Titan Petrochemicals has received an improved offer from potential buyer Guangdong Zhenrong Energy, according to local media reports.
Zhenrong has offered to buy all of Titan’s shares for HKD19.55m ($2.5m) and pump in an additional HKD928.2m in capital, bettering its previous offer to buy 90% of Titan for HKD175m.
A rival offer from US private equity firm Warburg Pincus and rival firm SouthernPec offered to buy an 88% stake in Titan for HKD208m in cash and take on debt claims of HKD382m against by an associate firm of Warburg.
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