Wang On offers to take Easy One Financial private

Caister, owned by the Tang Ching-ho, chairman of Wang On (1222) and Wai Yuen Tong Medicine (0897) plans to take Easy One Financial (0221)  private at a 44 percent premium.

Caister will offer cash of HK$0.3 and 8 shares of Wang On for one share of Easy One Financial.

Shares of Wang On closed yesterday at HK$0.078 and  EOF closed at HK0.64. Together with the offer of HK$0.3 per share, Caister will offer HK$0.378 per share to acquire EOF at a premium of 44.38 percent premium.

The acquisition will cost Caister HK$175 million.

WYT's about 29.06 percent of the total issued share capital of EOF will be canceled and in exchange, Caister will pay to WYT as a scheme shareholder a total cancellation consideration comprising the scheme cash consideration of HK$48.52 million and 1.294 billion consideration shares.

Easy One Financial will apply for withdrawal of the listing.