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BesTV, Oriental Pearl surge on merger plan
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SHARES of Shanghai-based BesTV New Media Co surged the daily limit of 10 percent to 35.19 yuan (US$5.7) after it announced a merger with Shanghai Oriental Pearl Group as the city pushes forward reform in state-owned media companies.
BesTV is merging with Oriental Pearl through a share swap deal with one share for every 3.04 shares of the target company, which valued the latter at 10.69 yuan per share, according to a stock exchange filing today.
Oriental Pearl Group would be delisted upon completion of the deal. Its shares also jumped 10 percent to 12.01 yuan today.
BesTV will also be acquiring a number of companies in the culture sector through a private placement to consolidate its market position and diversify revenue streams.
It will issue new shares to raise up to 10 billion yuan of investment fund through private placement with 10 institutional investors including Shanghai Media Group Investment Center, Bank of Communications Culture Investment Fund and China Merchants Fund.
Part of the capital will be used to fund Internet TV projects at the new entity after the completion of the merge.
"Through the acquisition, BesTV now covers the whole industry including content production and Internet distribution channels and it fits with China's reform and consolidation target in the media sector," China International Capital Co said in a research note today.
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