CHINA AGAIN?Media reports said that prosecutors suspect Chinese funds of being behind a failed tender offer for the gaming company that saw its shares plummet
Taipei Times
Date: Sep 25, 2016
By: Staff writer, with CNA
The Taipei District Court yesterday set bail for XPEC Entertainment Inc (樂陞科技) chairman Aaron Hsu
XPEC Entertainment Inc chairman Aaron Hsu leaves the Taipei District Prosecutors’ Office following questioning on Sept. 8. Photo: Chien Jung-fong, Taipei Times
(許金龍) after prosecutors sought court approval to detain him over alleged irregularities in a botched investment from a Japanese suitor, which caused massive losses for investors.
In late May, Bai Chi Gan Tou Digital Entertainment Co (百尺竿頭) announced it would acquire 38 million XPEC shares, or 25.17 percent of the company, at NT$128 per share, an almost 22 percent premium over the gaming software developer’s share price at the time, saying Bai Chi Gan Tou was upbeat about the Taiwanese firm’s prospects.
The acquisition was valued at NT$4.86 billion (US$155.1 million at current exchange rates) at the time.
The offer prompted investors to buy XPEC shares with the expectation that Bai Chi Gan Tou would buy their XPEC holdings. [FULL STORY]
