Biosensors: Hony Capital, via its investment vehicle Autumn Eagle, has completed the acquisition of an aggregate 269.3m shares (24.4% interest) from 5 vendors.
In its 10 Oct ’10 announcement, Hony proposed to acquire 319.3m shares (28.9% interest) from 7 vendors, but has terminated the S&P agreements with the 2 remaining vendors in respect of 50m shares…
We are puzzled as to this change, and no explanation has been provided so far by the parties concerned.
We enumerate the following possibilities:
i) the remaining vendors have decided to hold out for a better price
ii) Hony has decided to lower its equity risk exposure in the company
Stock currently trading just above the critical $1.10 support level.
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