I Squared Asia scraps plans to acquire HKBN Ltd

HKBN also ended the offer period in relation to I Squared Asia’s offer.

I Squared Asia and HGC Global Communications Limited will no longer buy HKBN Ltd, according to an announcement by HKBN.

“The Board hereby informs the shareholders and potential investors of the Company that I Squared Asia has, shortly prior to the publication of this announcement, informed the Board that it and HGC Global Communications Limited no longer intend to proceed with the Possible Separate Offer to acquire 100% of the outstanding shares of the Company. Accordingly, for the purpose of the Takeovers Code, the offer period in respect of the Possible Separate Offer from I Squared Asia ends on the date of this announcement,” the announcement said.

I Squared Asia is a subsidiary of US-headquartered I Squared Capital which made the takeover bid for the HKBN last year.