Li & Fung, a giant in global supply chain solutions, is moving to privatize its business in a deal worth 7.22 billion Hong Kong dollars ($930 million), its CEO Spencer Fung said, as the firm grapples with the unprecedented challenges of the coronavirus outbreak, which has compounded preexisting difficulties from the U.S.-China trade war and upheaval in the retail sector.
A consortium of the Fung family, which founded the business, and Singapore-based GLP Pte Ltd., an investment management firm specializing in logistics, has offered 1.25 Hong Kong dollars per share to take the firm private — a premium of about 150% to the stock’s last closing price. The deal is subject to shareholder approval and other conditions.
This story was reported by WWD and originally appeared on WWD.com. To read the full story, please go to WWD.com.
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