proposed acquisition is not a spontaneous bid, and that the firm has been following TVB since 2007. TLG had approached one of the shareholders then but the two failed to strike a deal.

Prices of TVB closed up 4.7 percent yesterday after the free-to-air TV broadcaster had increased the buyback offer price by 15 percent. Shaw Brothers (0953) chaired by TVB's substantial shareholder Li Ruigang saw prices soar by more than 10 percent yesterday.

Identity and intention of the buyer remains unknown to the TVB board members. Allan Zeman, the firm's non- executive director said no one knows where the buyer comes from. Another director, Raymond Or Ching-fai, described the TLG approach as looking like a "hostile takeover."

Chow replied by saying that the bid was "friendly."

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