HK-listed game developer Leyou jumps on report of $1.3 bln takeover offer

iDreamSky Technology Holdings

20/03/2020 03:50

** Shares of online and video game developer Leyou
Technologies Holdings Ltd  1089.HK  rise as much as 21.7% to
HK$1.91 on report that PE firm CVC is backing $1.3 bln bid for
company
    ** Stock snaps three straight sessions of decline and is
seventh biggest pct gainer among all listed companies on Hong
Kong bourse 
    ** CVC Capital Partners is backing Chinese game firm
iDreamSky Technology's  1119.HK  bid to take company private for
HK$3.3/shr as soon as early April, Reuters reports citing
sources  urn:newsml:reuters.com:*:nL4N2BC3ZF
    ** As of previous close, Leyou stock had fallen 32.6% this
year
    ** Leyou has underperformed Hang Seng Commerce & Industry
Index sector  .HSNC  by 22 pct points in past one month
    ** Stock of Tencent-backed iDreamSky  1119.HK  rises at much
as 8.3% to HK$3.78, snapping six consecutive sessions of fall.
Tencent also rises 4.1%   
    ** Leyou stock trims gain to HK$1.87, still up 19.1%,
heading for best day since January 2016
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  surges 4.4%
    ** The Hong Kong benchmark index  .HSI  rises 2.9%

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)