Independent committee reviewing stalled China Mobile acquisition of HKBN

Hong Kong Broadband Network (1310) has formed an independent board committee to evaluate China Mobile’s (0941) proposed acquisition, adding more uncertainties to the stalled deal.

The committee, comprising directors Anna Cheung Ming-ming and Kitty Chung Kit-yi, will assess whether the proposal is fair and reasonable and make a recommendation to HKBN’s independent shareholders, according to a filing on Monday.

HKBN also appointed Somerley Capital as the independent financial adviser for the deal.

STAFF REPORTER